In 2021, the market demand for LED displays will grow significantly, reaching a global scale of 6.8 billion US dollars, with a year-on-year growth of more than 23%. It is worth noting that with the expansion of China's demand, nearly 40% of the global display screens are in China.

Channel marketing has further explored the market demand, making it the main sales means to replace engineering marketing. In the past two years, the sales of LED display screens in the channel category have increased significantly. After the establishment of the channel model, the strength of the brand is prominent, and the leading enterprises can use the brand advantage to expand the market share.

Against this background, the industry concentration has further improved, and the market share of the top ten manufacturers will increase to 71% in 2021, which is expected to continue to grow this year.

Driven by terminal demand, the demand for upstream products of LED display increased year on year

In the chip field, the market size of LED chips will jump to 3.6 billion US dollars in 2021. The rare 45% growth rate is mainly attributed to the growth of lighting, automotive LED, display screen and other fields. Among them, the market size of LED display chips is close to 700 million US dollars, with a year-on-year growth of nearly 60%.

Although the shipment of MiniLED display screen chips was less than expected, the growth trend was good. According to the statistics of TrendForce Jibang Consulting, the total shipment of 4-inch MiniLED display epitaxial chips will increase by nearly 50% in 2021 based on the chip side. MiniLED chips are not only used in markets below P1.0, but also introduced into P1.2 and even P1.5 high-end markets.

The concentration of LED display chip industry continues to rise, and the market share of the five major manufacturers will reach over 90% by 2021. With the rapid development of the display screen chip market in recent years, the number of manufacturers entering this field has gradually increased and the market competition has intensified.

At present, there are more and more manufacturers in the direct display field, such as Guoxing, Kaixun, Zhongjing, Zhaochi and other new manufacturers. In the past, San'an, Huacan, Jingdian, Qianzhao and Shilanwei were the main manufacturers. The channel LED display chip market is even worse. Due to its relatively low specification requirements and low threshold for new entrants, the market competition is expected to gradually increase.

In the field of packaging, the global LED packaging market in 2021 will be 17.65 billion US dollars, up 15.4% year on year, mainly driven by automotive LEDs, lighting and LED displays.

Among them, the LED display packaging market scale is about 1.7 billion US dollars, accounting for 10% of the entire packaging field. From 2020 to 2021, after the Sino US trade friction, the industrial concentration has been further improved, with the industrial concentration of the top 10 enterprises rising by 10% to 84%. In the future, with the gradual expansion of production capacity, the industrial concentration will be further improved. For example, manufacturers such as Guoxing and Crystal Platform have a large capacity expansion recently.

With the continuous innovation of technology, the application field of small spacing is gradually expanding, and many manufacturers are attracted to enter the LED display field, such as Ruifeng Optoelectronics, Hongli Zhihui and other manufacturers that used to focus on white light. After the emergence of MiniLED display technology, new enterprises such as Zhongqi and Lijing Micro also entered the field of packaging. In the future, after the rise of Mini/Micro LED, the original pattern of the packaging field may be broken, and the industry concentration will be diluted by new manufacturers.

LED display drives the IC field, with both quantity and price rising. In 2021, the market size of LED display driven IC will exceed 700 million US dollars, with a year-on-year growth of nearly 1.2 times. This is mainly due to the sharp increase in shipments in 2021, which will drive the price rise, and IC manufacturers will also become the hot dark horse in the 2021 stock market. At present, drive IC is still a highly concentrated industry, with the top five manufacturers accounting for about 89% of the market.

The technology continues to improve, and the demand for new applications gradually rises

LED display technology continues to develop, and new applications are also being developed. In the next few years, virtual photography, conference all-in-one machine and naked eye 3D billboards are expected to continue to make efforts in the field of LED display.

Virtual shooting includes film shooting and TV/drama/music/advertisement shooting. LED display is mainly used to replace green screen shooting.

In 2021, the virtual photography LED display market will be about 1.5 billion to 2 billion. Although the market is small, and there are few major manufacturers, the industry concentration is high, it is expected that this field has huge potential. At present, the main manufacturers of virtual shooting LED display screen include SONY, Samsung, Redio (Zhouming), Youda (AUO), etc.

LED conference all-in-one machine products, affected by the government budget in the second half of 2021, did not grow as expected. At present, the products at this stage are mainly between 100 inches and 200 inches; The mainstream of point spacing is still between P1.2 and P1.9. At present, the all-in-one machine has little demand for spacing, and its pursuit of cost performance is on the high side. At present, it mainly focuses on government, large state-owned enterprises and other customers, while the civil market will be an important market growth point in the future.

Outdoor naked eye 3D LED display products have also developed rapidly in recent years. The naked eye 3D display screen is not just a screen, it should be combined with supporting services such as content design and installation design.

