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Display Market Size is Expected to Hit at USD 297.1 Bn by 2030

Precedence Research
Precedence Research

According to Precedence Research, the global displays market size was valued at USD 168.43 billion in 2022 and it is projected to hit around USD 297.1 billion by 2030, expanding growth at a CAGR of 7.35% from 2022 to 2030.

Los Angeles, Dec. 09, 2022 (GLOBE NEWSWIRE) -- The displays market size will reach at USD 180.82 billion in 2023. Text and images are shown on a screen, a computer output surface, and a projection surface using cathode ray tubes, LEDs, liquid crystal displays, or other technologies. It may be utilized in many different places, such as television, mobile devices, tablets, computers, automobiles, public transportation, and a lot more. The development of smart wearable technology, the rising demand for OLED-based goods, and the expansion of the display market are all major market drivers. However, businesses in the target market may see improved revenue possibilities as smart mirrors and smart displays become more prevalent in several end-use industries.

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The growth of the display market is being fuelled by the use of organic light-emitting diode panels in smartphones and televisions. The usage of displays that are more advanced technologically, lighter, thinner, and more energy-efficient is another factor influencing target market expansion. In addition, it is anticipated that the rising customer preference for smart wearable’s would fuel the expansion of the display market in the near future. The high cost of technologically advanced display panels and fluctuating display panel costs, however, are impeding the growth of the worldwide display market.

Report highlights

  • Over the course of the forecast period, it is anticipated that the display market will expand significantly, driven largely by an increase in the usage of displays by the automation, medical, wearable, and other industries.

  • Due to LED technology's excellent efficiency, prolonged life, high intensity, high pixel-pitch, and brightness, the display industry is anticipated to have significant growth throughout the anticipated period.

  • Increased market acceptance of automated embedded devices has a significant influence on the expansion of the displays industry. The Displays break into the market thanks to their affordable price and high-quality display. A market for displays is being created as a result of the recent increase in research and development for displays in North America, which has a significant influence on their acceptance by the automation and medical industries.

  • APAC leads the display market, followed by Europe. Due to the expansion of automation and other industries in nations like China, India, and others, the APAC area is also regarded as having the quickest development. of innovative skin products, which has an impact on the growth of the market.

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Scope of the Report

Report Attributes

Details

Market Size in 2022

USD 168.43 Billion

Revenue Forecast by 2030

USD 297.1 Billion

CAGR

7.35% from 2022 to 2030

Base Year

2022

Forecast Year

2023 to 2030

Key Players

Panasonic Corporation (Japan), LG Display Co., Ltd (South Korea), HannStar Display Corporation (Taiwan), AU Optronics Corp. (Taiwan), Chi Mei Corporation. (Taiwan), SAMSUNG (South Korea), SHARP CORPORATION (Japan), Schneider Electric (France), Siemens (Germany), Mitsubishi Electric Corporation (Japan), SONY INDIA. (India), FUJITSU (Japan), Chunghwa Picture Tubes, LTD. (Taiwan), Barco.(Belgium), BOE Technology Group Co., Ltd. (China), Innolux Corporation (Taiwan), Advantech Co., Ltd (Taiwan) and Others.

Market dynamics

Drivers

The rising use of OLED displays in smartphones, as well as significant investments in and government assistance for the establishment of new OLED and LCD panel production facilities, are the main reasons predicted to boost the targeted market. Other drivers promoting market growth include rising HUD, centre stack display, and instrument cluster deployment in automotive vehicles, as well as rising demand for 4K and 8K displays due to the availability of UHD content. For many purposes, LED displays are one of the most popular types of display technology. Compared to other technologies, it has a bigger share of the market. The LED display market has developed recently, although not in terms of innovation. The shrinking of the components required to construct an LED screen is one of the most recent developments in LED displays. LED screens can now be manufactured in ultra-thin and enormous sizes thanks to miniaturisation, enabling them to be placed on any indoor or outdoor surface. Applications for LEDs have increased significantly as a result of technical developments, including improved resolution, increased brightness capabilities, product diversity, and the creation of micro and harder surface LEDs. In order to make companies stand out from the competition, LED displays are also often utilised in digital signage applications, such as for advertising and digital billboards. For instance, the Samsung curved LED digital signage video wall was installed at the Peppermill Casino in Reno, Nevada, in August 2018. LED screens are therefore commonly utilised to enhance customer experience.

