MicroLED Display Market Size to reach US$ 1.1 Billion by 2031 witnessing a growth of 26.4% CAGR - Transparency Market Research, Inc.
An increase in demand for small- and medium-sized products is anticipated to propel the market, and North America is likely to account for the dominant share of the global market during the forecast period.
Wilmington, Delaware, United States, Feb. 03, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a TMR study, the global microLED display market is estimated to advance at a CAGR of 26.4% during the forecast period from 2022 to 2031.
MicroLEDs use small, individual light-emitting diodes (LEDs) to form images. MicroLED display panels have proven to offer superior stability, long life, improved luminance, and reduced power consumption than other products.
A key aspect that differentiates MicroLEDs from OLED technology is the presence of a light source, which can be switched off and switched on. It helps in improving contrast. MicroLEDs are superior to liquid crystal displays since they offer improved images and durability.
New product launches are helping well-established MicroLED display manufacturers in generating higher revenue and gaining an edge over competitors.
Leading players are also collaborating with other players to expand market presence and increase revenue share. In October 2022, MICLEDI Microdisplays signed a collaborative agreement with Kura Technologies to manufacture new AR glasses by using MICLEDI's 300mm microLED displays.
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Key Findings of Market Study
Rise in Demand in Consumer Electronics End-use Industry: Based on end-use industry, the global market has been divided into automotive, retail, consumer electronics, healthcare, aerospace & defense, government, and others. The consumer electronics segment accounted for dominant market share in 2021. Rise in MicroLED display usage in different consumer electronic products, such as smartphones and tablets, bolstered the MicroLED industry growth. Usage of microLEDs in smartphones has helped provide higher resolutions compared to OLED technology. Increase in smartphone adoption across the world is likely to fuel demand for microLED display and expand market size.
Increasing Adoption of Small- and Medium-sized Products: In terms of product type, the global market has been trifurcated into micro display, small & medium size display, and large display. The small & medium size display segment is projected to account for dominant market share during the forecast period. Rise in adoption of different smart wearable products and micro projectors is anticipated to trigger the demand for microLEDs and drive market development.
MicroLED Display Market - Key Drivers
Expansion in the consumer electronics industry globally is likely to drive the microLED display market during the forecast period
Increase in demand for smart wearable products is anticipated to fuel business growth in the next few years
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MicroLED Display Market - Regional Landscape
North America is projected to account for dominant market share during the forecast period. Growing adoption of televisions, digital signage, and automotive displays in the U.S. and Canada is estimated to drive the regional market
Asia Pacific is estimated to witness significant growth during the forecast period due to growing investments in research and development activities and large presence of leading players in countries such as China and India
MicroLED Display Market - Key Players
The global market is competitive with the presence of several international and local players. Entry of new players is likely to intensify the competition during the forecast period.
Prominent players are investing in R&D to manufacture improved display products that meet customer requirements. Rise in demand for these products is likely to accelerate market development in the next few years.
Key players operating in the market are Sony Corp., Samsung Electronics Co. Limited, PRP Optoelectronics Limited, LG Electronics, and AUO Corporation.
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The global microLED display market has been segmented as follows:
Small and Medium Size Display
Smartphone & Tablet
Laptop & Monitor
Others (optical devices, AR glasses, etc.)
Aerospace & Defense
Others (hospitality, media and entertainment, etc.)
Middle East & Africa
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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