Micro LED display market in digital signage applications is projected to grow significantly due to the increasing demand for the equipment in the retail sector. These components are suitable for digital signages due to their low cost and low power consumption. Digital signage demand is increasing in retail and advertising sectors. High demand from small retailers with low budgets is contributing towards the micro LED display market growth.
The trend of electronics miniaturization is allowing manufacturers to reduce the size of the display panels that are used in several handheld devices such as tablets & smartphones, and near-to-eye devices including AR/VR headsets. The reduction in size between each pixel lowers the total cost of displays when compared with their traditional counterparts. This increases the usability of these components in small electronic devices, such as smartwatches and smartphones, thereby propelling the micro LED display market growth.
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Small size and low power consumption ability of these devices make them suitable for the adoption in wearable devices, propelling the micro LED display market growth. These devices are being largely adopted in AR/VR devices due to the factors such as low weight, small size, and high brightness. These benefits also encourage the adoption of the technology in devices such as smartwatches and smartphones.
Growth Drivers of Micro LED Display Market: –
- Increasing demand for brighter and power-efficient displays for electronic devices
- Increasing penetration of near-to-eye devices in the U.S.
- Increasing usage of near-to-eye devices in healthcare and corporate sectors
- Adoption of advanced displays in HUD in automobile industry
- Growing penetration of technology in digital signage applications in Germany
- Increasing usage of wearable devices in France and Italy
- Increasing investment for technological advancements in Asia Pacific
- Penetration of smartphones in MEA
- Increasing use of AR/VR headsets in gaming in Latin America
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In recent times, micro LED display market has received quite a slew of investments from consumer industry giants. Apple is reported to have developed an advanced micro LED display technology for its next generation of smartwatches. Samsung too made its way to the headlines recently with its introduction of a micro LED TV at the 2018 Consumer Electronic Show. These aforementioned instances aptly underline the appreciable expansion of micro LED display industry over the recent years. Indeed, micro LED display industry is forecast to garner astounding proceeds from the sales of smartwatches, with a projected CAGR of 100% over 2018-2024, powered by their rising popularity.
The U.S. has emerged as a lucrative growth ground for micro LED display industry, given the robust demand for smart wearables in this region. As per reliable statistics, in 2017 alone, smartphone shipments in North America were valued at over 200 million units. Smartphone users in the U.S. are expected to grow to a staggering 230 million by the end of 2018. This would substantially necessitate the requirement of advanced micro LED displays, leaving an impact on the regional micro LED display industry share. Global Market Insights, Inc. projects U.S. micro LED display market to exceed USD 7 billion by 2024.
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While a considerable number of deployments have witnessed success early on, the commercialization matrix of the micro LED display market is still claimed to be at its nascent stage. In an effort to bring the business to the mainstream, leading industry players have been putting their efforts to enhance the distribution channels, so that manufacturers can conveniently shift from traditional LED components to technologically competent components. This, in consequence, would ultimately lead to robust product sales and popularity, thereby augmenting the profitability quotient of micro LED display market in the forthcoming years.