According to a research report by Global Market Insights, micro LED display market size is set to exceed 14 billion dollar by 2024. The industry expects shipments of approximately 1 million units by the end of 2018. Increasing demand for high-performance display solutions in advanced applications, such as wearable devices and automotive, will drive the micro LED display market growth. These energy-efficient devices potentially reduce the size of the wearable devices, thus encouraging the device manufacturers to adopt these components. Furthermore, the technology allows modifications, such as transparency and flexibility, in display systems, increasing the market share. The micro LED display market size is projected to surpass 250 million dollar in 2018, with shipments forecast to grow at over 115% CAGR from 2018 to 2024. This market will witness a considerable growth due to increasing applications in near-to-eye devices such as AR and VR headsets which is expected to reach over 1.5 billion dollar by 2024. The growing penetration of AR/VR technology in gaming, healthcare, and entertainment applications is creating opportunities for the compact and small-sized panels with high brightness and low costs. AR and VR devices require components with high restrictions on their size and weight to attain user satisfaction. These components also provide the required amount of brightness and contrast ratio for near-to-eye devices, aiding the market growth. The micro LED display market will witness increasing penetration in smartwatches to grow at a CAGR of 100%. Several technology giants, such as Apple, are investing in the technology to modify their near-to-eye devices. For instance, in April 2018, Apple announced the partnership with Taiwan Semiconductor to invest in R&D on micro LED panels for their smartwatches. These components provide lightweight and low-power alternatives to the traditional LED or OLED panels.
Considering the geographical regions, the U.S. micro LED display market is expected to witness a significant growth to reach over 7 billion dollar by 2024. The growth is attributed to the increasing demand for electronic devices such as smartphones, tablets, and smartwatches. In 2017, the smartwatch sales in the U.S. accounted to approximately 12 million and is projected to increase further. The usage of these components in wearable devices will increase the micro LED display market growth over the forecast timespan. The market in Asia Pacific will grow rapidly due the increasing penetration of smartphones in the region. Furthermore, the presence of several manufacturers in the region makes it cost-effective for the manufacturers to switch from the production of traditional displays to micro LED displays. Increasing interest of electronic product manufacturers, such as Panasonic, LG, and Samsung, are encouraging the panel manufacturers in the region to invest in the development of facilities for the production of these components.
