PUNE, India, April 2017 - According to the new research report "Micro-LED market by offering (display panel and lighting device), application (smartwatch, NTE device, smartphone and tablet, laptop and PC monitor, TV, HUD, digital signage display, lighting), vertical, and geography - global forecast to 2025", published by MarketsandMarkets, the market, is expected to reach USD 19,921.3 mn by 2025 from USD 254.1 mn in 2017, at a CAGR of 54.7 per cent between 2019 and 2025.

Increasing demand for brighter and more power efficient display panels for several applications, increase in applications as well as adoption rate of near-to-eye (NTE) devices, and increasing interests from electronics giants Apple and Sony are the major drivers for the market growth. As of 2017, large format digital signage displays based on fine pixels are already commercialised.

Devices such as TV, smartphone, tablet, laptop, PC monitor, and smart wearables come under consumer electronics. These applications account for a significant share of the micro-LED market, thereby the consumer electronics industry. Rising demand for attractive and high specification display products is the main driver for the high growth and large market share of the consumer electronics vertical.

Smartphone is a high-volume application in terms of display panel shipments. Smartphones enabled with micro-LED displays are expected to be commercialised by 2021. Between 2021 and 2025, the shipment for micro-LED technology-based smartphones is expected to be largest compared to any other application. The adoption rate of micro-LED displays in premium smartphones is expected to rapidly increase over time, which is expected to drive the growth of the micro-LED market in smartphones. However, micro-LED display manufacturers are expected to face challenges to meet the demand-supply ratio, mainly due to the limited manufacturing capabilities during commercialisation.

North America, comprising the U.S., Canada, and Mexico, is expected to hold the largest share of the micro-LED market between 2017 and 2025. The U.S. is a major contributor to the growth of the North American market. Large market share in North America can be attributed to the fast adoption of the latest display and lighting technologies in consumer electronics, retail, and education industries, especially in the US. Due to the large population in economies, such as Japan, South Korea, China, and India, coupled with the thriving consumer electronics and retail sectors, there are immense opportunities for high growth of the micro-LED market in the APAC region. Presence of various display panel manufacturers, LED foundries, and brand customers are also likely to propel the growth of market in APAC in the near future.

Major players in the market are Apple, Inc. (U.S.), Sony Corp. (Japan), and Oculus VR (U.S.). The other leading players in the micro-LED market include VerLASE Technologies LLC (U.S.), X-Celeprint Ltd. (Ireland), Ostendo Technologies Inc. (U.S.), Cooledge Lighting Inc. (Canada), Aledia (France), GLO AB (Sweden), Rohinni LLC (U.S.), and Epistar Corp. (Taiwan).