The display
market to grow from USD 137.7 billion in 2019 and to reach USD 167.7
billion by 2024, at a CAGR of 4.0% during the forecast period. Growing adoption
of OLED displays in smartphones; huge investments toward, along with government
support for, construction of new OLED and LCD panel manufacturing facilities;
and increasing demand for 4K and 8K displays with the availability of UHD
content are the major driving factors for the market’s growth during the
forecast period.
Factors like increasing deployment of HUD,
central stack display, and instrument cluster in automotive vehicles; and
rising focus toward technological shift and development of energy-efficient,
attractive, and high-end-specification display products are also contributing
significantly toward the display panel market’s growth.
Increasing demand for flat panel display
panels with high resolution, fast response time, and better picture quality is
expected to direct the display panel market toward major innovations, and
subsequently significant growth. High growth opportunities can be identified in
emerging use cases including smart displays, smart mirrors, smart home
appliances; emerging display technologies such as micro-LED and true quantum
dot; and smart wearable display segments that include AR/VR HMDs and
smartwatches. Smartphone, television, and automotive segments are also expected
to offer high growth opportunities. Additionally, E-paper display market has
the potential to grow, wherein the E-paper displays could be used in emerging
use-cases like e-papers, smartcards, notepad, and keyboards. E-paper technology
has been adopted in some wearable devices and smartphones; however, the
adoption of this technology in these segments has not been much effective.
“Smartphones
to dominate OLED display panel market, in terms of size during forecast period”
Smartphones have been dominating the display
panel market, with Apple and Samsung dominating the whole smartphone segment.
The growth of the display panel market for smartphones will be propelled mainly
by OLED and flexible displays during the forecast period. At present, flexible
OLED technology-based (highly priced) display panels are being adopted in
smartphones at a high rate globally; this trend is expected to continue during
the forecast period. The major factors boosting the use of OLED displays in
smartphones include energy-efficiency, sunlight readability, vivid color and
picture quality, and easier recyclability than LCDs.
“Micro-LED
technology to witness highest CAGR during forecast period”
The market for micro-LED displays is expected
to grow at the highest CAGR during the forecast period. Micro-LED is an
emerging display technology and has the potential to disrupt the LCD and OLED
display ecosystem. Increasing demand for brighter and more power-efficient
display panels for smartwatches, mobile devices, and NTE (AR/VR) devices will
be the major factors for the growth of micro-LED technology in the display
panel market. Considering current manufacturing capabilities, prototype
development, and the involvement of leading players— Apple, Samsung, and Sony—,
micro-LED-based smartwatches and NTE devices may enter the commercial phase in
2019.
“Small-and
medium-sized display panels expected to gain share in global market during
forecast period”
At present, large-sized display panels are in
demand for televisions, PC monitors and laptops, signage and some tablets;
therefore, the large-sized display panels account for the largest market share.
However, small- and medium-sized display panels are expected to gain share in
the global market during the forecast period. The growth in this segment will
mainly be driven by high growth of OLED display panels, especially for
smartphones.
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APAC
to account for highest demand in display panel market during forecast period”
APAC is the leading region in terms of
production and consumption of display panels. The region has witnessed
significant advancements in the display device market, along with rapid changes
in terms of adoption of new technologies. The huge market size in APAC is
because of the rapid industrialization, as well as the presence of a large
number of OEMs and many consumers in the region. Major companies such as
Samsung Electronics and LG Electronics being based in South Korea, and Sony,
Sharp, Panasonic, and a few others being based in Japan, contribute
significantly to the display panel market’s growth in this region.
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