Global micro-LED market estimated to reach USD 21,169 million by 2027

The global micro-LED market is to be valued at USD 592 million in 2021 and reach USD 21,169 million by 2027, at a CAGR of 81.5% between 2021 and 2027.

The expected penetration of micro-LED displays in NTE devices and premium smartphones are the key factors that will accelerate the growth of the micro-LED market during the forecast period. Likewise, the growing demand for wearable displays for smartwatches and head-mounted displays (HMDs) are expected to create lucrative opportunities for the players in the micro-LED market. However, the absence of patents and a proper supply chain are expected to restraint market growth.

Near-to-Eye (NTE) device is expected to account the largest share of the overall micro-LED display market by 2027. The growth of this segment can be attributed because there is high demand for AR/VR devices. Also, there is need of brighter and more power-efficient LED for NTE devices. Micro-LED serves this need and hence NTE devices application is projected to grow at the highest CAGR during the forecast period. 

Consumer Electronics is expected to dominate in terms of market share during the forecast period. The market for consumer electronics has seen the emergence of large number start-ups, with high R&D investments. Such developments are likely to lead to significant growth of micro-LED market. Also, there is increase on demand for power efficient electronics, which is one of the benefits provided by micro-LED.