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.
But how good are micro-LEDs and are they good enough to take a significant share of the LED lighting market? ponders n-tech Research
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 embraced by the market research firm is that 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.