Glen Allen, VA: Industry analyst firm n-tech Research has just issued a new micro-led lighting report. The report titled, “Micro-LED Lighting Markets 2019-2028” sees 2022 as the year the business takes with total market (ex-luminaires) reaching $1.4 billion (USD) and 170 million units shipped in 2028.
Additional details about the report are available at:
About the Report:
This new micro-led lighting report identifies and quantifies the main business opportunities for the micro-LED lighting market and established a roadmap for the various technologies that make up the micro-LED lighting market.
The scope of this report includes all areas of the lighting industry where micro-LEDs are likely to have an impact including building lighting, outdoor lighting and automotive lighting. We have also discussed areas where micro-LED serves a role as a communications/control device for smart buildings of various kinds.
The report includes ten-year forecasts in terms of volume, and value related to micro-LEDs within several key applications. We have also analyzed the product/market strategies of leading companies in this space.
From the Report:
For the past decade or more, the lighting industry has been shaped by the need for energy efficiency and the government regulation. In most countries, incandescent lights have been marginalized into market niches or banned altogether and the bulk of the lighting market has been divided between fluorescent lighting and LED lighting of various kinds.
As prices for LEDs decline, the expectation is that most lighting will migrate to LEDs, based on the very high life times of LEDs and the likelihood that fluorescent lights will be deemed an environmental hazard because of their high mercury content. Since micro-LEDs are a variety of LEDs, micro-LED lighting is very much in the spirit of the times as far as the evolution of lighting goes.
The issue then becomes just how good are micro-LEDs? Are they good enough to take a significant share of the LED lighting market? There are some in the industry who think that micro-LED lighting will never be more than a tiny niche, limited to a few novelty products and generating no more than a few tens of millions of dollars in revenue. A more expansive view of the future of micro-LED lighting, and one we share, is the advantages of micro-LEDs compared to conventional HB LEDs will be enough to earn micro-LEDs a healthy share of the LED lighting market.
n-tech believes that the worldwide micro-LED market, ex-luminaires, is expected to grow to $457 million in 2024 and then go on to reach $1.4 billion in 2028. micro-LED lighting will enjoy a volume of 170 million units by 2028. Europe is expected to be the largest region in the micro-LED market in 2024 with initiatives for energy-efficient lighting by European authorities driving revenues.
The key applications of micro-LED in lighting included in this report are automotive, residential, commercial, industrial building, mood/novelty lighting and outdoor lighting. Based on what we have seen so far, the initial markets will be in outdoor and novelty lighting launching the market with automotive lighting emerging next.
n-tech Research is the recognized leader in providing industry analysis and forecasts for emerging technologies and advanced and smart materials. Visit the firm’s website at http://www.ntechresearch.com for a full listing of the company’s reports and other services.