The “Global Micro-LED Market Size, Share & Industry Trends Analysis Report By Application (Display and Lighting), By Display Type, By Lighting Type, By Panel Size, By Vertical, By Regional Outlook and Forecast, 2021-2027” report.
The Global Micro-LED Market size is expected to reach $19.8 billion by 2027, rising at a market growth of 76.6 % CAGR during the forecast period.
Global LED stands for abbreviation Light-emitting diode. A LED is a semiconductor device that emits light whenever an electric current run through it.
Global LEDs are considered cutting-edge technology and are used in energy-saving lighting.
In comparison to halogen or incandescent lights, LED lighting helps in minimizing electricity expenses by reducing energy consumption by approximately 85%.
In addition, they also comprise a longer lifespan, greater light quality, and are more durable, which makes them popular in industrial and residential applications including modular lighting, task lighting, kitchen under-cabinet lighting, refrigerated case lighting, as well as recessed downlights.
Over the last few years, LED lights have been established as a potent lighting source.
These lights have rapidly acquired prominence in the lighting sector across numerous industries due to their multiple advantages over traditional lighting technologies.
Although, Global the LED lighting industry is rapidly becoming popular all over the world and it has significant opportunities for growth over the upcoming decades.
For instance, India is one of the largest lighting markets in the world, which makes it a lucrative hub for LED producers to set up their businesses.
A sustainable atmosphere for the Global LED industry is provided by skilled labor, the convenience of doing business, and geographical advantages.
The development of the LED light industry is continuously being supported by various businesses of all sizes, namely large-sized enterprises, small-sized enterprises, and medium-sized enterprises.
For instance, massive displays, such as CLEDIS, micro-displays, and the Apple Watch are rapidly becoming popular among people across the world.
However, the diffusion of application development is trending across the world, due to which, there is a cut-throat competition among key market players.
COVID-19 Impact Analysis
The COVID-19 outbreak caused a major impact on various economies across the world. A Global significant number of businesses were completely demolished due to the sudden outburst of the infection.
Moreover, supply chains across the world were significantly disturbed, which led various industries to a shortage of raw inputs or materials. In addition, governments all over the world had to impose lockdown over their countries for the containment of the novel coronavirus.
Also, the COVID-19 pandemic had a severe impact on the worldwide micro-LED business. Various new projects were delayed due to the lockdown, as well as stringent travel restrictions on national and international transportation services.
Market Growth Factors:
The rising trend for smart wearables
The popularity of virtual reality and augmented reality, as well as breakthroughs in ultra-high definition micro-display panels, is constantly increasing.
The adoption of extended reality and the development of virtual reality glasses, which significantly improved micro displays to offer users an enhanced experience, is expected to continue to drive micro display adoption in wearable devices in the forecasting years. In addition, the desire for thin, efficient displays made of OLED materials is propelling the micro displays industry forward.
Micro displays are more compact than regular displays and offer good quality, high resolution, and low power consumption. It’s great for consumer electronics, aerospace & defense, as well as healthcare applications, gadgets, and equipment because of these characteristics.
Rising demand for efficient and brighter display panels
A micro-LED display is the latest technology that comprises a cluster of tiny LEDs that forms a single pixel element. In comparison to typical LED and OLED display technologies, it provides better contrast.
Additionally, as compared to other technologies like LEDs and OLEDs, the power consumption of micro-LED displays is lower. As a result, the penetration of this technology is increasing due to the high demand for brighter and more energy-efficient devices.
In addition, micro-LEDs are light-emitting diodes with a diameter of a few micrometers that can be used to make self-emitting displays.
As a result, micro-LEDs do not require a backlight panel, making them brighter and more energy-efficient. Micro-LEDs are a new technology that can be used in lighting and display applications.
Marketing Restraining Factor:
Fragile supply chain along with limited patents
