Global GaN Micro-LED Market: Overview
The global GaN Micro-LED market is anticipated to experience robust growth during the period of forecast, from 2019 to 2027. Much of the growth is attributed to the increasing number of consumers seeking top-notch inventions integrated with latest display technologies. These days, consumers demand for high-end display product with better brightness but without the need for backlight. This need for more efficacy with reduced power consumption acts in favor of global GaN Micro-LED market.
Based on the parameters of output power, function type, industry vertical, and region, the global GaN Micro-LED market has been segmented for analysis that spans from 2019 to 2027.
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Global GaN Micro-LED Market: Notable Developments
The global GaN Micro-LED market has been through some changes in the past years. One such development that has left its mark in the market is as follows:
- In 2019, the U.S. removed the name of Sanan OptoElectronics Co., Ltd, leading manufacturer of light-emitting diode (LED) chips, from the list of foreign organizations that needed additional checks. Following the removal of Sanan OptoElectronics Co., Ltd’s name by the US Department of Commerce, it would now be easier for the Chinese company to operate in a hassle-free way. Such a move is expected to expand the market for GaN Micro-LED products as Sanan OptoElectronics is a leading producer of the same.
Some of the leading market vendors of the global GaN Micro-LED market are as follows
- Sanan Opto Electronics Co., Ltd
- Osram Opto Semiconductors
- Plessey Semiconductors
- Cree, Inc.
- Innolux Corporation
- Lumens Co., Ltd
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Global GaN Micro-LED Market: Key Trends
The following drivers and trends are expected to define the global GaN Micro-LED market during the assessment timeframe.
The Unending Demand for Better Display Accentuates Demand in the Market
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 case in point is growing use of near-eye display (NED) or wearable display to experience virtual reality. The emerging trend of infotainment in automobiles is another instance, which is likely to usher in rapid changes in the way we see normal displays in the automobile today. This is likely to amplify the growth opportunities of the global GaN Micro-LED market in times to come.
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. 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.
Video-streaming services across various platforms are making consumers habituated to high-end home entertainment options, which leaves consumers demand for better display with every invention. Leveraging the consumer cravings for top-notch home entertainment solutions, GaN micro-LED is likely to make its way into the regular household.
On the other hand, the positioning of gallium nitride chemical onto a substrate poses a serious challenge for the manufacturers. Highly complicated design and high cost associated with its manufacturing are expected to restrain the growth of the market during the assessment period. In addition to that, growing consumer interest in flexible and foldable technologies is likely to obstruct the growth of the global GaN micro-LED market.
Global GaN Micro-LED Market: Geographical Analysis
Based on region, the global GaN Micro-LED market has been split into North America, Latin America, Asia-Pacific, Middle East and Africa, and Europe.
From the regional perspective, North America is likely to account for a large share of the the global GaN Micro-LED market, thanks to the presence of many leading technological organization in the region. These companies relentlessly make efforts to bring forth latest innovation into the North American market.
Asia Pacific is another rapidly growing region on the global GaN Micro-LED market. Market players operating from this region are making heavy investment in the development of high-end displays to cater to the market there. Increasing disposable income of the people is offering opportunities of growth for the market in Asia Pacific.
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The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
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