Global Micro-LED Market Size, Share & Industry Trends Analysis Report By Application, By Display Type, By Lighting Type, By Panel Size, By Vertical, By Regional Outlook and Forecast, 2021 – 2027 – GlobeNewswire
New York, April 04, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Micro-LED Market Size, Share & Industry Trends Analysis Report By Application, By Display Type, By Lighting Type, By Panel Size, By Vertical, By Regional Outlook and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06249511/?utm_source=GNW
A LED is a semiconductor device that emits light whenever an electric current run through it. LEDs are considered cutting-edge technology and are used in energy-saving lighting. In comparison to halogen or incandescent lights, LED lighting helps in minimizing electricity expenses by reducing energy consumption by approximately 85%. In addition, they also comprise a longer lifespan, greater light quality, and are more durable, which makes them popular in industrial and residential applications including modular lighting, task lighting, kitchen under-cabinet lighting, refrigerated case lighting, as well as recessed downlights.
Over the last few years, LED lights have been established as a potent lighting source. These lights have rapidly acquired prominence in the lighting sector across numerous industries due to their multiple advantages over traditional lighting technologies.
Although, the LED lighting industry is rapidly becoming popular all over the world and it has significant opportunities for growth over the upcoming decades. For instance, India is one of the largest lighting markets in the world, which makes it a lucrative hub for LED producers to set up their businesses. A sustainable atmosphere for the LED industry is provided by skilled labor, the convenience of doing business, and geographical advantages.
The development of the LED light industry is continuously being supported by various businesses of all sizes, namely large-sized enterprises, small-sized enterprises, and medium-sized enterprises. For instance, massive displays, such as CLEDIS, micro-displays, and the Apple Watch are rapidly becoming popular among people across the world. However, the diffusion of application development is trending across the world, due to which, there is a cut-throat competition among key market players.
The COVID-19 outbreak caused a major impact on various economies across the world. A significant number of businesses were completely demolished due to the sudden outburst of the infection. Moreover, supply chains across the world were significantly disturbed, which led various industries to a shortage of raw inputs or materials. In addition, governments all over the world had to impose lockdown over their countries for the containment of the novel coronavirus. Also, the COVID-19 pandemic had a severe impact on the worldwide micro-LED business. Various new projects were delayed due to the lockdown, as well as stringent travel restrictions on national and international transportation services.
Market Growth Factors:
The rising trend for smart wearables
The popularity of virtual reality and augmented reality, as well as breakthroughs in ultra-high definition micro-display panels, is constantly increasing. The adoption of extended reality and the development of virtual reality glasses, which significantly improved micro displays to offer users an enhanced experience, would continue to drive micro display adoption in wearable devices in the forecasting years. In addition, the desire for thin, efficient displays made of OLED materials is propelling the micro displays industry forward. Micro displays are more compact than regular displays and offer good quality, high resolution, and low power consumption. It’s great for consumer electronics, aerospace & defense, as well as healthcare applications, gadgets, and equipment because of these characteristics.
Rising demand for efficient and brighter display panels
A micro-LED display is the latest technology that comprises a cluster of tiny LEDs that forms a single pixel element. In comparison to …….