PUBLISHER: Grand View Research | PRODUCT CODE: 1512060
PUBLISHER: Grand View Research | PRODUCT CODE: 1512060
The global micro LED market size is projected to reach USD 25.65 billion by 2030, at an anticipated CAGR of 77.4% from 2024 to 2030, according to a new study by Grand View Research Inc. The growth of the market can be attributed to the popularity of micro LED displays for being more energy efficient than traditional display technologies. The precise management of individual LEDs enables dynamic brightness variations, which contribute to energy savings. The increased interest and investments in augmented reality (AR) and virtual reality (VR) technology are anticipated to aid in the growth of potential customers for micro LED displays. Micro LED is an ideal option for devices and applications in these constantly expanding markets due to its high resolution, relatively low latency, and miniature size, which contribute to more realistic AR and VR interactions. The fast advancement of consumer devices, such as smartwatches, smartphones, and televisions, presents major opportunities for micro LED technology. Manufacturers are investigating micro LED displays to distinguish their goods by offering slim designs, vibrant colors, and energy-effective performance that meets the standards of technology-savvy customers.
Maintaining consistency and high pixel density becomes more challenging for micro LED technology as the dimensions of display size increase. A technical challenge involves maintaining homogeneity across huge panels while retaining luminance and pixel quality. However, the adaptable nature of micro LED technology allows manufacturers to be creative with innovative equipment models. Micro LED displays can be built into lightweight and extension designs, allowing manufacturers to differentiate their products through innovative design. Identifying the growing demand for advanced displays, particularly in the context of 5G networks and the Internet of Things, manufacturers are investing in micro LED technology to position businesses as early adopters and innovators in the expanding consumer electronics marketplace, thereby propelling the market growth.
Manufacturers, suppliers, technology developers, and industry participants are expected to form collaborative partnerships to pool resources, share expertise, and promote the advancement and widespread adoption of micro LED technology across various industries, such as healthcare, automobile, and architecture, among others. Furthermore, micro LED displays are projected to play a significant part in delivering superior augmented reality experiences as AR/VR technologies continue to evolve in the forecast period. The technology's capacity to deliver high-resolution, low-latency graphics is ideal for augmented reality (AR) glasses and headsets, resulting in more realistic AR applications in gaming, education, and entertainment, which will propel the market growth in the projected period.