Europe Micro LED Market Size, Share & Trends Analysis Report By Application (Display, Lighting), By End-use (Automotive, BFSI), By Display Pixel Density, By Country, And Segment Forecasts, 2024 - 2030

Europe Micro LED Market Size, Share & Trends Analysis Report By Application (Display, Lighting), By End-use (Automotive, BFSI), By Display Pixel Density, By Country, And Segment Forecasts, 2024 - 2030

Europe Micro LED Market Growth & Trends

The Europe micro LED market size is anticipated to reach USD 2.66 billion by 2030, growing at a CAGR of 78.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing need for micro LED displays, the developing semiconductor sector, and lucrative government support and initiatives are propelling the market. The European Union (EU) has established several innovation support programs, such as the European Innovation Council (EIC), which provides funding and mentorship to Micro-LED startups and small and medium enterprises (SMEs).

The COVID-19 pandemic significantly affected the market, causing various changes in the industry, from consumer demand and market dynamics to production and supply chains. The pandemic primarily impacted the market by disrupting the manufacturing and supply chains, leading to logistical challenges, production delays, and component shortages. The flow of essential materials and components for micro LED production was disrupted due to restrictions on international trade, workforce limitations, and lockdown measures imposed to curb the spread of the virus, which affected the overall supply chain and production timelines.

The market growth is driven primarily by the increasing demand for micro LED displays across various applications, including smartphones, smartwatches, televisions, automotive displays, and wearable devices. Consumers are seeking devices that offer superior image quality, high brightness, energy efficiency, and vibrant colors, all of which are key features of micro LED technology. The growing demand for visually stunning displays drives the adoption of micro LEDs in consumer electronics and other industries, spurring market growth and innovation.

In addition, the semiconductor industry's growth is significantly driving the micro LED market forward. Micro LEDs are semiconductor-based light sources with advantages such as high-energy efficiency, long lifespan, fast response times, and small form factors. As the semiconductor industry continues to advance in manufacturing processes, materials innovation, and chip design, it enables the development of micro LEDs with higher pixel densities, improved performance, and cost-effective production methods. This coordination between the semiconductor industry and micro LED technology is driving advancements in display technology and expanding the market potential for micro LED applications.

Europe Micro LED Market Report Highlights

• Based on application, the display segment accounted for the largest revenue share of 82.1% in 2023. It can be attributed to the proliferation of smart devices in various sectors. The lighting segment is expected to grow fastest, with the increasing demand for energy-efficient lighting solutions
• Based on display pixel density, the greater than 5000ppi segment dominated the market in 2023 and is expected to grow at a significant CAGR over the forecast period owing to the rising need for crisp and high-quality display
• Based on end-use, the healthcare segment is expected to grow at a significant rate over the forecast period, owing to the increasing need for advanced imaging capabilities
• In May 2022, IQE plc announced a strategic partnership with Porotech, a pioneer in microLED and GaN-based semiconductor technology. The partnership aims to develop, scale, and commercialize Porotech's unique wafer technology, which achieves all three colors (RGB) on a single 200 mm or 300mm GaN-based wafer for ultra-high-density and efficient micro LEDs and focuses on developing and manufacturing 200mm platforms and 300mm wafer formats

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