GaN Micro-LED: the Future of Displays?
Future Market Insight forecasts CAGR of 43.5 percent between 2019-2029
A new business intelligence study by Future Market Insights predicts worldwide sales of GaN micro-LED will increase ~33 percent year-over-year to reach ~$197,000 in 2019, up from ~$150,000 in 2018.
Despite their extremely high price tag and significant complexity in design, GaN micro LEDs are gradually finding acceptance in a wide range of applications, in the view of greater efficiency, improved brightness, and lower power consumption.
The report forecasts that sales of GaN micro-LED will grow at a CAGR of 43.5 percent during the period 2019-2029, as the technology promises to offer better and brighter displays as well as advances in lighting.
Future Market Insights predicts that mid-power GaN micro-LEDs, which accounted for ~75 percent share in 2018, will eventually become mainstream for lighting applications. However, much of the cost of mid power micro-LEDs goes to packaging, thereby limiting the advantage of lowering its overall costs. On the hand, demand for low power micro-LEDs is likely to garner significant traction in the future, in the view of maintaining full brightness without the loss of noticeable display brightness over the entire illumination time.
Greater demand for GaN micro-LED displays will continue to influence the growth strategies, accounting for ~79 percent share in 2018. As identified by the study analyst, gains will remain driven by growing demand for visual aspects in modern-day devices, increasing need for high luminance in small format for near-to-eye display devices, and the demand for high resolution and efficient luminance in battery-powered consumer electronics.
Consumption of GaN micro-LEDs by the automotive industry will increase ~39 percent y-o-y in 2019, backed by the emergence of ‘in-car ambience’ and ‘auto-infotainment’ trends leading to innovations in automotive displays units as well as interior automotive lighting.
North America in the Vanguard
Accounting for 26 percent share in 2018, North America is anticipated to remain at the forefront of GaN micro-LED market. According to the study, the European market is likely to lose its second position to Asia Pacific in the foreseeable future, as many players in the latter region are constantly demonstrating their progress and latest breakthroughs in the GaN micro-LED technology.
Unprecedented evolution in number of industry verticals has pushed stakeholders to redefine their growth strategies to retain and attract new segment of customers. In addition to focusing entirely on the new technology while ceasing the launch of conventional solutions, stakeholders are centered on collaborating with research institutes to synchronise their advances.
These insights are based on a report on GaN Micro-LED Market by Future Market Insights.