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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
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?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.