Micro Light-Emitting Diode (LED) Market size is set to grow by USD 12.12 billion from 2024-2028

The global micro light-emitting diode (LED) market size is estimated to grow by USD 12.12 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 71.99%  during the forecast period. Increasing investments in microleds is driving market growth, with a trend towards development of gan-on-si technology.

The Micro LED market is witnessing a shift in production technology from sapphire substrates to Gallium nitride-on-silicon (GaN-on-Si) for Micro LEDs. GaN-on-Si offers several advantages, including higher yields and larger wafer sizes. This technology enables maximum utilization of wafer surface area through the use of transfer stamps, resulting in cost savings. Plessey Semiconductors and Jasper Display Corp. Have collaborated to develop monolithic Micro LED displays using GaN-on-Si and silicon backplane technology. Their successful partnership is expected to result in Micro LED displays for the consumer electronics market, offering potential cost savings and increased efficiency.

The Micro LED market is experiencing significant growth due to its energy efficiency and high light quality. Key industries driving this trend include Consumer Electronics, Automotive displays, and Commercial displays. Micro LEDs offer superior brightness levels and contrast ratios, making them ideal for Digital signage, Digital dashboards, and High-end TVs. The integration of technologies like augmented reality and heads-up displays (HUDs) in various sectors, including Aerospace and Defense and Government and Defense, is also fueling demand. The complexity in manufacture and energy consumption concerns are being addressed through advancements in gallium nitride technology and the use of inorganic mini-LEDs (mLEDs). The market is expected to expand further in sectors like Advertising, Entertainment and Sports, European Commission, and IoT devices, despite economic downturns and competition from traditional lighting sources like halogen and HID bulbs. Flexible displays and large panel, large resolutions, and individual pixels are additional features contributing to the market's growth.