May 22, 2020: The global mini LED market size is expected to reach USD 5.9 billion by 2025, at a CAGR of 86.6% over the forecast period, according to a new report by Grand View Research, Inc. Amidst rapid development of Organic Light-Emitting Diodes (OLEDs), mini LEDs have gradually forayed into the industry to bridge the application and technology gap between micro LEDs, which have not been able to overcome their inherent technical hurdles, and traditional LEDs. They are being integrated into backlight modules owing to their increased color gamut and brightness level, lower response time, and improved contrast ratio.
Increasing demand for miniaturized display in consumer electronics devices is expected to positively impact industry growth over the next few years. Mini light-emitting diodes are expected to aid chip makers in gaining market share and technology penetration. Chip sizes ranging from 100 to 200 µm were commercialized in late 2018. Consumer electronics, digital signage, and industrial displays have been the early adopters of this technology. High dynamic range and power-saving capability are some of the features that make them a suitable backlight solution for next-generation displays. Key players are expected to cash in on this opportunity by providing mini LED packages.
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Currently, the applications are limited to backlighting in televisions and laptops. These light-emitting diodes have the potential to alter LCDs by decreasing the performance gap with OLED displays. Miniature LEDs are expected to grow beyond these applications in the automotive, smartphone, and digital signage segments. They are suitable for curved display and notch design, and thus in the coming years, are expected to become mainstream smartphones.
Asia Pacific is one of the prominent manufacturing hubs as there are numerous China- and Taiwan-based companies involved in the development and mass production of mini light-emitting diodes. As manufacturers themselves feel that the manufacturing cost is much higher than other technologies, the focus currently hinges on cost reduction before introducing the technology into mainstream applications. Once low-cost products are introduced, miniature LEDs are expected to expand their presence in other regional markets as well.
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Further key findings from the report suggest:
• Mini LED is expected to become one of the mainstream display technologies, and thus various vendors are reporting their developments by showcasing these products in several exhibitions and trade shows
• The automotive display application segment is expected to exhibit the highest CAGR in mini LED market over the forecast period. Mini light-emitting diodes have high contrast and brightness ratio, which provide clarity in automotive displays, thereby ensuring safety and security
• North America is expected to be early adopters of this technology owing to regional demand for premium gaming monitors and laptops
• Innolux Corporation; Japan Display, Inc.; Everlight Electronics Co. Ltd.; and EPISTAR Corporation are some of the prominent companies working on the development of mini light-emitting diode technology and products.
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