Published on : Jan 12, 2021
The global GaN Micro-LED market is expected to witness considerable growth over the period of assessment. Much of the market growth is ascribed to the rising number of consumers looking for high-end inventions incorporated with modern era display technologies. In present times, consumers ask for high-end display products with improved brightness but sans the need for backlight. The need for more effectiveness with diminished consumption of power is likely to support developments in the global GaN Micro-LED market.
The global GaN Micro LED market is considered fragmented fairly with the presence of many vendors in the market. All of the players in the market are competing with each other for more prominent presence and wider reach in the market. Sanan Opto Electronics Co., Ltd, Lumens Co., Ltd, Osram Opto Semiconductors, Innolux Corporation, Cree, Inc., and Plessey Semiconductors are some of the prominent players in the global GaN Micro LED market.
North America to Dominate the Market While Asia Pacific to Witness Rapid Growth
The global GaN Micro LED market has been segmented broadly into the five important regions of North America, Latin America, Europe, Middle East and Africa, and Asia Pacific. The need for territory-based segmentation lies in the importance of an in-depth assessment of the regional markets over the years of projection.
From the territory-based perspective, North America is estimated to hold a sizeable chunk of the global GaN Micro-LED market mostly due to the presence of numerous technological entities in the North America region. These tech giants are constantly making efforts to invent and offer such innovations in the North America market.
Asia Pacific is estimated to come up as another rapidly growing territory in the global GaN Micro-LED market. Companies found in the market of this region are spending heavily for the invention of high-end, advanced display platforms in a bid to cater to the regional demands of the product. In addition, a rise in the disposable income of the people in Asia Pacific is offering lucrative growth opportunities for the market in Asia Pacific.
Rapid Technological Progress to Spur Growth of the Market in Near Future
Demands generated by new consumers are anticipated to support the developments in the global GaN Micro-LED market over the timeframe of projection. A case in point is an augmented utilization of wearable display or near-eye display (NED) to witness virtual reality. In another instance, the trend of infotainment in automobiles is rapidly gathering prominence and it is likely to bring in changes that would revolutionize the way we see conventional displays in our automobiles today. Developments such as this are expected to bolster growth of the global GaN Micro-LED market in the forthcoming years.
It is quite likely that GaN micro-LED will attain the status of a mainstream product in a very short time. Such prominence of the product is due to the rapid pace of technological advancements and changes in consumer demand. Reduction in the cost of the products that are equipped with GaN micro-LED is expected to result in wider acceptance amongst its consumers and bolster its use in many applications. This factors is forecasted to propel expansion of the global GaN Micro-LED market over the years of assessment.
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Video-streaming services across different platforms have been getting young and old people used to such high-end solutions of home entertainment. With every invention, the demand of consumers for improved display mediums is likely to rise. Taking advantage of consumer demand for high-end home entertainment options, the product is likely to make way into the household of consumers, thereby favoring expansion of the global GaN Micro-LED market in near future.
On the other hand, a very complicated design together with high cost of manufacturing is estimated to impede the growth of the global GaN Micro-LED market during the assessment period.