The global micro-LED market size is estimated to grow from USD 409 million in 2020 to USD 18,835 million by 2026; it is expected to grow at a CAGR of 89.3% from 2020 to 2026. This growth can be attributed to the increased use of near-to-eye (NTE) devices, coupled with the increasing interest of electronics giants, such as Apple, Samsung Electronics, and Sony, in micro-LED technology.
Micro-LED is an emerging display and lighting technology with the potential to disrupt the traditional LCD display and LED lighting markets.
Display panels are used in various devices, such as TVs, notebooks, smartphones, and smartwatches. Currently, most of these devices are based on display technologies such as organic light-emitting diode (OLED) and LED-backlit LCD. The display market has been witnessing several developments in terms of picture quality, display sizes, and power consumption features. The LED lighting market has also witnessed huge growth in the past with the introduction of attractive and low-power-consuming products.
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Many smart wearable manufacturers are looking to extend their product range by adding small devices with screens. Smart wearables utilize small display panels in devices such as watches, wristbands, and smart glasses. Micro-LED technology is expected to be commercialized first for smart wearables, such as NTE devices and smartwatches. As the technology matures, it may penetrate smartphones and other larger applications such as laptops, PC monitors, and TVs. Thus, the growing market for smart wearables may act as an opportunity for display panel manufacturers such as Samsung, LG, AU Optronics, and Innolux. These companies could consider investing and focusing on such applications by collaborating with micro-LED startups.
The emergence of COVID-19, a deadly respiratory disease that originated in China, has now become a global pandemic. The impact of COVID-19 on the micro-LED market and the consumer demand is not yet clear for the time being. Still, it is believed that device manufacturing will be reduced in the short term as the majority of the micro-LED device manufacturers are based in China. For micro-LED device manufacturing, including micro-LED manufactures, panel manufactures, and others, the industry continues to rely heavily on China. Component supply may face some disruption due to the COVID-19 outbreak as most of the research & development and product launches for micro-LED display are likely to get postponed until the end of 2020.
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