Increasing demand for quantum dot in display devices and advanced features of the quantum dot are creating scope for the quantum dot industry.
The consumer vertical is expected to continue to hold the largest share of the quantum dot industry in the near future. The increasing demand for superior display technologies and energy-efficient solutions is likely to drive the quantum dot display market growth. The consumer industry comprises products such as smartphones, televisions, PC monitors and laptops, tablets, and smart wearables, all of which have significant shares in the global quantum dot market.
Factors driving the quantum dot demand in the consumer segment include increasing technological advancements in consumer devices and growing economies worldwide. Televisions are important device categories that use quantum dot extensively. With the launch of quantum dot-based televisions and expanding demand for large and high-resolution products, the penetration of high-value panels will increase gradually during the forecast period.
The introduction of quantum dot into lighting design marks vital steps forward in reducing the cost of LED production and making them more affordable. Compared to rare-earth phosphors, quantum dot achieve a better level of optimization. Quantum dot help to minimize the compromises needed to achieve a higher quality of lighting while maintaining an adequate level of efficiency. Being cost-effective, high brightness, and more efficient, as well as more stable devices made of environmentally sustainable materials, are the most important factors that led to the development of the quantum dot lighting products. Quantum dot technology is a novel innovation to modernize the lighting industry. As a result, the lighting product is expected to grow at a higher CAGR during the forecast period.
Cadmium-free quantum dots offer a safer and more sustainable option for manufacturers and consumers, giving them the color benefit associated with the technology without the risks associated with toxicity or potential regulatory limitations. Cadmium-free quantum dots also open up potential not just for displays, but for many more applications that include lighting solutions, solar cells, and biomedicine. Moreover, a majority of quantum dot manufacturers are switching from toxic cadmium-based quantum dot devices to cadmium-free quantum dot devices.
The adoption of quantum dot products in lighting, automotive, consumer electronics applications drives the quantum dot industry growth. As of now, quantum dot is in a pre-commercialization stage; however, in the coming years, the quantum dot will be deployed in mobile displays, batteries and energy storage systems, solar cells, medical devices, and solid-state lighting solutions. Therefore, APAC is expected to command the quantum dot market in the near future.