LONDON--(BUSINESS WIRE)--The global micro light-emitting diode (LED) market is expected to post a CAGR of more than 389% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global micro light-emitting diode (LED) market size is the integration of micro LED in TVs. Several TV manufacturers have started developing TV prototypes of micro LED that offer greater brightness and an incredible wide HDR color palette. These LEDs are anticipated to have a longer lifespan than OLED panels as there is no involvement of natural degradation. Such advantages are expected to increase the adoption of micro LEDs for TVs.
As per Technavio, the development of GaN-on-Si technology will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global micro light-emitting diode (LED) market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Micro Light-Emitting Diode (LED) Market: Development of GaN-on-Si technology
The increasing market traction for micro LED is encouraging vendors to shift to gallium nitride-on-silicon (GaN-on-Si) technology for the production of micro LED. This technology helps achieve a larger wafer size, which is beneficial for micro LEDs because of the use of transfer stamps that allow maximum wafer surface area utilization and ensure cost savings. Thus, the development of GaN-on-Si technology is expected to be one of the key micro LED market trends during the forecast period.
“Apart from the development of GaN-on-Si technology, other factors such as the rapid technological advances, and the increasing number of strategic partnerships and collaborations will have a significant impact on the micro light-emitting diode (LED) market growth during the forecast period,” says a senior analyst at Technavio.
Global Micro Light-Emitting Diode (LED) Market: Segmentation Analysis
This market research report segments the global micro LED market size by product (display and lighting) and geographic regions (APAC, the Americas, and EMEA).
The APAC region led the micro light-emitting diode (LED) market in 2018, followed by the Americas, and EMEA respectively. The micro light-emitting diode (LED) market report identifies the factors such as the growing demand for TVs and large screen displays, and the increasing investments to improve production capacity to fuel the growth of the market in South America during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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