Restraints

  • Nowadays, digital advertising is more smart, tailored, and timely. Consumers spend more time online than ever before, making digital advertising an excellent means of connecting with them across many devices and distribution channels. As a result, internet advertising has become more commonplace recently. Additionally, the internet's ubiquitous accessibility has fueled a meteoric rise in digital advertising.

  • The increased usage of internet advertising is also largely due to increased investment on it by a number of significant firms, like Facebook and Google. The popularity of programmatic advertising is also rising. The term "programmatic advertising" refers to the use of data and automated systems to select media without the involvement of humans. As a result, the need for displays, which were formerly used to advertise goods and companies in stores and other public spaces, has decreased considerably.

Opportunities

  • In recent years, tablets, smartphones, and laptops have all embraced foldable screens. Because they are made from flexible substrates, flexible display panels may be bent. Plastic, metal, or flexible glass can all be used as the flexible substrate. Metal and plastic panels are particularly strong, lightweight, and shatterproof. Flexible display technology, which is based on OLED panels, provides the foundation for foldable phones. Flexible OLED display panels are being produced in large quantities by businesses like Samsung and LG for use in smartphones, televisions, and smartwatches.

  • However, producers bend or twist these display panels and employ them in finished goods, making these displays less than flexible from the viewpoint of end users.

  • Samsung and BOE Technology are two of the leading producers of foldable OLED technology. In May 2018, BOE showcased a number of cutting-edge innovations, including a foldable 7.56" 2048x1535 OLED panel and a 6.2-inch 1440x3008 (1R) OLED display with a touch layer.

Challenges

To stop the spread of COVID-19, many nations have imposed or are still enforcing lockdowns. The display market's supply chain has been impacted by this, among other markets. Obstacles in the supply chain make it difficult for display makers to build and deliver their goods. The COVID-19 outbreak has had the greatest impact on display production in China. In contrast to the typical rate of 90 to 95 percent, the manufacturers were only permitted to use 70 to 75 percent of their capacity. For instance, Omdia Display, a Chinese maker of displays, forecasts a 40–50% decline in overall display output as a result of manpower, logistical, and quarantine shortages.

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Recent developments

  • The first Onyx screen from Samsung was launched in Australia in February 2020 at the HOYTS Entertainment Quarter in Moore Park, Sydney. The newest version has a 14-meter Onyx Cinema LED screen from Samsung.

  • From January 7 to January 10, 2020, in Las Vegas, the CES 2020, LG Display presented its most recent displays and technological advancements. The business will release a 55-inch Full HD (FHD) Transparent OLED panel and a 65-inch Ultra HD (UHD) Bendable OLED display.

  • In order to apply IoT technology to the pre-hospital care process and collaborate to increase the effectiveness of pre-hospital care in China, BOE Health Technology and Beijing Emergency Medical Center joined in January 2020 for the new model of "IoT + pre-hospital care."

  • To create 10 million large-size OLED panels annually, LG Display stated in August 2019 that its 8.5th generation (2,200mm x 2,500mm) OLED panel production facility would open in Guangzhou, China.

Market Segmentation

By Display Type

  • Flat Panel Display

  • Transparent Panel Display

  • Flexible & Foldable Panel Display

  • 3D Display

By Technology

  • OLED

  • LED

  • Micro-LED

  • Direct-View LED

  • LCD

  • Others

By Product

  • Smartphones

  • Television Sets

  • PC Monitors & Laptops

  • Digital Signage/Large Format Displays

  • Automotive Displays

  • Tablets

  • Smart Wearables

    • Smartwatch

    • AR HMD

    • VR HMD

  • Others

By Industry

  • Fixed Device

  • Portable Device

By End Use

  • Automotive

  • Healthcare

  • Defence and Aerospace

  • Education

  • Sports and Entertainment

  • Consumer

  • Retail and Hospitality

  • Banking

  • Financial Services and Insurance

  • Transportation and Industrial

By Geography

  • North America

  • Europe

  • Asia-Pacific

  • Latin America

  • Middle East & Africa (MEA)

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