GaN micro-LED market to grow at 43.5% CAGR to 2029, driven by displays

The GaN micro-LED market will rise by 33% from $150,000 in 2018 to about $197,000 in 2019, then rise at a compound annual growth rate (CAGR) of 43.5% during 2019-2029 as the technology promises to offer better and brighter displays as well as lighting than existing solutions, forecasts a report ‘GaN Micro-LED Market - Embracing the New-Age Display Technology’ from Future Market Insights.

GaN micro-LEDs have been in research labs for years, and the launch of Samsung’s micro-LED displays (featuring self-emissive technology and modular capabilities) left consumers curious about the emerging technology. However, GaN micro-LEDs will soon be a mass-market proposition, as arrays of millions of microscopic LEDs are set to replace incumbent technologies such as LCDs and OLEDs and penetrate major digital displays markets, reckons the report.

Despite their extremely high price tag and significant complexity in design, GaN micro-LEDs are gradually finding acceptance in a wide range of applications, in view of their greater efficiency, improved brightness and lower power consumption. As the war for supremacy in innovation continues in display markets, GaN micro-LED players are putting greater emphasis on getting production challenges under control and bringing costs down, says the report.

Sensing the application potential of GaN micro-LEDs in newer models of TVs, smartwatches, augmented reality (AR) devices and head-mounted systems such as Google Glass, stakeholders are investing strongly in R&D and deepening their collaborations with technology solution providers.

Mid-power micro-LEDs for lighting applications to capture robust share

The consumption of mid-power GaN micro-LEDs, which accounted for ~75% share in 2018, will become mainstream for lighting applications in the years ahead, forecasts the report. However, a significant proportion of costs goes into packaging, limiting the advantage of reducing overall costs. On the other hand, demand for low-power micro-LEDs is likely to gain significant traction in the future, in view of maintaining full brightness without the loss of noticeable display brightness over the entire illumination time.

Greater demand for GaN micro-LED displays will continue to influence the growth strategies, accounting for about 79% share in 2018. Growth will continue to be driven by demand for visual aspects in modern-day devices, the increasing need for high luminance in small formats for near-to-eye display devices, and demand for high resolution and efficient luminance in battery-powered consumer electronics, the report notes.

Market gains underpinned by innovations in sports & entertainment

In recent years, great potential for GaN micro-LED application has been identified in the sports & entertainment space, due to a spike in the number of video-streaming services, the rapid innovations in television to enhance the viewing experience, and increased penetration of new-generation video-gaming products and accessories, says the report.

While consumer electronics are likely to account for the major share of manufacturers’ bottom lines, capitalizing on the ever-expanding sports & entertainment space will remain a key focus of market players.

On the other hand, the consumption of GaN micro-LEDs by the automotive industry will grow by about 39% year-on-year in 2019, backed by the emergence of ‘in-car ambience’ and ‘auto-infotainment’ trends leading to innovations in automotive displays units as well as interior automotive lighting.

North America in vanguard; APEJ to outdo European market

Accounting for 26% share in 2018, North America is expected to remain at the forefront of GaN micro-LED market. The European market is likely to lose second position in the foreseeable future to the Asia Pacific (APEJ, excluding Japan), where many players are continuing to demonstrate progress and making the latest breakthroughs in GaN micro-LED technology.

Unprecedented evolution in the number of industry verticals has pushed stakeholders to redefine their growth strategies to retain and attract new categories of customer, states the report. In addition to focusing entirely on new technology while curtailing the launch of conventional solutions, stakeholders are centered on collaborating with research institutes in order to synchronize their advances, the report concludes.

Tags: microLED LED market

Visit: www.futuremarketinsights.com/reports/gan-micro-led-market