CHICAGO, Feb. 17, 2021 /PRNewswire/ -- According to the new market research report "Display Market with COVID-19 Impact Analysis by Product (Smartphones, Wearables, Television Sets, Signage, Tablets), Resolution, Display Technology (LCD, OLED, Direct-View LED, Micro-LED), Panel Size, Vertical, and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the market size was valued at USD 148.4 billion in 2021 and is projected to reach USD 177.1 billion by 2026. It is expected to grow at a CAGR of 3.6% during the forecast period. Surging adoption of OLED displays in various applications, increasing use of LED displays for video wall, TVs, and digital signage applications, growing demand for interactive displays in various applications, and rising demand for display-based medical equipment, including ventilators and respirators, due to COVID-19 pandemic are the key driving factors for the display market.
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LCD technology to hold major share of the display market during the forecast period.
Liquid crystal display (LCD) is a display technology that has been popular for years in most display panels. LCDs are bright, affordable, reliable, and provide excellent visual performance. LCD displays dominate the entire size spectrum of display panels (ranging from small devices like smartphones and wearables to medium-sized and large devices like monitors and televisions). LCD panels are most widely used in products such as TVs, monitors and laptops, and smartphones. To compete with other display technologies, LCDs have undergone several technological advancements in terms of substrate type (glass and plastic) and substrate manufacturing process (like A-Si, LTPS, and IGZO). To offer better picture quality, companies have also developed QD color enhancement films for LCDs.
Smartphones to hold major share of the display market during the forecast period.
The demand for smartphones has increased considerably in the recent past, which has increased the need for technologically advanced displays. Various smartphone manufacturing companies are now focusing on manufacturing smartphones equipped with technologically advanced displays, such as AMOLED. Smartphones mainly use small displays (LCD or OLED). OLED displays have made significant inroads; smartphones have become more sophisticated, attractive, user-friendly, and offer high-resolution displays.
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APAC to witness a higher CAGR during the forecast period.
The high demand for display panels in countries such as South Korea, China, and Japan is the major factor for the dominance of APAC in the global market. Additionally, several key original brand manufacturers and the majority of display manufacturers are based in APAC. Many operations such as R&D, manufacturing, and assembling related to LCD and OLED displays are being shifted to China owing to the low cost associated with logistics operations associated with the delivery of end products in the display market. Since Samsung and LG Display are forgoing a part of their LCD display panel manufacturing operations in favor of OLED display panels, it is expected to create a void in the LCD display market. Chinese players, such as CSOT, BOE Technology, and Tianma Microelectronics, attempt to fill this void by opening new LCD display panel manufacturing plants in China. China is also emerging as a leading consumer product manufacturing hub with local players expanding their market share in all segments. These factors are expected to contribute to the growth of the display market in China.
A few of the key players in the display market are Samsung Electronics (South Korea), LG Display (South Korea), Sharp (Foxconn) (Japan), Japan Display (Japan), Innolux (Taiwan), NEC Corporation (Japan), Panasonic Corporation (Japan), Leyard Optoelectronic (Planar) (China), BOE Technology (China), AU Optronics (Taiwan), and Sony (Japan).
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