As per the assessment by Market Research Future Reports (MRFR), the global micro-LED display market is estimated to value USD 2,782.5 million and grow at a CAGR of 82.7% during the assessment period. The rising demand for efficient display panels is the major factor driving the global micro-LED display market. 2020. The micro-LED display consumes lesser power as compared to the LEDs and OLEDs and therefore, has a longer life span. The micro-LED offers high wavelength uniformity which is suitable for fine pitch panels. These attributes of micro-LED are motivating the manufacturers to increase the deployment of the component in the devices. However, the low yield, expensive cost, the demand to improve micro-LED production and mass transfer process are some of the elements impeding the market growth. Besides, the lack of standard procedures for the production of components is another restraining factor.
Moreover, the outbreak of coronavirus has resulted in a halt in daily business operations. The research performed by MRFR tracks the aftermath of the COVID-19 pandemic. Also, a precise study of factors augmenting and impeding the market in the post-COVID-19 period has been evaluated. We will provide COVID-19 impact analysis with the report.
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The worldwide micro-LED display market can be classified on the basis of panel size, application, vertical, and region.
On the basis of panel size, the worldwide micro-LED display market can be segmented into small- and medium-sized panel and large panel, and microdisplay.
On the basis of application, the worldwide micro-LED display market can be segmented into NTE devices, smartwatch, television, smartphone and tablet, a head-up display, monitor and laptop and digital signage
On the basis of vertical, the worldwide micro-LED display market can be segmented into entertainment & advertisement, consumer electronics, automotive, aerospace & defence and others.
On the basis of region, the worldwide micro-LED display market can be segmented into North America, Europe, Asia-Pacific and the Rest of the World (RoW).
The regional study of North America, Europe, Asia-Pacific and the Rest of the World (RoW) had been conducted. The global market is likely to expand at a significant rate during the review period from 2018 to 2023. Among all, the APAC region is estimated to be the fastest expanding region due to the presence of notable micro-LED market players and the display manufacturers in the region. Among all nations of APAC, the emerging nations like China, South Korea, and Japan are estimated to make the most significant contribution in expanding the market. Besides, the high demand for smart electronic equipment from countries like India is additionally propelling market growth. Moreover, there have been massive investments of multinational companies in evolving the market in the APAC region. The analysis reveals the second position has been obtained by North America, followed by Europe. North America is estimated to dominate the market due to the growing demand for electronic devices such as tablets, smartphones, and smartwatches. Besides, the application of micro-LED in wearables is augmenting the market size in the region.
The outbreak of COVID-19 is likely to change the market mechanism of several regions. Several markets have been influenced significantly due to the observation of nationwide lockdown in various countries
The competitors of the global Micro-LED Display market are Oculus VR (InfiniLED) (US), Apple Inc. (LuxVue) (US), LG Electronics Inc. (South Korea) Sony, Samsung (South Korea), Corporation (Japan), Epistar Corporation (Taiwan), X-Celeprint (Ireland), VerLASE Technologies (US), GLO AB (Sweden), JBD (China), and Aledia (France), among a few more.