Micro LED Market Soars with Explosive Growth and Diverse Applications

The Micro LED market is experiencing a remarkable surge in growth, driven by the mass production of large displays and wearable devices.
Micro LED chip market forecast by TrendforceAccording to a recent report from TrendForce, the market value of Micro LED chips is projected to reach an impressive $27 million in 2023, reflecting a staggering year-on-year growth of 92 percent. This substantial expansion is set to continue, with predictions indicating that the market value could reach an astonishing $580 million by 2027, marking a Compound Annual Growth Rate (CAGR) of approximately 136 percent from 2022 to 2027.

The surge in Micro LED chip values is not occurring in isolation; ancillary industries that support this technology, such as transfer and testing equipment, glass and CMOS backplanes, and active and passive matrix drive ICs, are also witnessing synchronous growth.

One of the industry giants driving this trend is Samsung, which has recently unveiled an impressive 89-inch 4K display. The company has even more ambitious plans on the horizon, with upcoming releases of 101-inch and 114-inch models, all harnessing Micro LED’s seamless splicing capabilities. Meanwhile, LG Electronics, another prominent player, is gearing up for mass production of its 136-inch 4K Micro LED model. This product will utilize a larger 22.3-inch backplane and cost-effective 16×27µm chips, with production slated to commence by the end of 2023.

BOE, a leading panel manufacturer, is also making significant strides in the Micro LED market. The company recently launched its P0.9 active matrix display and is gearing up for the release of the P0.51 active matrix display later this year. Moreover, BOE has ambitious plans for 2024, as it intends to introduce a comprehensive turnkey solution, enhancing production acquisition channels and contributing to the overall growth of the industry.

In the realm of wearables, Micro LED is proving to be a game-changer. AUO, a major player in the LCD domain, has successfully produced the world’s first 1.39-inch Micro LED watch panel. This breakthrough innovation has already found a home with esteemed European luxury watch manufacturer Tag Heuer. With other prominent players in the sports wearables and Japanese watch brands showing keen interest, the future of Micro LED wearables appears promising.

Apple, a technological trendsetter, is not lagging behind in adopting Micro LED technology. Although the rollout of a 2.12-inch Micro LED for the Apple Watch has been delayed from 2025 to 2026 due to supply chain adjustments, the production machinery is already in motion. This hints at the possibility of integrating Micro LED into a broader range of Apple products, including headsets, smartphones, and even automotive applications.

Speaking of the automotive sector, Micro LED is poised to revolutionize automotive displays. While tangible mass production for Micro LED displays in vehicles may not materialize until after 2026 due to rigorous verification processes, the potential is undeniable. High-demand instrument displays, advanced head-up displays (HUD), and transparent displays intricately linked to autonomous driving technology are all avenues through which Micro LED displays could enter the automotive market. Notably, automakers from Europe, the US, and Japan are displaying substantial enthusiasm for the adoption of Micro LED technology.

In the realm of Augmented Reality (AR) headsets, Micro LED is fiercely competing with other technologies such as LCOS, Micro OLED, and LBS. Industry leaders like Meta, Google, and MIT are deeply engaged in the Research and Development (R&D) of Micro LED for micro-projection displays. This interest is driven by Micro LED’s impressive performance metrics, including brightness, energy efficiency, pixel density, and light engine size. As these technological powerhouses continue to explore Micro LED’s potential, the AR headset landscape is poised for exciting advancements.

In a world hungry for technological breakthroughs, Micro LED stands out as a burgeoning force, propelling innovation across diverse sectors and applications. As the market continues to flourish, stakeholders across industries are poised to reap the rewards of this luminous revolution.