Increase in demand for bright and power-efficient display panels and rise in preference of electronic giants toward micro-LED displays drive the global micro-LED display market.
PORTLAND, Ore. , April 21, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Micro-LED Display Market by Product (Large scale Display, Small and Medium-sized Display, Micro Display), by Application (Smartphone and Tablet, PC and Laptop, TV, Smartwatch, Others), by Industry Vertical (Consumer Electronics, Entertainment and Sports, Automotive, Retail, Government and Defense, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030." According to the report, the global micro-LED display industry generated $56.00 million in 2020, and is expected to reach $23.4 billion by 2030, witnessing a CAGR of 77.1% from 2021 to 2030.
Increase in demand for bright and power-efficient display panels and rise in preference of electronic giants toward micro-LED displays drive the global micro-LED display market. However, high cost of micro-LED displays restrains the market growth. On the other hand, upsurge in demand for consumer electronics products presents new opportunities in the coming years.
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Production facilities in the electronics and semiconductors sector have been stopped due to lockdown measures, disrupted supply chain, and unavailability of the workforce across the globe. This affected the production volumes of micro-LED displays.
The demand from applications sectors such as manufacturing, industrial, retail, and others decreased significantly due to stoppage of daily operation during the lockdown. However, the demand is projected to regain post-lockdown.
Owing to reduced advertising expenditure and postponement or cancellation of a few projects, the micro-LED display market has been negatively impacted.
The Large Scale Display Segment to Maintain its Leadership Status Throughout the forecast period
Based on product, the large scale display segment contributed the highest share in 2020, accounting for nearly half of the global micro-LED display market, and is projected to maintain its leadership status throughout the forecast period. This is due to its application in control rooms, stadiums, and other large public venues along with benefits such as minimization in the energy consumption and high contrast & brightness. However, the micro display segment is projected to witness the largest CAGR of 84.9% from 2021 to 2030, owing to the development of high-definition displays to provide enhanced viewing experience.
The Consumer Electronics Segment to Maintain its Lead Position during the Forecast Period
Based on industry vertical, the consumer electronics segment accounted for the highest share in 2020, holding nearly one-fifth of the global micro-LED display market, and is estimated to maintain its lead position during the forecast period. This is attributed to rise in demand for consumer electronics products such as televisions, digital camera, personal computers, video game consoles, smartphones, and others.
However, the entertainment and sports segment is expected to manifest the highest CAGR of 82.5% from 2021 to 2030, owing to preference for micro-LED displays over OLED and LCD display technologies for their low power consumption, high contrast range & brightness, prolonged service life, and environmental stability.
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North America to Continue its Dominance in Terms of Revenue by 2030
Based on region, North America held the highest market share in 2020, accounting for more than one-third of the global micro-LED display market, and is expected to continue its dominance in terms of revenue by 2030. This is attributed to surge in demand for consumer electronics across various countries, rise in purchasing power of its citizens, and increase in demand for smartphone & smartwatches. However, Asia-Pacific is projected to portray the fastest CAGR of 79.3% from 2021 to 2030, owing to the benefits of micro-LED displays over OLED and massive demand from countries such as China , India , and Indonesia .
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