Rohinni and Macroblock are witnessing investments in a bid to develop core technologies at a faster pace in the micro and mini LED industry.
Arizton’s recent market research report on the global mini & micro LED industry identifies Epistar, Lextar, Innolux, Apple, Samsung, Sony, and LG as the leading players in the market. This research report provides a comprehensive industry study, competitive analysis, and trend forecasts. The research study segments the market in terms of product types (micro-LED and mini LED), end-users (consumer electronics, automotive, and others), applications (display and lighting), and geography (APAC, Europe, Latin America, North America, and MEA).
The global mini & micro LED industry is expected to reach over $6 billion, growing at a CAGR of over 147% during 2018−2024.
After dominating the display market for decades, cathode ray tube (CRT) display technology was replaced by LCD displays, which later on faced tough competition from LED backlight display technology. LCD manufacturers improved LCDs, such as replacing the common liquid crystal materials with high response materials, using relatively larger conversion efficiency backlight modules, and utilizing high color saturation fluorescent materials. In recent years, new display technologies have become mature such as OLED and LED. OLED display technology was developed in the 1990s. The increasing adoption of digital technologies such as smartphones, voice-controlled devices, internet TV, and smart signages continues to increase consumption of display devices, thereby positively affecting the sale of mini and micro LEDs.
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Rising Demand from Automotive Lighting Sector
LED lights are witnessing high adoption in the automotive industry due to declined prices, design flexibility, and increased performance. In the automotive segment, mini and micro LEDs are finding their applications in center high-mount stoplights, rear combination lights, front turn signals, side markers, and specialized interior lighting. LED lights have undergone refinement such as silicone is being replaced by epoxy as an encapsulant; this enables LED lights to be used in high-temperature ranges. The high responsiveness of mini and micro LED lights makes them a better choice for both rear lamps and headlamps. Epistar, a light-emitting diodes manufacturer, is increasing the production of its mini LED chips for applications in automotive backlights.
Growing awareness of air pollution is increasing the adoption of green and sustainable technology such as electric cars. Electric car manufacturers have claimed that LED lights consume less than 25% of the energy and help to boost the range of electric vehicles by over 10 miles. The rising adoption of electric cars is likely to impact the demand for smart and efficient mini LED lighting solutions. Mini and micro LED lights are power efficient, have long operational life, high brightness, and contrast features. They consume 80% less energy than xenon and halogen lights.
Read: Lighting Control System Market - Global Outlook & Forecast 2021-2026
Growing Demand for Smart Signages
The rise of digital devices has been phenomenal in the last two decades, and they have become an integral part of several sectors and businesses. The changing business environment, coupled with increasing innovation of time-savvy digital products, is attracting business owners to shift towards the path of digitization. High contrast ratio display signages are one such innovation. There is a high demand for smart signages in the retail, public, and corporate sectors. Smart signages offer more than traditional digital signages; they help business owners to anticipate consumer behavior, expand their reach, enable real-time updates of messages and menu charts in restaurants, facilitate easy flow of internal communication among corporates, and display promotional offers according to the available inventory in retail outlets.
Increasing Investment from Tech and Electronic Giants
The adoption of micro and mini LEDs in consumer electronics devices is expected to be a major driver for the growth and development of the market. Several application end-users of mini & micro LEDs in the consumer electronics segment are smartwatches, near-to-eye devices (AR and VR), televisions, smartphones, tablets, monitors, laptops, head-up displays, and digital signages. Apple, Samsung, LG, and Sony are the prominent companies that are spearheading the development of micro LEDs.
Other companies such as Rohinni and Macroblock are witnessing investments in a bid to develop core technologies at a faster pace and make them feasible and viable for mass production and commercial scale integrations.
AU Optronics, Osram, Plessey, Nichia, PlayNitride, Everlight Electronics, EpiLEDs Technologies, Rohinni, SemiLEDS Corp., Elux, Glo, Xiamen Changelight, Optovate, Jbd (Jade Bird Display), Lumens, VueReal, Lumiode, and Mikro Mesa are the other prominent players in the global mini & micro LED industry.
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The complete overview of the latest market research report on the global mini & micro LED market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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