Mini & micro LED lights to consume 80% less energy than xenon and halogen lights
Mini and micro LED displays have become the most significant display technology to be adopted in next-generation electronic products. Displays and lightings are the major application segments of mini and micro LEDs. They are gaining traction among customers as well as corporate clients due to their long operational life, high brightness and contrast features, and a high degree of energy efficiency. The mini and micro LED market is projected to dominate display, automotive, and backlight panel industries during the forecast period. The major application of mini and micro LEDs will be in large-scale displays and signages, monitors, televisions, smartphone screens, screen backlights, and automotive lightings. The mini and micro LED market in US, Southeast Asia, and the UAE is expected to witness high dynamism during the forecast period. Further, manufacturers are implementing new fabrication technology to produce LED chips in the economical price range, thereby enabling their usage in commercial applications and daily products.
MINI AND MICRO LED MARKET TRENDS AND DRIVERS
New generation electronic devices and digital signage systems promote high performance with low energy wastage
Modern-day LEDs comprise a variety of service offerings such as color palettes, convenient power schemes, low maintenance cost, and improved safety feature. All these innovations help the user to reduce operational cost, leverage color patterns, and enhance the safety and durability of the products. Mini and micro LED lights are long-lasting and easy-to-use products; they offer design flexibility with increased performance in consumer electronics, automotive, and general lighting. Currently, smart lighting and IoT-enabled lighting have become an integral part of the mini and micro LED market. Vendors are looking to introduce smart wireless controlled LED lights. A few major developments in the global mini and micro LED market includes the installation of a 19-meter 16K micro LED signage display in Japan by Sony. Similarly, Daktronics has unveiled a mini LED signage display and Epistar has developed ultra-fine pitch display systems using mini LED.
The design and development of mini and micro LED technologies, chips, and panels have improved many folds in the recent years. Several manufacturers are active in the field of LED chip technology development as well as other manufacturing technology.
The phasing out of old lighting technology is likely to impact several industries, particularly consumer electronics. The consumer electronics industry is likely to be affected as a major chunk of its revenue is generated from economy products, which are still relying on old lighting technologies and are yet to switch to mini or micro LEDs. Further, regulations playa crucial role in shaping consumer products. Governments in major countries have taken measures to introduce stringent regulations related to energy efficiency. Therefore, new generation electronic devices as well as digital signage systems promote high performance with low energy wastage. OEMs and component suppliers are trying to optimize the efficiency of electronic components and lighting systems to increase the battery lifecycle and enhance performance.
MINI AND MICRO LED MARKET SEGMENTATION
This market research report includes a detailed market segmentation by
MINI AND MICRO LED MARKET: TYPE
The application of micro technology includes AR micro projections, automotive HUD projection applications, and ultra-large digital displays
The LED market comprises two major product types- micro LED and mini LED. The significant differences between the two are: pixel pitch, LED size, and end-user application. Micro LEDs are dominating the market and are expected to grow at a CAGR of around 146% during 2018–2024. High contrast and brightness features, low power consumption, and long life-span are major factors driving the increased demand for micro LEDs. Micro LED technology is most commonly adopted in applications such as wearable watches, mobile phones, automotive head-up displays, AR/VR, micro projectors, and high-end televisions. It is expected that the application of micro technology will include AR micro projections, automotive HUD projection applications, and ultra-large digital displays. Nowadays, vendors are focusing on the fabrication of the full-color display for micro-LEDs.
Mini LED, on the other hand, can be considered a transitional technology between micro LED and traditional LED. It has a smaller-sized LED, which can divide more dimming blocks in the LED backlight. Several companies are trying to introduce mini LED lights by replacing traditional LCD backlights. For instance, AU Optronics demonstrated several high-end mini LED-backlit LCDs, including a 27-inch 4K gaming monitor and a 1000 PPI 2-inch VR display. Similarly, in 2018, JDI demonstrated an automotive central control panel with a 16.7-inch curved screen with a straight down type mini LED backlight. Such technological enhancements are driving the mini and micro LED market worldwide.
MINI AND MICRO LED MARKET: APPLICATIONS
Advancements in mini and micro LED technology have led to the introduction of new lighting and display technologies such as QLED and indium gallium zinc-oxygen (IGZO)
The mini and micro LED market by application is segmented into display and lighting. The display segment is gaining more traction and is expected to growing at a CAGR of around 146% during 2018–2024. Display is an output screen, which is incorporated most electronic devices. Manufacturers and research institutions are developing display screens with high power efficiency and contrast brightness features. Further advancements in mini and micro LED technology have led to the introduction of several new lighting and display technologies such as QLED and indium gallium zinc-oxygen (IGZO).
Manufacturers and developers are exploring mean to incorporate new-age LED chips into lighting applications. Mini LEDs have better lighting applications than micro LEDs as they are easier to implement in electronic devices and offer better yield rates. A micro LED is a new concept, which is expected to make significant improvements in the image quality. It is generally used in wearable handsets, smartphones, automotive displays, augmented reality/virtual reality products, displays wall, and television, etc.
MINI AND MICRO LED MARKET: END-USERS
Mini LEDs are considered a stepping stone to bridge manufacturing and commercial application gap between micro LEDs and traditional LEDs
Consumer electronics, automotive, and others are the three primary end-users in the mini and micro LED market. Consumer electronics is the largest segment and has occupied more than half of market share. The growing consumer interest in mini and micro LED technology is driving major players to increase their investments in R&D activities. After the emergence of mini LED in 2007 as a transitional technology between traditional LED and LCD and OLED technology, developers are describing mini LED as a stepping stone to bridge manufacturing and commercial application gap between micro LED and traditional LED, thereby making them highly viable for consumer electronics applications.
Further, key players such as Samsung, Sony, and LG are showing tremendous interest in developing mini and micro LEDs. Several established LED chip manufacturers, technology, semiconductor, hardware, and optoelectronics startups are actively engaged in several development stages of mini and micro LED.
Automotive is the second largest end-user segment in the global mini and micro LED market. It includes incorporation of mini and micro LEDs in automotive lighting solutions, including display backlights, ambient lightings, and other exterior lighting and interior lighting systems. The mini and micro LED market is expected to witness a boost due to the rapid adoption of ADAS technology, which is related to the growth of futuristic automotive lighting technology. However, vendors are exclusively working to introduce ground breaking mini and micro LED technology.
MINI AND MICRO LED MARKET: GEOGRAPHY
Increasing Corporates, Expansion of Retail Sector and Stringent Regulations are Boosting the LED Market in North America
The global mini and micro LED market by geography is divided into North America, Europe, Latin America, MEA, and North America. North America and Europe dominate the mini and micro LED market due to a high adoption of innovative and smart products by consumers. The availability of anarray of luxury retail chains, corporate offices, affluent customers, and strict regulations, regarding energy efficiency, has boosting the mini and micro LED market share in the US.
Europe is globally know for adoption of innovative and technological products. Micro LEDs constitute the largest market share. Whereas, the high cost of branded products, with high retail prices, remains a major growth inhibitor in APAC countries. However, there is low penetration of LED lights in countries like India, Thailand, and Vietnam due to the availability of low-cost models.
The mini and micro LED market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
- Consumer Electronics
- North America
- Latin America