New York, USA, June 02, 2020 (GLOBE NEWSWIRE) -- Mini LEDs have emerged as an integral segment of the display sector. Though the industry is still witnessing hurdles in technology, some manufacturers have relentlessly worked on the products to deliver exceptional features for the displays including improved resolution, being lightweight and ultra-thin, and displaying high contrast and wide color gamut. Some of the top LED companies and panel manufacturers are now investing heavily on this technology to make their footprint in the global Mini-LED industry.
According to Research Dive, the Global Mini LED Market will reach $3,342.6 million by 2026, increasing at 3.4% CAGR from $85.6 million in 2018.
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organic light-emitting diodes (OLEDs) were developing rapidly, mini LEDs progressively entered into the industry to cut the technology and application gap amongst micro LEDs, which failed to solve their in-built technical glitches, and traditional LEDs. Now, mini LEDs are being fitted into backlight units due to their improved brightness level and color gamut, lower response time, and enhanced contrast ratio.
The high price associated with the raw materials and the manufacturing price of mini LED is anticipated to restrain the market growth in the near future. In addition, the number of IC that are required to control mini LED’s are more when compared to OLED’s; these key factors are expected to hinder the market growth.
Rapid growth in the demand for mini LED’s from various industries such as consumer electronics and television sectors are expected to create better growth opportunities in the near future.
Based on application, the global mini LED market is categorized into consumer electronics, laptop/notebook, automotive, mobile phone, television and others. Among these, the market for consumer electronics application segment held the largest market size of $5.5 million in 2018. Television application segment is expected to upsurge the market growth during the projected timeframe accounting for $4.0 million in 2018 and is expected to reach $585.0 million by 2026. Mini LEDs that are being used in televisions provide better and enhanced experience to the customers when compared to LEDs and OLEDs.
Demographically, the global mini LED market has been classified into North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is anticipated to dominate the mini LED market during the projected period. Asia-Pacific market accounted for $5.9 million in 2018 and is anticipated to reach $852.4 million by 2026, growing at a CAGR of 86.1% during the forecast period. North America region led the global mini LED market size with over $6.6 million in 2018 and is projected to continue its dominance with a growth rate of 84.8% CAGR during the forecast period. This dominance is majorly due to rapid growth in the technology along with the swift growth in the technology adoption in this region when compared to other regions.
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Top gaining participants of global mini LED market
- BOE Technology Group Co., Ltd.
- AU Optronics Corp.
- EPISTAR Corporation
- Everlight Electronics Co. Ltd
- Foshan NationStar Optoelectronics Co. Ltd.
- Harvatek Corporation
- Japan Display, Inc.
- Tianma Microelectronics Co., Ltd
- Innolux Corporation
- Unity Opto Technology Co., Ltd.
These key participants are concentrating on product improvements, mergers & acquisitions, collaborations and new product launches to gain majority of the market share in the overall mini LED industry.