The global GaN Micro-LED Market size is expected to grow from USD 514.4 Million in 2022 to USD 7,383.0 Million by 2029. The GaN Micro-LED market is anticipated to grow at a CAGR of 46.3% from 2022 to 2029.
| Attribute | Details |
|---|---|
| 2022 Market Value | USD 514.4 Million |
| 2029 Market Value | USD 7,383.0 Million |
| CAGR% (2022 to 2029) | 46.3% |
| Share of Top 5 Market Players | 47% |
The GaN Micro-LED demand accounted for almost 5% market share of the global micro-LED market. The GaN Micro-LED market is anticipated to show noteworthy growth over the forecast period. The growing use of near-eye displays (NED) or wearable displays to experience virtual reality is estimated to propel the demand.
In addition, the rising adoption of wearable displays for smartwatches and head-mounted displays (HMDs) coupled with the emerging trend of infotainment in automobiles is another instance, which is likely to usher in rapid changes in the global GaN Micro-LED market.
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| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 39.1% |
| H1,2022 Projected (P) | 49.2% |
| H1,2022 Outlook (O) | 42.0% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | (-) 720 ↓ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (+) 290 ↑ |
Micro LEDs are a new type of display technology. Importantly, tiny LEDs are substantially brighter than OLEDs, with brightness three or four times greater. The constant consumer desire for improved display technologies is driving the growth of the GaN Micro LED market, as GaN Micro LED gives greater brightness without a backlight and lower power usage.
According to the FMI study, the difference in BPS values seen in the GaN micro-LED market in H1, 2022 - Outlook (O) against H1, 2022 Projected (P) represents a 720-unit decline. Because its expensive pricing and intricate design are expected to restrict market expansion. Furthermore, when comparing H1 2022 (O) to H1 2021 (A), there is a 290-unit increase.
The rise in in-vehicle connectivity, rise in streaming services, consumer desire for high-end home multimedia solutions, and upsurge of demand in foldable and elastic technologies are projected to push the GaN micro-LED market expansion even more.
The global GaN Micro-LED market was valued at USD 50.9 Million in 2014. The demand for GaN Micro-LED rose with a CAGR of 32.6% during the period from 2014 to 2021. North America and Asia Pacific excluding Japan (APEJ) have been witnessing significant growth over the past few years in the GaN Micro-LED market.
The reason for this is attributable to the rising demand for GaN Micro-LED displays and GaN Micro-LED lighting systems from these regions. The automotive segment is set to register the highest market share of 21.5% in the global GaN Micro-LED market in 2022.
Future expansion of the GaN micro-LED market is likely to work in tandem with consumers seeking out increasing incorporation and the latest innovations in advanced display technologies that not only eliminate the need for backlight but also appear much brighter than conventional displays.
Moreover, as the demand for digital visuals is accelerating and the human-machine interface remains at the forefront of engineering & design, a rapid growth of GaN micro-LED sales is on the horizon.
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Demand for video streaming, rise in infotainment systems in automobiles, surging trend in foldable display and flexible technologies, and consumers' demand for high-end home entertainment solutions are expected to fuel the GaN Micro-LED market growth during the forecast period.
It is highly likely that GaN Micro-LED will become a mainstream product soon owing to the pace at which technological advancements take place and consumer demand changes. Furthermore, demands stemming from newer consumers are expected to shape the growth trajectory of the global GaN Micro-LED market during the period of assessment.
A drop in the price of the products integrated with GaN Micro-LED will lead to its use in various applications and wider acceptance among consumers.
Currently, the USA market anticipates the largest consumption of GaN Micro-LED in the North American region and accounted for the market share of around 74% in 2021. The USA GaN Micro-LED market is expected to reach 16.5X by 2029.
Various GaN Micro-LED manufacturers in North America, primarily in the USA, are focusing on collaborations and acquisitions with semiconductor equipment distributors & networking solution providers to meet the growing demand for micro-LED in various industries including aerospace & defense, automotive, and consumer electronics.
