Micro LED is the next generation technology in display. Micro LED is also known as mLED, micro-LED or µLED. The micro LED is an emerging technology in the flat panel display. In the micro led as the name suggests is a collection of microscopic LEDs which form an individual pixel element. The micro LED provides a superior display with an enhanced contrast as compared to previously used LCD technology. The Micro LED further provides better response time and helps in usage of less energy. The micro LED technology is primarily developed focusing at manufacturing of devices which are smaller in size and consume lesser energy like smart phones and smart watches.
Micro LED also finds application in lighting. The players operating in the micro LED market looks to target wearable like watches and consumer electronics which may include monitors cell phones, television head mounted displays (AR and VR) among other devices. Some of the factors driving the micro LED market include growth in demand for improved power efficient display panels and brighter displays. Further, growing preference of electronic giants like Sony and Apple towards micro LEDs is another key factor in driving the demand for micro LEDs. Rise in demand for OLED display by consumers is restraining the market growth. Some of the other factors restraining the market growth include growing popularly of folded display in smart phones and tabs. High cost of the Micro LED is another factor restraining the market growth.
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The micro LED market by offerings has been segmented into micro –LED display and micro LED lighting. The micro LED display segment in the Micro LED market segmented by offering has been further segmented into small and medium sized display, large scale display and micro display.
The micro LED market by type has been broadly segmented into display and lighting. The display segment in the micro LED market segmented by type has been further segmented into automotives, consumer electronics, sports and entertainment, defense, BFSI and retail and education. The lighting segment in the micro LED market segmented by type has been further segmented into automotive, commercial and residential. The rise in demand for consumer electronics is expected to drive the demand for micro LED over the next few years. Electronic products like smart phone, television, laptops, tablets, smart wearable and PC monitor has micro LED as a key component.
Further, smart phones are expected to be the largest contributor in the micro LED market over the next few years in terms of revenue. The application of micro LED as display in smart phones are most preferred over any other form of display which are currently in use.
Geographically the micro LED market has been broadly segmented into North America, Latin America, Asia Pacific, Middle East and Africa and Europe. North America is expected led the micro LED market over the next few years. There is high penetration of micro LED for lighting and display in North America. Further Asia Pacific is expected to grow at the fastest rate over the next few years due to presence of major consumer electronics manufacturers in this region.
Some of the key players operating in the micro LED market include Sony Corp. (Japan), Apple Inc. (U.S) and Oculus VR (U.S.). Some of the other key players in the micro LED market include X Celeprint Ltd. (Ireland), VerLASE Technologies LLC (U.S.), Ostendo Technologies Inc. (U.S), Aledia (France), Cooledge Lighting Inc.(Canada), Epistar Corp (Taiwan), Rohinni LLC (U.S) and GLO AB (Sweden). The key players operating in the micro LED market involve in merger and acquisition, product development among others to gain competitive advantage over it competitors.