Global Micro-LED Market Is Anticipated To Witness Significant Growth Due to Growing Demand for Bright and Power-Efficient Display Panels and Increasing Demand for Consumer Electronics Products

Micro-LED technology has been around since at least 2000. It offers a number of improvements over OLED, including higher brightness and greater power efficiency. Nevertheless, the technology is still in its infancy and not yet in widespread consumer use. Micro-LED screens are designed with millions of small LEDs, which are individually controlled and dimmed to produce optimal blacks. The screen also provides a wide color gamut and better contrast. However, many manufacturers are committed to the development of micro-LEDs. This technology has the potential to provide consumers with bright and vivid displays without the high costs and power consumption of current display technologies. There are a number of manufacturing challenges that need to be addressed before micro-LEDs can become a viable alternative to LCDs and OLEDs. Micro-LEDs need to be produced at a cost-effective scale. Growing product launches is estimated to augment growth of the global micro-LED market global liquid biopsy market during the forecast period. For instance, Samsung Electronics introduced lifestyle TVs and a micro-LED Neo QLED in January 2022. This product will be delivering a customizable video and audio experience to consumers. Moreover, rising costs of LED displays is anticipated to restrain growth of the global micro-LED market during the forecast period.

According to Coherent Market Insights the Micro-LED Market Size, Share, Outlook, and Opportunity Analysis, 2022-2028.

The pandemic had a huge impact on the economy. Strict restrictions like quarantines, social distancing and nationwide lockdowns were imposed for avoiding the transmission of the disease. Many businesses suffered huge losses due to these restrictions. Travel bans were also imposed in many regions, this affected the import and export of various products. Supply chains were also disrupted in many regions, owing to these travel restrictions. Several production facilities electronics and semiconductors industries had to halt operations, owing to strict lockdowns. This largely affected the product of micro-LED displays Thus, it led to decrease in demand for global micro-LED market. This hampered the growth of the global micro LED market.

Key Takeaways:

The global micro LED market is estimated to witness robust growth, exhibiting CAGR of XX% during the forecast period, owing to increasing partnerships among major players. For instance, Apple and Taiwan Semiconductor Manufacturing Company TSMC partnered up in February 2021. With this partnership, they are aiming to produce micro-LED displays for Apple VR glasses.

North America region has witnessed significant growth in the global micro LED market over the forecast period, due to growing demand for electronics and rising penetration of smartphones.

Key players active in the global micro LED market are PlayNitride Inc., Apple Inc., LG Electronics Inc., Samsung Electronics Co. Ltd., Nanosys Inc., Sony Group Corp., eLux Inc., and Aledia.


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