02.04.19
According to MarketsandMarkets’ latest market research report, “Display Market by Product (Smartphone, Wearables, Television, Automotive, Signage), Technology (LCD, OLED [Flexible, Foldable, Rigid], Direct-View LED, Micro-LED), Panel Size (Micro, Small & Medium, Large), Industry, and Geography-Global Forecast to 2024,” the display panel market is expected to grow from $137.7 billion in 2019 to $167.7 billion by 2024, at a CAGR of 4.0% from 2019 to 2024.
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.
Increasing demand for 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.
The display panel market for wearables such as smartwatches and AR/VR HMDs is expected to grow at the highest CAGR during the forecast period (2019-2024). OLED technology dominated the smart wearables segment in 2018. OLED display panels are thin, low-power consuming, highly bright, and flexible—which are the basic requirements for smart wearable devices.
Micro-LED technology has presented a breakthrough in the display market owing to its high energy efficiency and brightness. Brightness required for AR devices is 5,000 units, which is way beyond what OLED technology offers. Higher luminosity (brightness) and resolution would be the key drivers for micro-LED’s adoption in NTE devices.
Currently, LCD displays account for the largest share of the display panel market, and this trend is expected to continue during the forecast period. The LCD display market even after an expected decline during the forecast period is expected to hold the largest share of the market.
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.
Increasing demand for 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.
The display panel market for wearables such as smartwatches and AR/VR HMDs is expected to grow at the highest CAGR during the forecast period (2019-2024). OLED technology dominated the smart wearables segment in 2018. OLED display panels are thin, low-power consuming, highly bright, and flexible—which are the basic requirements for smart wearable devices.
Micro-LED technology has presented a breakthrough in the display market owing to its high energy efficiency and brightness. Brightness required for AR devices is 5,000 units, which is way beyond what OLED technology offers. Higher luminosity (brightness) and resolution would be the key drivers for micro-LED’s adoption in NTE devices.
Currently, LCD displays account for the largest share of the display panel market, and this trend is expected to continue during the forecast period. The LCD display market even after an expected decline during the forecast period is expected to hold the largest share of the market.
