World Micro Light Emitting Diode (LED) Market Forecast to 2024 -Expecting to Register a CAGR of 153.1%

The Micro-LED Market was estimated at 6.10 million units in 2018 and is expected to register a CAGR of 153.1% during the forecast period(2019-2024).

The micro LED market has witnessed an exponential demand since theacquisition of Luxvue by Apple in 2014, numerous companies haveinvestments into the development of Mirco LEDs including startups, suchas Playnitride, Mikro-Mesa, X-Celeprint, VueReal, and Lumiode. Accordingto research, the growing number of patents in this field, which wereestimated for more than 1,570 patents were filed during the 2000-2016period is expected to augment the market growth during the forecastperiod.

Mirco LEDs are an emerging display technology. Importantly, micro LEDsare a significantly brighter source, offering brightness three or fourorders of magnitude higher than OLEDs, which are capable of deliveringaround 1000 Nits (cd/m2), whereas micro LEDs offer hundreds of thousandsof Nits for the equivalent power consumption.


The major challenge existing today for the manufacture of micro LEDs isthe mass transfer process, which is the placement of gallium nitrideLEDs onto the substrate. One notable development of GaN-on-sapphiretechnology is using pick-and-place equipment. However, the deployment ofthis involves the individual placement of every LED on a pitch of lessthan 50m, which requires new and expensive equipment subjecting thecompany to productivity and cost issues.