A Year of Significant Progress
In 2024, the Micro-LED display industry in China achieved significant progress. Products have been updated continuously, technological bottlenecks have been overcome, and projects have been advancing steadily. These achievements are remarkable. However, the core challenge for the industry’s development lies in its industrialization and commercialization.
I. Micro-LED Breakthroughs
There have been frequent breakthroughs in the field recently. On December 19, VISTAR successfully powered up the first TFT-based Micro-LED production line in Chengdu.
Earlier, TIANMA and Hisense Visual jointly unveiled a 60-inch bezel-less Micro-LED TV, also revealing that their own Micro-LED production lines are expected to enter mass production next year.
These good news raise a fundamental question: Is Micro-LED ready for commercialization? Is the industry chain prepared?
The rapid development of the Micro-LED industry in China can be attributed to multiple factors. In 2024, investment in and capacity building in Micro-LED remained strong, yielding fruitful results.
Hongshi Intelligence, LEYARD, VISTAR, TIANMA, and many other companies have started, launched, and even begun mass production of Micro-LED projects, covering key areas like Micro-LED display chips, driver chips, pilot production lines, and mass production lines. The largest project scale reached ¥3 billion (approximately $420 million).
Breakthroughs in Technology
Technological advancements have also been notable.
In March, the Fujian Institute of Material Structure Research, Chinese Academy of Sciences, successfully developed a new type of efficient near-infrared quantum dot phosphor and applied it to Micro-LED technology.
In September, Hubei Optics Valley Laboratory and Huazhong University of Science and Technology collaborated to develop a high-performance quantum dot photoresist, which could inject new vitality into Micro-LED full-color display technology.
In the same month, a team from the University of Science and Technology of China proposed the use of deep ultraviolet Micro-LED arrays as light sources for maskless deep UV lithography technology.
In October, a team from Hunan University, in collaboration with Innovision and LatticePower, developed a high-brightness Micro-LED micro-display chip based on a highly uniform silicon substrate GaN epitaxial wafer, achieving a single-pixel brightness of 10 million nits for green Micro-LED displays.
Before 2024, Micro-LED technology was still in the experimental phase. By 2024, its development trajectory has become clearer, and its technical feasibility and future direction are more defined.
Micro-LED technology is gradually moving out of the laboratory, crossing the pilot production stage, and entering a new phase of large-scale mass production and commercialization. It is on the cusp of achieving scalable applications.
II. The Hidden Concerns of Micro-LED
Despite the promising prospects, there are still concerns in the Micro-LED industry chain. According to Omdia’s forecast, global shipments of Micro-LED displays will be less than $100 million in 2024, but will surge thereafter. By 2026, the global shipment growth rate is expected to reach 484.8%, with revenue reaching $460 million, and by 2030, it may soar to $4.44 billion.
RUNTO Technology also predicts that by 2028, the global Micro-LED display market will exceed $10.2 billion.
PENG Jianfeng, vice president of the China Electronic Video Industry Association, disclosed that the rapid growth of Micro-LED is driven by three key factors:
- Micro-LED itself has significant technical advantages, making it highly competitive in commercial displays, automotive displays, high-end home displays, and XR wearable products.
- The industry’s supporting foundation is strong. As an iteration of the LED industry, its complete industrial chain lays a solid foundation for reducing costs.
- The terminal market urgently needs new technological breakthroughs to meet the differentiated demands of consumers, and Micro-LED is undoubtedly the best choice.
However, YAN Qun, the next president of SID and China region president, as well as an academician of the Russian Academy of Engineering, pointed out that although the industry’s rapid growth is encouraging, the high predicted growth rate is driven by the current small industry scale. In the new display industry landscape, the share of Micro-LED is still relatively low.
The Lengthy Micro-LED Industry Chain
The Micro-LED industry chain is long and complex, encompassing numerous stages, including chip manufacturing, mass transfer, panel manufacturing, and system integration. The demand for equipment and materials is vast.
Is China’s Micro-LED industry truly ready for an industry explosion? HU Chunming, executive deputy secretary-general of the China Optical Optoelectronic Industry Association’s LCD Branch, stated that there are many challenges facing China’s Micro-LED industry. The pain points include: Although there is a foundation for industrialization, true commercialization has not yet been achieved. The difficulty lies in the lack of a unified innovation model, with scattered innovations and weak leadership in cutting-edge technologies. The bottlenecks are evident in the chaotic and imperfect industrialization process. Additionally, investment is fragmented, and the ecosystem is not yet well-established.
III. The Thorny Path to Industrialization
Micro-LED technology is considered the next-generation display technology, boasting high brightness, high resolution, wide color gamut, and excellent performance in device size, lifespan, and response time.
However, despite its numerous advantages, entering the market is not a smooth process. The path from technology to product, from the laboratory to the production line, is fraught with challenges.
Currently, the Micro-LED industry lacks a precise definition of its products and has yet to find its target market. The challenge is to create differentiated products and endow Micro-LED technology with irreplaceable product features—this is the key challenge the industry must overcome.
Regarding the potential product direction, Micro-LED shows clear advantages in commercial applications and virtual reality products. It is expected to shine in these two areas, with likely development of medium-sized products rather than extremes in size.
Micro-LED technology also excels in ultra-wide color gamut (FCR) applications. Interactive display products powered by artificial intelligence can offer more personalized experiences. Full-color displays with interactive capabilities are expected to be the key products driving significant growth for the Micro-LED industry in the next 3-5 years.
In conclusion, although Micro-LED’s large-scale commercialization is in sight, the industry must overcome numerous obstacles. Coordinated efforts across the industry chain and sustained efforts will be essential to achieve long-term success.
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