September 13, 2023 11:28 ET | Source: Fairfield Consultancy Services OPC Pvt Ltd Fairfield Consultancy Services OPC Pvt Ltd
London, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Micro-LED displays, characterised by arrays of tiny, high-intensity light-emitting diodes (LEDs), have captivated consumer electronics enthusiasts and manufacturers alike. Leveraging gallium nitride technology to deliver vibrant RGB LED illumination, these displays offer exceptional wavelength uniformity, heightened brightness, ultra-high definition (UHD) picture quality, and enriched colour saturation. A host of factors will drive the soaring demand for micro-LED displays, reshaping the future of the global electronics industry. Gob Small Pitch Display
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“One of the principal catalysts propelling the micro-LED displays market is the increase in individual discretionary income levels, coupled with improving standard of living. As consumers strive for enhanced technological experiences, they are driving demand for brilliant, energy-efficient display panels that offer not only high-quality lighting but also low maintenance and energy costs,” states the company analyst.
Smartphone and Tablet Category Leads the Charge
The smartphone and tablet category emerged as the frontrunner in the micro-LED displays market in the year 2022. This dominant position is attributed to increased research and development investments, along with the rising disposable income of consumers worldwide.
Leading smartphone and tablet manufacturers are now heavily investing in innovation to meet evolving consumer preferences, thereby strengthening their market presence.
Moreover, smartphone and tablet makers are gravitating toward micro-LED display technology due to its ability to enhance user experiences with superior picture quality. These displays, powered by individual LEDs, deliver unparalleled brightness and contrast levels.
The integration of inorganic chemicals further extends display longevity, making micro-LED technology an attractive choice for these manufacturers.
The consumer electronics segment led the way in adopting micro-LED displays in 2022. Government initiatives worldwide to boost domestic electronics manufacturing have played a pivotal role in driving revenue growth within this segment. The proliferation of smart and user-friendly household appliances has fueled the global expansion of consumer electronics.
Several government initiatives like India's National Electronics Policy have been making substantial investments in high-end technologies like 5G, IoT, AI, and ML. This widespread adoption has fueled demand for micro-LED displays, as they enhance display quality and energy efficiency.
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Asia Pacific is set to maintain its dominant position in the micro-LED displays market, driven by rapid technological advancements in the electronics industry.
Leading electronics giants like LG Electronics, and Samsung Electronics are heavily investing in expanding their production capabilities, focusing on products that utilize micro-LED screens to provide immersive user experiences.
China, with its multitude of display manufacturers including Konka and Refond, accounted for the largest revenue share in the market, as these companies invest in micro-LED display solutions.
Government-led initiatives further bolster the growth of the manufacturing sector, exemplified by Chinese LED chip producer Sanan Optoelectronics receiving local government subsidies for its Micro-LED project.
North America: An Expanding Frontier
North America’s micro-LED displays market is poised for significant growth in the upcoming years, with a substantial CAGR expected throughout the forecast period.
Rising smartphone penetration and consumer demand for cutting-edge electronic products will be the primary drivers of market growth in this region. The US especially leads in terms of adoption of smart home appliances.
Prominent companies like LG Electronics are set to launch a range of smart feature-enabled consumer products in the US to capitalise on the existing and potential growth opportunities.
Companies look to leverage the growing demand for advanced display technology. Furthermore, they are forming strategic alliances in addition to developing flexible mini-LED and micro-LED lighting technologies, exclusively for the automotive industry.
Global Micro-LED Displays Market is Segmented as Below:
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