Opportunities and challenges coexist for LED display in the future. The excavation and development of emerging fields cannot be separated from the efforts of major manufacturers and the support of the government. In the LED display industry with a high degree of industrial concentration, the profit growth point of each enterprise lies in the continuous innovation of technology and the layout in new application fields. With the continuous growth of production capacity of small pitch and Mini/Micro LEDs, as well as the progress of related technologies such as massive transfer, it is expected that the cost will gradually decrease, and more application fields will be developed one after another.

2022全球LED显示屏市场的机遇与挑战

2021年，LED显示屏市场需求增长显著，全球规模达到68亿美金，同比增长超23%。值得注意的是，随着中国需求的扩大，全球有将近40%的显示屏在中国。

渠道营销进一步挖掘了市场需求，使其成为取代工程营销的主要销售手段，在过去的两年间渠道类的LED显示屏销量增长明显。在渠道模式建立起来后，品牌的力量凸显，头部企业可利用品牌优势，扩大市占率。在此背景下，行业集中度进一步提升，前十大厂商市占率在2021年增长至71%，预期今年将持续增长。终端需求推动，LED显示屏上游产品需求同比增加芯片领域，LED芯片市场规模在2021年跃至36亿美金，罕见的45%增速主要归功于照明、车用LED、显示屏以及其他领域的增长。其中，LED显示屏芯片市场规模接近7亿美金，同比增长近6成。

MiniLED显示屏芯片虽然出货量不及预期，但其增长态势良好。据TrendForce集邦咨询统计，以芯片端为统计口径计算，2021年4英寸的MiniLED显示外延片总出货量增长近5成。MiniLED芯片不仅仅用于P1.0以下的市场，在P1.2甚至P1.5的高端市场也开始导入MiniLED芯片。LED显示屏芯片行业集中度持续走高，2021年前五大厂商的市占率就达到超90%。随着近几年显示屏芯片市场的迅速发展，进入该领域的厂商逐渐增多，市场竞争加剧。目前，直显领域的厂商布局已经越来越多，如国星、凯迅、中晶、兆驰等新厂商的加入，而在过去，三安、华灿、晶电、乾照和士兰微是最主要的生产厂商。而渠道类LED显示屏芯片市场更甚，由于其规格要求相对较低，新进入门槛较低，市场竞争预期将逐渐增加。封装领域，2021年在车用LED、照明及LED显示屏的主要推动下，全球LED封装市场规模为176.5亿美金，同比增长15.4%。其中，LED显示屏封装市场规模约17亿美金，占整个封装领域的10%。在2020年到2021年间，经历中美贸易摩擦后，产业集中度得到进一步提升，前10大企业产业集中度上升10%，达到84%。未来随着产能的逐渐扩大，产业集中度将得到进一步提升，如国星、晶台等厂商近期都有较大的产能扩建。

随着技术不断创新，小间距应用领域逐渐扩大，并吸引很多厂商进入LED显示屏领域，比如瑞丰光电、鸿利智汇等之前以白光为主的厂商。当MiniLED显示技术出现后，中麒、利晶微等新企业，现在也进入封装领域。未来在Mini/Micro LED起量后，封装领域的原有格局或将被打破，行业集中度也将被新进入厂商稀释。LED显示屏驱动IC领域，量价齐涨。2021年，LED显示屏驱动IC市场规模超7亿美金，同比增长近1.2倍，主要由于2021年出货量的暴增，带动价格上涨，IC厂商也随之成为2021股市的热门黑马。目前，驱动IC仍属于高度集中产业，前五大厂商市占率约占89%。

技术不断进步，新应用需求逐步起量LED显示屏技术仍持续发展，新应用领域也不断被开发出来。未来几年，虚拟拍摄、会议一体机和裸眼3D广告牌等有望继续在LED显示屏领域发力。虚拟拍摄包括电影拍摄和电视/戏剧/音乐/广告拍摄两个应用方向，LED显示屏主要应用在替代绿幕拍摄。2021年，虚拟拍摄LED显示屏市场大约在15-20亿的规模，虽然市场规模不大，而且主要的生产厂商也较少，产业集中度很高，但预期该领域潜力巨大。目前虚拟拍摄LED显示屏主要厂商包括：SONY、三星、雷迪奥 (洲明)、友达 (AUO) 等。LED会议一体机产品，在2021年下半年受政府预算影响，增速未达预期。目前该阶段产品主要集中在100英寸以上到200英寸之间；点间距主流仍在P1.2到P1.9之间，目前一体机对间距需求并不大，对性价比追求偏高，目前主要以政府、大型国企等客户为主，而民用市场将是未来重要的市场增长点。户外裸眼3D LED显示屏产品，近年也发展火热。裸眼3D显示屏并不仅仅是一块屏，其要结合内容设计、安装设计等的配套服务。未来LED显示屏机会与挑战并存。新兴领域的挖掘与发展，离不开各大厂商的努力与政府的扶持。在高产业集中度的LED显示屏行业，各企业的利益增长点在于技术的不断创新以及在新应用领域的布局。随着小间距及Mini/Micro LED 的产能不断增长，以及巨量转移等相关技术的进步，预期成本会逐渐走低，更多的应用领域会相继被开发出来。