The global Mini LED market is projected to grow at a CAGR of 73.28 % during the forecast period to reach US$10,63.574 million by 2027, from US$39.290 million in 2020.
Mini-LEDs, as the name implies, are diodes with a diameter of less than 0.2mm. A TV, for example, has an LCD panel with LED backlighting that is used to regulate where light is displayed on the screen. The LEDs are either completely lighted or muted for dark scenes, depending on what's on the display. Mini LED is a form of screen technology that is typically used in television displays. Most major TV manufacturers, such as Philips, TCL, LG, and Samsung, already offer Mini LED TVs for purchase or are developing new models with Mini LED backlight technology.
For years, mobile display technology has been largely set in its ways, except for flexible technology. Even in cheap smartphones, OLED panels have mostly replaced aging LCDs. With the migration to Mini-LED, however, high-end electronics may soon be on the cutting edge once more.
What to opt for Mini-LED or Micro-LED?
Mini-LED, also known as the new LCD, and on the other hand, Micro-LED sometimes known as OLED, are two distinct technologies. The former is based on LCD technology, however, the backlights are made up of smaller diodes. The latter is a progression of OLED, with individual red, green, and blue LEDs that are much smaller and brighter to directly emit color light. In other words, with Micro-LED, each pixel creates its light, whereas, with Mini-LED, the backlight is filtered by an LCD matrix, but the backlight allows more control than a typical LCD.
Finally, higher image quality without breaking the bank is the goal. Although OLED is superior to LCD, the latter is unquestionably the most cost-effective option. OLED isn't necessarily the best choice for high-density laptop and tablet displays, particularly when it comes to peak brightness. On paper, Micro-LED is the superior technology, and lowering prices and increasingly viable manufacturing mean that smaller Mini-LED-based products are approaching reality. Apple is moving in bringing Mini-LED into their products.
Apple's move to mini-LED will enable slimmer and lighter product designs with many of the same advantages as OLED. Mini-LEDs are comparable to OLEDs in terms of deep blacks and HDR but without the burn-in or degradation difficulties. LED-backlit LCDs are far more energy-efficient than the cold cathode fluorescent illumination used in the past for LCD panels, and mini-LED LCDs will be even more so.
Factors accelerating the market:
The tiny LED display market is growing due to the huge increase in the consumer electronics industry around the world. Due to this need, tiny LED technology has been heavily commercialized, coupled with extra dynamic properties. The micro-LED display ecosystem benefits from the widespread availability of smartphones and gaming stations with mini LED technology. Another promising next-generation display technology, micro light-emitting diode technology, is currently facing several technical challenges, including the need to improve wavelength and thickness uniformity in the Atomic Layer Deposition (ALD) process during chip manufacturing, as well as the need for a suitable adhesion technology during the manufacturing process. This technology is expected to first be used in high-end consumer electronics applications such as gaming computers and monitors, as well as niche items such as high-end televisions with high contrast, high resolution, and saturation.
In terms of supply chain capacity, Taiwan panel manufacturers are having difficulty producing OLED panels, thus they are focusing on the development of small LED display solutions. Nichia Corporation and Japan Display Inc. are two Japanese businesses working on the development of this technology and related goods. As a result of advancements in Taiwan, Japan, and China, the Asia Pacific area is expected to be a major market. Manufacturers of consumer electronics and automobiles in the United States are eager to try out new technology and are hence early adopters of a variety of innovative items.
The major manufacturers of Mini-LED are BOE technology Group, AU Optronics Corporation, EPISTAR Corporation, Everlight Electronics Corporation, and Plessey Semiconductors, Japan Display Inc & Innolux Corporation. To capture a majority of the market share in the entire tiny LED sector, these main participants are focusing on product enhancements, mergers and acquisitions, collaborations, and new product launches. Asia-Pacific is highly renowned with a large number of manufacturers of semiconductors & Mini LED. TCL, Samsung & LG have introduced new Mini-LEDs TVs & Sony and Hisense will ship their first Mini-LED TVs this year.
COVID-19's outbreak had a favorable effect on the tiny light-emitting diode (LED) market. This can be attributed to the increased demand for high-end consumer electronic devices as a result of many employers' work-from-home policies around the world. Furthermore, the expanding trend of online education increased demand for tablets and laptops, providing a chance for small LEDs to gain traction. However, supply chain disruptions induced by restrictions on the freight passage of non-essential food commodities have impeded industry expansion. The COVID-19 outbreak has had a significant impact on North America, resulting in a drop in consumer electronics consumption and, as a result, a decrease in demand for micro LEDs.