According to a new report pertaining to the MicroLED market, published by Transparency Market Research, the global MicroLED market is expected to reach US$ 286.38 Mn by 2026, expanding at a CAGR of 21.14% from 2018 to 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and industry-specific factors. Asia Pacific will continue to be at the forefront of global demand, with the market in the region growing at above 25% through 2026. MicroLED market growth is expected to witness a surge over the forecast period due to the continuously increasing usage of wearable devices across different regions.
Longer lifespan of MicroLED in comparison to OLED, driving the global MicroLED market
MicroLED is made of semiconductor material which is inorganic in nature, and the overall size of the component is less than 100um, due to which it is known as MicroLED. An array of MicroLEDs are being set for the purpose of forming discrete pixel elements. The MicroLED market has created considerable interest among leading brands, which includes Samsung and Apple, which have bought many MicroLED start-up companies.
MicroLED has potential applications in smart Near-to-Eye wearable, automotive displays, smart watches, and signage’s. Additionally, MicroLEDs are expected to have much longer lifespan and response time in comparison to OLEDs; this generates interest for MicroLEDs. Samsung is presently well poised to develop 150-inch MicroLED TV in 2018. Advancement in technologies such as MicroLEDs and OLEDs have been able to fulfill the market demand for better viewing experience, efficiency, and improved aesthetics; these technical factors are also well poised to increase the product life expectancy even further than earlier technologies.
The global MicroLED market is broadly segmented by type and application. According to the research study, by type, the display segment held the maximum market share and is anticipated to show a CAGR of above 20% through 2026. Display segment’s revenue contribution is primarily due to significant deployment of MicroLED across applications such as smartphones, and smart watches.The display segment is anticipated to remain dominant over the forecast period. As the market is in its initial stage, in the current MicroLED market, services which includes installation, maintenance, and repair related to MicroLED are limited.
However, expected significant reduction of the MicroLED panel cost in the near future is likely to create a lucrative market for MicroLED and hence the MicroLED display segment is anticipated to expand at the highest CAGR over the forecast period. The report projects the lighting segment to show a CAGR above 15% over the forecast period. As per TMR analysis, MicroLED market’s smartphone application segment grabbed the maximum market share in 2017 and a similar trend is expected to be seen over the forecast period. Improvement of the quality and uniformity of the epitaxial wafers required to maintain the low cost and high yield is expected to drive the smartphone application in the global MicroLED market. The MicroLED market is anticipated to witness moderate growth during the forecast period due to rapid growth of AR/MR.