Micro-LED market worth $10.7 billion in 2022
Industry analyst firm N-tech Research has just published a new report titled Micro-LED Market Opportunities: 2018-2027 that forecasts the global micro-LED market will grow from $2.7 billion in revenues in 2019 to $10.7 billion in 2022.
N-tech believes micro-LED technology is making substantial advances, which will produce substantial opportunities in the coming years from applications such as near-eye AR/VR projectors and automotive HUD which require a combination of small form factor, low weight, super-high resolution and super-high brightness.
The smart watch market is another opportunity for micro-LEDs. Here, the combination of extremely low power consumption and very strong brightness make micro-LEDs an obvious choice for wearable displays. N-tech sees this segment as generating $1.6 billion in 2022.
Growth is also expected in extra-large displays. Such displays are used in video walls, digital cinemas, digital signage and home theatres, where N-tech believes they will greatly benefit from the scalability of micro-LED technology to large areas (already demonstrated by Sony and Samsung). Micro-LEDs also offer the 'giant screen' sector the possibility of hybridisation with other functionalities, and compatibility with flexible and transparent display designs.
Micro-LEDs are not for everyone. N-tech believes that there are still applications where micro-LEDs will struggle to make inroads. These include smartphones, tablets and regular TV market, where LCD and OLED technologies will continue to do well. Benefits from micro-LEDs are not as apparent in these markets although low power consumption could be something of a selling feature for tablets and smart phones.