MicroLED Display Market is Set to Reach a Valuation of US$ 1.1 Billion by 2031, Transparency Market Research, Inc.
An increase in demand for power-efficient and bright displays is expected to propel the global microLED display market
Wilmington, Delaware, United States, Sept. 21, 2023 (GLOBE NEWSWIRE) — The global microLED display market is projected to flourish at a CAGR of 26.4% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 1.1 billion is anticipated for the market in 2031. As of 2023, the market for microLED displays is expected to close at US$181.1 million.
Increasing demand for microLED over OLED as microLEDs provide the stability of LCD along with the long lifespan and high brightness of non-organic LEDs. These factors are anticipated to fuel the demand for microLED displays over their counterparts.
An increase in the adoption of smart wearables, smartphones, automotive head-up displays, AR/VR, and micro projectors is anticipated to drive the demand for small and medium size microLED displays in the next few years.
The increasing use of microLED displays in the automotive industry in vehicles for instrument clusters, infotainment systems, and heads-up displays (HUDs) due to their high visibility, durability, and resistance to temperature variations, drive the market demand.
Expansion in the consumer electronics sector is projected to augment market statistics during the forecast period. Smart wearables are gaining traction among the populace. This is likely to boost the demand for microLED displays in the near future.
Request Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]): https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=55566
“Connect with our team of research specialists and unlock the optimal solution for driving your business growth”
|Market Revenue||US$ 113.4 Mn|
|Estimated Value||US$ 1.1 Bn|
|Growth Rate – CAGR||26.4%|
|No. of Pages||196 Pages|
|Market Segmentation||By Product Type, Application and End-user Industry|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Companies Covered||AET Displays Limited, AUO Corporation, JBD, LG Electronics, Micledi, Plessey, PRP Optoelectronics Ltd., Samsung Electronics Co., Ltd., Sony Corporation, Tianma Microelectronics Co., Ltd.|
Key Takeaways from the Market Study
- As of 2022, the microLED display market was valued at US$ 143.3 million
- By application, the smart wearable segment to enjoy high demand, accumulating a high revenue share during the forecast period.
- Based on the end-use industry, the consumer electronics segment is expected to hold the largest share of the microLED display market during the forecast period.
- Based on product type, the small and medium-sized display segment is projected to dominate the business during the forecast period.
MicroLED Display Market: Key Trends and Opportunistic Frontiers
- Significant investments by technology giants and research institutions in MicroLED technology research and development have accelerated its commercialization and market growth.
- New and emerging applications, such as MicroLED-based microdisplays for AR glasses, transparent displays, and smart home devices, are expanding the market’s growth potential.
- MicroLED displays offer superior image quality, brightness, contrast, and color accuracy compared to traditional display technologies. Consumers and industries are increasingly seeking high-quality display solutions, driving the demand for microLEDs.
For In-depth Competitive Analysis, Buy Now: https://www.transparencymarketresearch.com/checkout.php?rep_id=55566<ype=S
MicroLED Display Market – Regional Analysis
- North America is anticipated to constitute the largest share of the microLED display market during the forecast period. The rise in the adoption of digital signage, automotive displays, and televisions is boosting market expansion in North America. The region has a strong presence of key technology companies and research institutions. It has witnessed the early adoption of MicroLED displays in premium consumer electronics and automotive applications
- Asia Pacific is expected to grow at the fastest rate during the forecast period. The presence of key vendors and an increase in investment in R&D activities are likely to augment market progress in the region in the near future. The market is expected to grow with increasing demand for advanced displays.
The global industry is fragmented, with several large-scale vendors controlling substantial market share. Prominent microLED display manufacturers are focused on the development and launch of new products to broaden their revenue streams.
- AET Displays Limited
- AUO Corporation
- LG Electronics
- PRP Optoelectronics Ltd.
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Tianma Microelectronics Co., Ltd.
Key Developments in the MicroLED Display Market
- AUO has been exploring MicroLED display solutions for various applications, including consumer electronics, automotive displays, and AR/VR devices. They focus on addressing the challenges of mass production and improving yield rates.
- Samsung has made significant investments in MicroLED technology, including the launch of “The Wall,” a modular MicroLED TV. They are continuously working on improving the manufacturing process and expanding the range of MicroLED display products.
- Apple has been exploring MicroLED technology for its future devices, including Apple Watch and augmented reality (AR) glasses. The company is known for its investments in research and development to enhance MicroLED displays’ brightness and energy efficiency.
- Sony has ventured into the MicroLED display market with innovative products like the Crystal LED, targeting high-end home theaters and professional applications such as broadcasting studios.
- LG Display is actively researching MicroLED technology and its potential applications. They have showcased prototypes and are exploring opportunities in the gaming and automotive industries.
If You want to Purchase Specific Insights by Segment/Region/Competitor, Request for Customization: https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=55566
MicroLED Display Market – Key Segments
- Micro Display
- Small and Medium Size Display
- Large Display
- Digital Signage
- Smartphone & Tablet
- Laptop & Monitor
- Smart Wearables
- Others (Optical Devices, AR Glasses, etc.)
- Consumer Electronics
- Aerospace & Defense
- Others (Hospitality, Media & Entertainment, etc.)
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
USA – Canada Toll Free: 866-552-3453
Email: [email protected]
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.