Westford, USA, Nov. 02, 2022 (GLOBE NEWSWIRE) -- As the world progresses, LED technology becomes more and more advanced. With new inventions comes new demands from consumers. The latest example of this is the growing demand for Mini LED. Mini LED is much smaller in size than traditional LEDs. This unique feature enables the product to be used in a variety of new applications and devices in the global mini LED market. One of the main advantages of mini-LEDs is that they can produce a very high level of brightness while still being energy-efficient. This makes them ideal for use in LCD and OLED displays, as well as other lighting applications.
They can be controlled much more precisely than traditional LEDs. This makes them ideal for use in applications where specific colors or lighting effects are required. Due to their many advantages, it is not surprising that the demand for mini LED market is growing rapidly. So far, mini LEDs have been used mostly in high-end applications such as gaming monitors, TVs, and medical devices. However, as production costs continue to fall, we are likely to see mini LEDs being used in a wider range of products and applications in the future.
According to the report, the market is driven by the increasing demand for energy-efficient lighting solutions, rising adoption of mini LEDs in consumer electronics applications, and growing demand for Mini LEDs in automotive applications. However, the high cost of mini LEDs and lack of standardization are some of the major challenges restraining the growth of this market.
In its latest report on the mini LED market, SkyQuest has provided a comprehensive analysis of the current state of the market and future prospects. The report includes an overview of the technology, global market landscape, key players and competitive dynamics, and provides detailed insights into the opportunities and challenges faced by the industry. However, the report also notes that there are significant challenges that need to be addressed before market can reach its full potential. These include improving manufacturing yields, reducing costs, and developing display standards.
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China and Taiwan and Competing for Dominance in Mini LED Market
In recent years, Chinese companies such as Shenzhen Jufei Optoelectronics and Shenzhen Longli Technology have been investing heavily in the development of mini LED technology. At the same time, companies such as Epistar and Everlight Electronics have also been working on mini LED technology and have significant experience in the production of LEDs. As a result, the two regions are now competing for dominance in the mini LED market. The forementioned companies are trying to establish their dominance in automotive display.
SkyQuest's analysis shows that Chinese companies have the advantage in terms of scale and investment. However, Taiwanese companies have the advantage in terms of experience and technology. As a result, it is likely that both regions will play a major role in the future development of mini LED market. China is currently ahead in terms of capacity, production volume, and efficiency. However, Taiwan has an edge in terms of technology, with more advanced mini LED chips that offer higher brightness and better power efficiency.
Looking ahead, we believes that Taiwan will continue to innovate and improve its technology, eventually surpassing China in terms of mini LED performance.
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Automotive and Consumer Electronics to Flourish Growth of Mini LED Market
As the mini LED market rapidly move towards maturity, production costs are decreasing and economies of scale are increasing, leading to mass production of mini LED components. According to SkyQuest's latest forecast, global production of mini LED chips will reach 3.5 billion the end of 2028, up from just 16 million in 2015. This growth is being driven by strong demand from the automotive and consumer electronics sectors.
Our analysis shows that the cost of producing a mini LED chip has fallen from $2.50 in 2016 to just $0.50 in 2021. This dramatic cost reduction is due to improved manufacturing processes and increased competition among suppliers. As a result, we expect mass production in the global mini LED market to begin in earnest in 2022, with volume shipments reaching billions of units by 2028. Wherein, the automotive sector is expected to be the largest adopter of mini LEDs, as automakers seek to improve visibility and safety while reducing weight and power consumption. Consumer electronics will also be a major driver of demand, as manufacturers look to use mini LEDs to create thinner, lighter and more energy-efficient displays.
SkyQuest’s analysis of the mini LED market shows that there is a big difference in how willing consumers are to pay for an OLED TV compared with an LCD TV – with over 60% saying they would pay a premium for an OLED set. This willingness to spend means that there is scope for manufacturers to charge more for mini LED TVs, which, in turn, will help to offset the higher production costs.
In the short term, we expect mini LED production to be focused on high-end gaming monitors and TVs due to the extra control over local dimming that this technology offers. This will help manufacturers differentiate their products in a competitive marketplace and drive-up average selling prices. However, as mass production methods improve and costs come down, we expect mini LED market to gain from the trend as it become increasingly common across all types of consumer electronics devices.
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Low Yield Rate and Increasing Pressure to Produce High Quality Mini LED at Lower Cost to Remain Key Challenges
One of the biggest challenges facing manufacturers in the global mini LED market is yield rate. Due to their small size, it is difficult to achieve a high yield rate when mass producing mini LEDs. However, SkyQuest's analysis shows that manufacturers are making progress in this area and that yield rates are expected to improve significantly in the future.
Another challenge facing manufacturers in the mini LED market is meeting the increasing demand for higher quality mini LED. As the market grows, customers are becoming more demanding and expecting higher quality standards from manufacturers. This trend is likely to continue in the future as mini LED become more widely used in a variety of applications where reliability and performance are critical factors.
Key Players in Global Mini LED Market
- Epistar Corp
- Cree, Inc.
- Revolution Lighting Technologies, Inc.
- Orion Energy Systems, Inc
- Deco Lighting
- NationStar
- Harvick Corporation
- AU Optronics Corp.
- Sanan Optoelectronics Co., Ltd.
- Eaton
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