The Rising Trends in Micro LED Displays: A Forecast for 2031

Projected Growth of Micro LED Displays

Recent research conducted by Omdia indicates that shipments of micro light-emitting diode (LED) displays are set to experience significant growth, projected to reach approximately 34.6 million units by the year 2031. This surge, however, comes with a caveat: micro LED technology is anticipated to represent only 0.9% of the entire display market, indicating that its applications remain limited to specific segments.

In early 2024, Apple was reported to have delayed its micro LED projects for smartwatches, prompting several major brands and suppliers to slow down their development of necessary components and equipment. This has led Omdia to reassess its market forecasts, lowering expectations compared to earlier predictions made within the same year.

Despite these setbacks, numerous industry players are still pushing forward with the development of micro LED technology. Omdia forecasts that shipments will reach 1.7 million units by 2027, mainly driven by advancements in light-emitting diode on-silicon backplane (LEDoS) for ultra-small devices such as extended reality (XR) devices, with a particular emphasis on smart glasses designed for outdoor use. By 2031, these XR devices are expected to account for nearly 24.4% of the micro LED display market.

Jerry Kang, Senior Research Manager at Omdia, explains, "Smart glasses necessitate lightweight designs, low power consumption, and high visibility in sunlight." Currently, some LEDoS suppliers have made strides in chip sizes, achieving diagonal sizes as small as 0.15 inches, making this technology more suitable for smart glasses in comparison to other display technologies.

Throughout 2024, various display manufacturers showcased new micro LED prototypes, targeting sectors such as automotive displays, public installations, and virtual studios. These developments suggest that suppliers are anticipating an increased adoption of micro LEDs in niche markets.

Because of their cost-competitiveness, many display manufacturers are focusing on product segments where OLED or LCD technologies fail to meet specific customer performance criteria. Additionally, numerous component and equipment suppliers are actively pursuing the introduction of enhanced technologies to improve the manufacturing processes associated with micro LED displays.

Omdia's report, titled 'Micro LED Display Market Tracker – 4Q 2024,' offers critical insights into technology trends and market dynamics in the micro LED display sector. This comprehensive report covers vital topics such as market growth forecasts, cost analyses, and a technical outlook across the supply chain, panel manufacturers, and set brands.

Conclusion

While facing certain challenges, the micro LED display market continues to show resilience and potential. As industry players adapt and innovate, the trajectory towards achieving significant market penetration and application in high-demand sectors appears promising. Understanding these trends could provide key insights for stakeholders seeking to navigate the evolving landscape of display technologies.

About Omdia
Omdia, part of Informa TechTarget, Inc. (Nasdaq: TTGT), is a leading technology research and advisory group. Their in-depth market knowledge empowers organizations to make informed decisions for strategic growth.