Although the list of winners for the 2024 TGA awards won’t be announced until next month, many in China have already crowned their “destined” champion.
On August 20th, Black Myth: Wukong made its dramatic debut, bringing a stunning fusion of traditional Chinese culture and modern industrial aesthetics to gamers worldwide. The game’s unique visual art, rooted in Chinese aesthetics, can be seen at various game expos, press conferences, and experience centers. Despite differing solutions for achieving perfect display effects in these various settings, one thing is nearly universal: LED displays, more specifically, MLED.

MLED, or Mini LED and Micro LED, is considered the future of display technology and may seem far off—but in reality, the future may already be here.
MLED’s Rising Ceiling
MLED refers to a category encompassing Mini LED and Micro LED, both of which involve shrinking the size of LEDs to enhance brightness, contrast, and resolution while reducing power consumption. This advancement represents a leap forward in the field of display technology.
Compared to traditional LED displays, MLED displays offer several advantages: higher brightness, improved contrast, sharper resolution, lower power consumption, better integration, and increased stability. As such, they are viewed as the next-generation display solution. According to Futuresource Consulting, the global penetration rate of MLED is currently about 5%, and is expected to rise to 10% by 2027.
Moreover, MLED displays can seamlessly connect to form large screens, creating a more continuous, unified visual experience. This seamless technology resolves the issue of “splitting” in large displays, ensuring a smoother, uninterrupted display effect. This capability makes MLED suitable for various applications, from small micro-displays in devices like smartwatches and AR/VR headsets, to massive displays in control centers, exhibition halls, and home theaters. This versatility is unmatched by other display mediums.
This versatility opens up significant growth potential for MLED. For instance, a key consumer application for MLED is in business meetings. According to third-party data, there are approximately 100 million conference rooms globally, with more than 27 million in China. Of these, 5% exceed 120 square meters in size. Assuming each large conference room is equipped with a display worth $14,000 USD, this results in a $135 billion USD market size in China alone. Expanding globally, the market could easily reach $50 billion USD.
This is just one of the many applications for MLED in the business environment. When considering other significant markets like in-car displays, AR glasses, and more, a multi-trillion-dollar blue ocean market emerges.
In recent years, numerous supportive policies have been implemented, encouraging the development of MLED technology. At least 17 provinces and cities in China have integrated MLED policies into their 14th Five-Year Plans. This has attracted numerous major players to the field, eager to capitalize on the opportunity.
For instance, in February 2023, BOE launched a new semiconductor display line in Beijing with an investment of $40 billion USD, focused on VR panels, Mini LED backplanes, and other high-end display products. Similarly, Unilumin invested $3 billion USD to establish an intelligent manufacturing base in Zhongshan, covering MLED R&D, production, sales, and display services.
Accelerating Growth of MLED
The MLED market is not just growing in terms of adoption but also in technological advancements. Key players are investing heavily in new developments to accelerate its growth. According to DiXian Consulting, by 2024, the COB (Chip-on-Board) market’s overall production capacity will exceed 50K square meters per month, doubling from 2023 levels. In terms of COB shipments, 2024 is expected to see 350,000 square meters, well above initial projections.
In fact, COB technology is already surpassing traditional SMD technology in certain high-density markets, particularly for displays with a P1.0 pixel pitch and smaller. According to industry reports, COB technology has already achieved a 50% penetration rate in P1.2 and smaller products.
The Core Players in MLED’s Growth
In the rapidly growing MLED sector, leading companies such as NovaStar are driving the industry forward. From 2020 to 2023, NovaStar‘s revenue grew from $1.3 billion USD to $4.2 billion USD, a compound annual growth rate (CAGR) of 45.82%, while net profit increased from $0.16 billion USD to $0.87 billion USD, growing at a CAGR of 76.18%. In the first three quarters of 2024, the company achieved $3.3 billion USD in revenue, a 10.6% year-on-year increase, and $0.64 billion USD in net profit, growing 10.03% year-on-year.

Despite a challenging macroeconomic environment, NovaStar has continued to deliver strong performance, thanks in large part to its cutting-edge technology. From 2020 to 2023, NovaStar increased its R&D investment each year, reaching $62 million USD in 2023, accounting for more than 14.5% of total revenue.
Technological Advancements Paving the Way
The company’s impressive R&D investment has led to a strong technology foundation, with 1,101 domestic patents (including 607 invention patents) and 23 international patents (including 20 invention patents).
NovaStar has led the development of several industry-first products and solutions, including the industry’s first MLED display ASIC control chip, which offers performance improvements, 50% lower cost, and 70% lower power consumption. The company’s innovations have garnered the recognition of leading industry players like VMTC, further solidifying its position at the forefront of MLED technology.
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