Micro-LED Display Market Research Report, by Application, (Smartwatch, Television, Smartphone & Tablet), Panel Size (Micro display, Small- Medium-Sized Panel), Vertical (Consumer Electronics, Entertainment & Advertisement)— Forecast till 2023.nail drill on natural nails

Global micro-LED display market is expected to grow from USD 90.7 million in 2017 to USD 2,782.5 million by 2023, at a compound annual growth rate (CAGR) of 82.7% during the forecast period. Increasing demand for brighter and more power-efficient display panels for consumer electronic devices such as smartwatches, mobile devices, and AR/VR devices is enhancing the growth of the market. Also, as compared to LEDs and OLEDs, the power consumption by Micro-LED Display Market is less and thus has longer life span. Moreover, growing demand of wearable displays for smartwatches and head mounted displays (HMDs) is expected to create great opportunity for this market. However, lack of standard procedures for manufacturing these components is hampering the growth of this market. Additionally, low yield, high cost, and need for improving micro-led production and mass transfer processes are some of the challenges faced by manufacturers of this product. Key players such as Apple Inc. (LuxVue), Oculus VR (InfiniLED), Sony Corporation, Samsung, X-Celeprint, Epistar Corporation, GLO AB among others are continuously focusing on developing cost effective & high-quality display component and are adopting inorganic strategies such as mergers and partnerships to expand their geographic presence and broaden their customer base.

Micro-LED display is an emerging technology consist of tiny LED devices having the potential to create highly efficient and bright pictures than OLEDs. It provides high wavelength uniformity that is suitable for fine pitch panels. These features of micro-LED are encouraging the manufacturers of handheld devices to increasingly implement this component in the devices. Thus, growing preference of consumers towards micro-LED display is boosting this market. Moreover, key players such as Apple Inc., Samsung, and Sony have demonstrated their rising interest in micro-LED display technology. Furthermore, it is expected that by the end of 2019, there would be high-end products entering the market and micro-LED has the potential to become the next generation display technology. For instance, LG Electronics is planning to bring a new series of micro-LED displays to the market that can be used in various electronic devices such as smartphones, laptops and tablets.