Although the recovery of China’s LED display market in 2023 is not as expected, the terminal demand is still showing a growth trend compared with the trough in 2022. Particularly in the areas of Corporation & Education, Broadcast and Retail & Exhibition;
The North American market continues to maintain a high growth trend, with outdoor display, retail and exhibition, and virtual photography being the main drivers of market demand growth;
Affected by Russia-Ukraine conflict and inflation, the growth rate of market demand in Europe has slowed down.
Emerging markets such as Asia, Africa and Latin America experienced rapid growth in 2022, and demand remained strong in 2023.
Overall, it is estimated that the global LED display market will grow to 7.564 billion US dollars in 2023.
Indoor display: Thanks to the high resolution and high dynamic contrast range (HDR) market demand, we can see the steady growth of the corporate meeting and Education space (Corporation & Education), Virtual Production, home theater and movie theater market; In addition, the Micro LED transparent display is quite suitable for application in retail department store space, art space (art gallery, museum, aquarium), Hospitality Industry, etc., as an auxiliary introduction of display products.
Outdoor display: Outdoor display is mainly used in advertising, transportation, sports venues, Live Events and other markets. Benefiting from the recovery of market demand in Europe and the United States, LED outdoor display applications to Live Events and Sports/Education applications are still growing steadily in 2023. In addition, Glasses-Free 3D Display (glasses-free 3D Display) with extremely realistic display, successfully enhance the urban landscape and attract passers-by ‘attention, bringing visual shock.
Global LED small pitch display application market analysis
According to the analysis, in 2023, China’s LED display market demand gradually recovered, and the penetration rate of LED small-pitch display in international markets such as North America, Europe and Asia continued to increase. In addition, corporate meeting and education space, virtual shooting, retail department stores and other markets continue to promote LED small-pitch display market demand. New entrants into the LED small-pitch display market, coupled with competition among display technologies, have resulted in higher than expected price declines. It is estimated that the output value of the global LED small-pitch display market is expected to grow to $4.506 billion in 2023.
Capture market trends virtually
According to market analysis, the global virtual shooting LED display market size will have the opportunity to grow to 394 million US dollars in 2023, but the growth rate is slowing down year by year, there are two main reasons:
In 2023, life returns to normal, the necessity of virtual shooting LED display in the film and television shooting market is reduced;
Second, the cost of virtual LED display is still high, the supporting industry chain such as hardware, software, content production, etc., also need to develop simultaneously, it is difficult to promote the rapid growth of the overall industry by relying only on a single LED display product specification improvement.
In the long term, as more and more manufacturers enter the virtual shooting LED display market, the supporting industry chain will mature, driving virtual shooting applications to extend to film, television, drama, music, advertising shooting.
Considering budget factors, the general background shows that the mainstream specifications are concentrated in >P2.1, such as P2.3, P2.6 and P2.8; However, high-level film and television shooting requires brightness and display effect, and under the requirement of close close-up, P1.2-P1.6 Mini LED display is adopted. The size of the floor tile screen is P2-P4, and the Mini LED display is gradually introduced in response to the immersion requirements. The ceiling screen specification is P3.9-P6, which emphasizes high brightness.
The use of Mini LED display and common cathode driver IC can increase brightness (+30-40%), display effect (wide viewing Angle, high contrast, no moorlines), and bring energy savings of up to 50-60%.
LED conference All-in-One (All-in-One LED Display) market trends
LED All-in-One (All-in-One LED Display) for standardized products with controller integration, It is mainly used in corporate meeting and educational Spaces, events, Retail & Exhibition, lecture halls, control rooms, Gaming events, and even home theaters. According to market analysis, in 2023, LED all-in-one machines are expected to continue to grow in large enterprise meeting Spaces, retail displays, etc., and shipments are expected to grow by 14% YoY.
≤P1.0 Ultra-small pitch display market
According to market analysis, the market size of ≤P1.0 ultra-small pitch display will have the opportunity to grow by 10% YoY in 2023. The main application market includes three categories: Security & Control Room, corporate meeting and Education space (Corporation & Education), and Entertainment & Cinema. 2023 ≤P0.625 and P0.7-P0.8 LED display penetration will have the opportunity to reach 37%.
Micro/Mini LED display market
In 2023, including Samsung, Zhaochi, BOE, Zhou Ming and Hongli Zhihui and other manufacturers have expanded production plans, and it is expected that the total production capacity will reach 30,200m2/M by the end of 2023.
With the maturity of Micro/Mini LED technology year by year, it can be seen that by 2027, the Micro LED display market size will have the opportunity to reach 406 million US dollars, of which the total market size of ≤P0.625 and P0.7-P0.8 Micro LED display will have the opportunity to reach 349 million US dollars; In 2027, the market size of Mini LED display will have the opportunity to reach 1.847 billion US dollars, and Mini LED display will have the opportunity to expand to P1.2 and ≥P1.5-P1.6.
The active drive solution is applied to the large display market with multi-piece splicing, and the LTPS is introduced into the ≤P0.625 LED display through Side Wiring technology. The technical challenge of side-plated wire products is that the width of the metal interconnector is getting narrower, resulting in increasing resistance values, and the voltage decline (IR Drop) effect is more obvious, so the circuit design technology needs to be improved. In addition, joint processing, splicing smoothness, color consistency and cost control are also the main challenges faced by product development. Samsung 89-inch Micro LED TV was officially launched in May 2023, first introduced in the Chinese market; 2H23 will have the opportunity to launch 101-inch 4K P0.51 products.
Focus on 2024 LED display key development application market trends, revenue and product development of major manufacturers, display price and cost analysis, Micro/Mini LED/≤P1.0 ultra-small pitch display – manufacturer technology and specification cost development. I believe it can provide readers with a comprehensive layout in the LED display market operation and sales.
