It is estimated that the market size of Micro LED will expand to 28 times this year within two years. Contrary to the current trend of only applying to some large screen displays, VR/AR and wearables are expected to expand their application scope.
TrendForce, a market research institute, predicts that the Micro LED market will grow rapidly from next year, reaching $542 million by 2024, a 28 fold increase compared with the $19 million market this year.
According to analysis, the increase of micro LED demand is the growth engine of the market. The existing mini LEDs are mainly used in high-end TV and digital products. Due to the limitations of mass production and price competitiveness, the market has not grown rapidly. From next year, it is expected that the demand for Micro LED in VR/AR devices and various wearable devices will grow in an all-round way.
In May, Google acquired Raxium in its fifth year of existence. Raxium is a company that develops mini LED display technology for VR/AR devices, which represents that Google has also entered VR/AR devices based on micro LEDs. It is well known that Samsung displays micro LEDs as display candidates for VR/AR devices. It is expected that the car display and transparent display market installed in the digital cockpit will also demand mini LED.
At present, the biggest challenge for the industry is to ensure the output, because the yield of Micro LED is not high. A person in charge of the Micro LED industry said that recently they are developing materials to improve the success rate and various devices that can improve the yield rate.