MicroLED set to disrupt global display market, with 75% CAGR for next-gen packageless LED technologies

MicroLED technology is approaching a major inflection point, with new research from Futuresource Consulting revealing rapid growth across the global display supply chain.  According to the firm’s latest Global MicroLED Display Market Report, the market for narrow and ultra-narrow pixel pitch (NPP+UNPP) displays is on track to achieve a total value of $11.7 billion by 2029. 

And while the broader Direct View LED market is maturing, MicroLED is emerging as its most disruptive new chapter. Futuresource’s analysis shows the packageless LED variants, including Chip on Board (CoB) and Chip on Glass (CoG), will drive the next wave of innovation. This will culminate in a 75% compound annual growth rate (CAGR) for these new-generation technologies, compared with near-flat growth for traditional packaged LEDs over the five-year forecast period.   

“MicroLED is generating a seismic shift within the industry,” says Ted H. Romanowitz, Principal Consultant, Futuresource Consulting. “We’re entering a period where semiconductor expertise will start to outweigh the legacy LED experience. As CoB and CoG achieve scale, the manufacturing landscape will transform, supply chains will realign, and superior, close-up viewing experiences will be enabled. This will expand the Total Available Market (TAM) across all vertical markets on a global basis.” 

From packaged to packageless LED

Futuresource’s report highlights how packageless LED technologies are reshaping both professional AV and consumer electronics markets. The report provides market and technology readiness updates, as well as eleven MiP, fourteen CoB, and seven CoG vendor profiles, alongside company overviews, updates, and details on products and manufacturing capacity.    

In 2024, packaged LEDs such as SMD, IMD and MiP accounted for the vast majority, over 92%, of shipments. By 2029, their market share will have more than halved, with packageless LED variants Cob and CoG becoming the dominant 57% share of NPP and UNPP.   

CoB solutions are already achieving mass production, with average selling prices expected to fall by a further 30% by mid-2026. Despite the price erosion, CoB is forecasted to grow at more than 66% CAGR from 2024 to $5.1 billion in 2029.   

Meanwhile, CoG is steadily advancing towards commercial viability, led by major panel manufacturers such as AUO, BOE, Innolux, Leyard, LG, Samsung and Vistar. Futuresource expects CoG to reach small-scale production by 2026, volume production from 2029, and mass economies of scale in the early 2030s, growing more than 172% CAGR to a $1.5 billion valuation in 2029 in the global professional AV marketplace alone.  

“This is the place where display manufacturing, semiconductor engineering and design innovation converge,” says Romanowitz. “CoG MicroLED will ultimately deliver visual performance superior to OLED with the endurance and scalability of LED, at price points that redefine what’s possible for both professional AV integrators and consumer brands.” 

Industry impact across verticals

The Futuresource report also explores MicroLED’s long-term implications across eight vertical markets, including retail, corporate and education, control room, broadcast, stadiums and venues, hospitality and leisure, transportation, media and advertising, as well as residential environments. As pixel pitches tighten and manufacturing costs fall, new close-up viewing experiences will emerge. This will enable LED to compete directly with LCD and OLED in applications such as meeting rooms, classrooms, digital signage and even home entertainment, delivering a superior visual experience.   

The Global MicroLED Display Market Report delivers comprehensive forecasts, technology roadmaps and vendor analysis across Chip on Board (CoB), Chip on Glass (CoG) and MicroLED in Package (MiP) technologies, covering professional AV and consumer applications worldwide. 

For more information or to purchase the report, please contact johnny.woodman@futuresource-hq.com.