Moreover, multiple RF power amplifier manufacturers in the country generate a significant portion of their revenue from distributors and online sales channels. This trend is expected to continue in the coming years as GaN technology product manufacturers are focusing on developing advanced display solutions.
United Kingdom market is set to register exponential growth of GaN Micro-LED in the Western Europe GaN Micro-LED market with a CAGR of nearly 34% from 2022 to 2029. The United Kingdom market is anticipated to create an absolute dollar opportunity of USD 107 Million between 2022 & 2029.
The semiconductor market in Western Europe is growing rapidly due to the high local demand for electronic products. Numerous OEMs are focusing on domestic manufacturing to serve the local demand of automotive and electronics industries as well as other global markets.
For instance, in August 2021, Cambridge startup Porotech teamed up with Jade Bird Display in China to use porous gallium nitride (GaN) for higher resolution, brighter microLED displays in portable designs.
China's market is set to report one of the largest consumption of GaN Micro-LED in the Asia Pacific Excluding Japan region, and the market size is expected to reach 16.7X by 2029. The Chinese market is anticipated to create an absolute dollar opportunity of USD 632 Million from 2022 to 2029.
China holds a broad range of advanced LED and display technologies that makes it one of the leading GaN Micro-LED developers for consumer electronics. It is building a pilot line and aims to deliver GaN Micro-LED offerings to domestic VR companies.
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The low-power GaN Micro-LED (0.15 to 0.7 W) segment by output power will dominate the GaN Micro-LED demand and is expected to reach 13.1X by 2029. Moreover, the low power (0.15 to 0.7 W) GaN Micro-LED segment is set to witness the highest growth rate of 44.5% CAGR from 2022 to 2029.
As the new display technology, GaN Micro-LED with low power output is of the advantages of low power consumption, high brightness, high resolution, and fast response time. Moreover, exponential growth in wearable technology - from fitness trackers and smartwatches to Google Glass and Microsoft’s HoloLens - is highly likely to accelerate the mass market of low-power (0.15 to 0.7 W) GaN micro LEDs in the coming years.
The GaN Micro-LED display segment accounted for nearly 80% market share in the global GaN Micro-LED market in 2021. Leveraging the consumer cravings for top-notch home entertainment solutions, GaN micro-LED is likely to make its way into the regular household. Video-streaming services across various platforms are making consumers habituated to high-end home entertainment options, which leaves consumers in demand for better displays with every invention.
Thus, the growing market for smart wearables is expected to create lucrative opportunities for display panel manufacturers, such as LG, Samsung, Innolux, and AU Optronics. These companies are expected to consider investing in such applications by collaborating with GaN micro-LED startups.
The market size of the automotive segment, by industry, is set to expand by 13.6X by 2029. Moreover, the automotive segment is set to register an absolute dollar opportunity of USD 1.4 Billion between 2022 & 2029.
Major Key players have been concentrating on manufacturing various new products for precise applications as there are changing demands based on the use. The trend for automotive lighting, the emergence of in-car ambiance, and auto infotainment which has led to innovations in automotive displays and lighting thereby propelling the adoption of GaN Micro-LED in the automotive industry.
The global GaN Micro-LED industry serves a fairly consolidated competition landscape, where a majority of key players maintain their strategic focus on the development of solid distribution partnerships and joint ventures, thus targeting a firmer global footprint. With the use of technology, vendors also try to accelerate their business transformation and growth objectives by increasing their partner base.
