According to Grand View Research, the global mini LED market size was valued at $24.6m (£19m) in 2018 and is anticipated to achieve a compound annual growth rate (CAGR) of 86.6% in the next five years.

Total shipments are expected to reach 370,000 units by the end of 2019 with miniature light-emitting diodes predicted to be the “next-generation display technology”, overtaking organic light-emitting diodes (OLEDs).

The report says: “Mini LEDs sized 100-200 micrometres have been commercialised and several companies are working on the development of their 50-micrometre counterparts.”

One of the driving forces for this growth is believed to be that micro light-emitting diode technology is currently facing a lot of technical barriers like a need for improved wavelength and thickness uniformity. This is paving way for mini LED’s to take the lead.

According to the research, Taiwan panel manufacturers are struggling in OLED panel production capacity and are focusing their efforts on developing mini LED display solutions instead – along with several Japanese companies such as Nichia Corporation and Japan Display.

As a result, the Asia Pacific region is expected to be one of the leading markets over the forecast period of 2019-2025.

Despite this, it was North America that captured the largest market share in 2018 with the report crediting “consumer electronics and automotive manufacturers in the US” for being “highly open to experiencing new technology”, causing them to be “early adopters for various innovative products”.

If you have any news, please email carys@linkpublishing.co.uk or join in with the conversation on Twitter and LinkedIn.