Pune, India, Sept. 28, 2023 (GLOBE NEWSWIRE) -- Micro-LED technology is set to revolutionize the digital signage and advertising industry by offering high brightness, contrast, and energy efficiency. As the demand for large-scale, high-quality displays continues to grow, Micro-LED is emerging as an effective solution for digital signage solutions; Micro-LED is an ideal choice for digital signage and advertising applications. Thus, increasing the adoption of Micro-LED for digital signage and advertising applications enhances the Micro-LED market growth.
Micro-LED Market in terms of revenue was estimated to be worth $1.95 billion in 2022 and is poised to reach $150.14 billion by 2030, growing at a CAGR of 72.1% from 2022 to 2030 according to a new report published by The Insight Partners.
The increase in penetration of brighter and power-efficient display panels, the growing adoption of smart wearables, and the growing adoption of smartphones, TVs, laptops, and other devices are some of the factors expected to drive the micro-LED market growth. However, the high cost of the manufacturing process is expected to hinder the micro-LED market growth.
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Global Micro-LED Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 1.95 Billion in 2022 |
| Market Size Value by | USD 150.14 Billion by 2030 |
| Growth rate | CAGR of 72.1% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Application, End User and Geography |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Digital signage has been expanding rapidly for commercial applications in recent years. Digital signage is widely used in hotels, quick-service restaurants, hospitals, and malls. Digital signage benefits various industries in both private and public markets, such as stadiums, parks, restaurants, hospitals, and retail shops. Digital signage displays have increased demand in the transportation industry. In busy places like railway stations, airports, wayfinding, and bus terminals, check-in kiosks are deployed to improve navigation and reduce queues. Similarly, digital billboard displays regarding arrivals and departures enrich passengers’ experience. Furthermore, digital signage motivates and engages workers in the manufacturing industry. Digital signage displays or projectors also improve safety on the factory and production floors. Healthcare centers or hospitals were also increasingly deploying digital signage displays for critical real-time updates, enforcing social distance guidelines, and quickly mobilizing staff. For instance, in June 2023, LG Electronics announced the launch of the LG MAGNIT display in the UAE. This new model (LBAF) is designed for virtual production for broadcasting systems, movie studios, and XR stages.
China is the world’s largest country in the smartphone market. According to EnterpriseAppsToday, consumers in China spent around US$ 152.3 billion on smartphones in 2021. Such increasing smartphone adoption enhances the micro LED market in China. In addition, the total investments in Mini/Micro LED-related projects have reached US$ 5.44 billion (RMB 39.1 billion) in China, with more than 14 newly added projects. Furthermore, according to JiWei.com Inc., China has become the world's largest LCD panel manufacturing country and is investing heavily in micro-LED technology. China is the leading country in the world in micro LED research and development. Market players in China have actively invested in the micro LED; the total investments in this technology have amounted to US$ 15.6 billion) (RMB 100 billion). Such increasing investment in micro LED is expected to accelerate the micro LED commercialization in the country. In recent years, the number of patents on Micro LED technology has been increasing. The Micro LED-related patents had over 5500 items by the end of 2019. There were more than 2000 new patents were applied only in 2019. Of all the micro LED technology patents, around 50% of these patents were applied by players based in China. The BOE company stood in the first number to apply for patents; they applied for more than 150 items of patents and invested US$ 1.8 billion in 2019.
Increasing penetration Of Smart TVs Drives the Micro-LED Market Growth:
The transformation and evolution of TV sets are some of the most prominent aspects of the technological revolution in past years. The introduction of several affordable smart HD TVs by major Chinese providers in recent years has unlocked an entirely new era for middle-class TV users. The rise in the population’s disposable income and ongoing digital transformation encourage consumers to shift from traditional TVs to Smart TVs. Furthermore, the launch of several streaming devices, such as the Apple TV, Amazon Fire TV, Google Chromecast, and others, has completely transformed the TV viewing experience of consumers. The rise of OTT services by these brands has also led to an infusion of online programs and movies. As a result, Smart TV providers were increasingly collaborating with OTT content and device providers to offer convenient built-in features in their products. These features help Smart TVs be easier to use and fulfill consumers' needs with the trend. The popularity of Smart TVs in households worldwide has rapidly and significantly increased. For instance, according to the Kagan first-quarter 2022, approximately three-quarters of US internet households own at least one smart TV. Moreover, nearly all TVs currently sold in the US are smart TVs. According to Hub Entertainment Research, 76% of surveyed TV households own a smart TV. More than eight out of every ten televisions brought by Indians were Smart TVs in the year 2021. Smart TV sales grew by 55% for the whole year of 2021, attributed to a rise in demand for entertainment during the lockdown and new launches at affordable prices. In August 2023, Samsung launched a micro LED smart TV with 4K resolution and 110-inch screen size for Rs 1.14 crore. Thus, the high demand for smart TVs with the rising disposable income of consumers is driving the Micro-LED market growth.
Micro-LED Market: Segmental Overview
The "Micro-LED Market" is segmented based on application, end user, and geography. Based on application, the Micro-LED market is segmented into display and lighting. Based on end users, the Micro-LED market is segmented into consumer electronics, aerospace & defense, entertainment and sports, and automotive. The micro LED market, based on geography, is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
The consumer electronics segment is expected to dominate the Micro-LED market. Consumer electronics devices include TVs, video recorders, smartphones, wearable devices, laptops, tablets and others. Increasing adoption of these devices amongst consumers is enhancing the micro LED market growth. The increasing popularity of smart and technological devices has resulted in a significant increase in demand across regions.
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Micro-LED Market Analysis: Competitive Landscape and Key Developments
Aledia, Apple Inc., eLux Inc., Glo AB, LG Display, PlayNitride Inc., Rohinni LLC; Samsung Electronics Co. Ltd.; Sony Corporation; and VueReal are a few of the key companies operating in the micro LED market. The micro LED market leaders to focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities in the micro LED market.
Recent Developments:
In August 2023, Samsung announced the launch of ultra-luxurious Micro LED in India. This micro LED is available in a display size of 110-inch. The Micro LED will be available starting at select retail stores in India and on Samsung.com for INR 1,14,99,000.
In January 2023, Apple announced its plan to build MicroLED displays into future Apple Watch models in 2024 or 2025. Through this, the company aimed to have greater control over future products with less risk of delays and setbacks that are out of the company’s control.
In May 2023, Apple announced the mass production of its microLED displays to lessen its reliance on Samsung and increase its control over supply. Under this, Apple has spent at least US$ 1 billion on microLED research and development over the past decade. Once production starts, Apple will perform the manufacturing process's critical "mass transfer" step, which involves placing at least tens of thousands of tiny microLED chips onto substrates.
Go through further research published by The Insight Partners:
Micro-LED Display Market - Global Analysis and Forecast to 2030.
Mini LED Market - Global Analysis and Forecast to 2030.
LED lighting Market - Global Analysis and Forecast to 2030.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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