| Attribute | Details |
|---|---|
| Market value in 2021 | USD 367.3 Million |
| Market CAGR 2014 to 2021 | 46.3% |
| Share of top 5 players | Around 47% |
| Forecast Period | 2022 to 2029 |
| Historical Data Available for | 2014 to 2021 |
| Market Analysis | USD Million for Value |
| Key regions covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; Middle East; and Africa |
| Key countries covered | USA, Canada, Germany, United Kingdom, France, Italy, Spain, Russia, BENELUX, Poland, China, Japan, South Korea, India, ASEAN, Australia, New Zealand, GCC countries, Turkey, Northern Africa, and South Africa |
| Key market segments covered | Output Power, Function Type, Industry Vertical, Region |
| Key companies profiled | Osram Opto Semiconductors; Sanan Opto Electronics Co., Ltd; Cree, Inc.; Innolux Corporation; Plessey Semiconductors; Lextar; Epistar; Rohinni; Aledia; Lumens Co., Ltd.; Lumiode; Glo AB |
| Report Coverage | Market forecast, company share analysis, competition intelligence, Drivers, Restraints, Opportunities and Threats analysis, market dynamics and challenges, and strategic growth initiatives |
| Customization & pricing | Available upon request |
The global GaN Micro-LED market is valued at nearly USD 367.3 Million in 2021.
High adoption of micro LEDs for ambient lighting in the automotive industry & rising demands for micro-displays and lighting systems are some of the factors driving the growth of the GaN Micro-LED market.
From 2014 to 2021, demand for GaN Micro-LED increased at a CAGR of 32.6%.
The GaN Micro-LED market is projected to increase at 46.3% CAGR and is projected to be valued at around USD 7.4 Billion by 2029.
The USA., United Kingdom, India, Germany, and China are major demand countries for GaN micro LED.
1. Executive Summary | GaN Micro-LED Market 2. Market Overview 3. Key Market Trends 4. Market Demand Analysis 2014 to 2021 and Forecast, 2022 to 2029 5. Market Background 6. Market Analysis 2014 to 2021 and Forecast 2022 to 2029, by Output Power 6.1. Low Power (0.15 to 0.7 W) 6.2. Mid Power (0.7 to 1 W) 6.3. High Power (1 to 6 W) 6.4. Ultra-High Power (>6 W) 7. Market Analysis 2014 to 2021 and Forecast 2022 to 2029, by Function Type 7.1. Display 7.1.1. Near-to-Eye Devices: AR & VR 7.1.2. Smartwatch 7.1.3. Television 7.1.4. Smartphones 7.1.5. Laptops 7.2. Lighting 8. Market Analysis 2014 to 2021 and Forecast 2022 to 2029, by Industry 8.1. Consumer Electronics 8.2. Automotive 8.3. Aerospace & Defence 8.4. Sports & Entertainment 8.5. Healthcare 8.6. Others 9. Market Analysis 2014 to 2021 and Forecast 2022 to 2029, by Region 9.1. North America 9.2. Latin America 9.3. Eastern Europe 9.4. Western Europe 9.5. Asia Pacific Excluding Japan 9.6. Japan 9.7. Middle East and Africa (MEA) 10. North America Market Analysis 2014 to 2021 and Forecast 2022 to 2029 11. Latin America Market Analysis 2014 to 2021 and Forecast 2022 to 2029 12. Eastern Europe Market Analysis 2014 to 2021 and Forecast 2022 to 2029 13. Western Europe Market Analysis 2014 to 2021 and Forecast 2022 to 2029 14. Asia Pacific Excluding Japan Market Analysis 2014 to 2021 and Forecast 2022 to 2029 15. Japan Market Analysis 2014 to 2021 and Forecast 2022 to 2029 16. Middle East and Africa Market Analysis 2014 to 2021 and Forecast 2022 to 2029 17. Emerging Countries Market Analysis 2014 to 2021 and Forecast 2022 to 2029 18. Market Structure Analysis 19. Competition Analysis 19.1. Osram Opto Semiconductors 19.2. Sanan Opto Electronics Co., Ltd 19.3. Cree, Inc. 19.4. Innolux Corporation 19.5. Plessey Semiconductors 19.6. Lextar 19.7. Epistar 19.8. Rohinni 19.9. Aledia 19.10. Lumens Co., Ltd. 19.11. Lumiode 19.12. Glo AB 20. Assumptions and Acronyms Used 21. Research Methodology
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GaN Micro-LED Market
