Micro-LED Display Market Research Report Information By Application (Smartwatch, Television, Smartphone & Tablet), Panel Size (Micro Display, Small- Medium-Sized Panel), Vertical (Consumer Electronics, Entertainment & Advertisement) and Region – Global Forecast till 2023
The global microLED display market is slated to cover a valuation of USD 2,782.5 million by 2023, with an impressive CAGR of 82.7% during the forecast period covering 2018 to 2023. Market Research Future (MRFR) marks benefits like efficient power consumption, hike in demand for wearable displays and head-mounted displays, longer lifespan, interests shown by market players, research and development funding, and others as essential factors that would take the market forward. Increasing customer preference for this is also going to play in its favor. However, a lack of standard procedures can hold back the market from recording substantial growth. But rising demand for mLED display, µLED display, and emerging flat-panel display technology is going to get it back on the main road.
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The global micro-LED display market has been segmented by MRFR analysts on the basis of application, panel size, and vertical to ensure a proper understanding of how the market may benefit in the coming days. This would also help in forming proper models for predictive analysis and strategies.
By application, the global market report on the microLED display market focuses on segments like NTE devices, monitor and laptop, smartwatch, a head-up display, smartphone and tablet, television, and digital signage.
By panel size, the review of the microLED display market reveals segments like small- and medium-sized panel, microdisplay, and large panel.
By vertical, the study of the microLED display market includes an understanding of entertainment & advertisement, automotive, consumer electronics, aerospace & defense, and others. The entertainment & advertisement segment is making substantial progress.
Infrastructural advantage, a better influx of funds, the presence of top companies, growing customer engagement, and others are expected to put North America and Europe in a favorable market position.
The global market review bolsters the understanding of the microLED display market by including a reliable analysis of all the companies involved in the market with the intent to take it further. These companies are Oculus VR (InfiniLED) (US), Apple Inc. (LuxVue) (US), Sony Corporation (Japan), LG Electronics Inc. (South Korea), X-Celeprint (Ireland), Samsung (South Korea), JBD (China), GLO AB (Sweden), VerLASE Technologies (US), Epistar Corporation (Taiwan), and Aledia (France).
In September 2020, Apple announced that it had patented a Micro-LED display that it might use in the future for MacBook, iPads and its fitness band. Micro-LED is known for its double advantage, less power consumption than Apple Watch screens, and of being thinner in significant ways. It also comes with a faster update rate and a notably wider viewing angle. As per reports, the company is spending around $330 million in a Taiwan-based company to develop a micro-LED factory that will have a state-of-the-art manufacturing unit to support the production of future iPhones, iPads, MacBooks, and various other devices from Apple.
In September 2020, LG Electronics announced that it is planning to launch a new Micro LED signage solution, LG MAGNIT, and this would be for its market in regions like the Americas, Europe, Asia and the Middle East. The technology is expected to deliver groundbreaking picture quality and performance using LG’s proprietary Black Coating display technology and it would streamline installation with the company’s clever block-assembly design.
The global MicroLED display market is expected to witness some substantial change in its market demand as several end user industries have reported a drastic change in their intake pattern due to the COVID-19 crisis. End users may benefit from the transforming work culture, which has led to better incorporation of gadgets like smartphones, laptops, and tablets.
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