The industrial display system market 2020 is on track to procure a valuation of USD 6.71 billion by 2023, asserts Market Research Future (MRFR). In addition, the market can observe a steady growth at a rate of 6.8% from 2017 to 2023 (which is the evaluation period). We will provide COVID-19 impact analysis with the report, along with the developments post the coronavirus disease outbreak.
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Top Market Contenders
The top market contenders identified by MRFR are Hannstar Display Corp. (Taiwan), TCL Display Technology Holdings Limited (Hong Kong), Innolux Corp. (Taiwan), Sharp Corp. (Japan), E Ink Holdings Inc. (Taiwan), Varitronix International Limited (Hong Kong), Universal Display Corp. (U.S.), LG Display Co., Ltd. (South Korea), Japan Display Inc., (Japan), BOE Technology Group Co. (China), Samsung Electronics Co., Ltd. (South Korea), AU Optronics Corp. (Taiwan), and more.
Growth Inducers and Main Deterrents
Despite the significant COVID-19 impact, the industrial display panel market is thriving as a result of the increasing adaptability of the work-from-home model following the lockdown and the rising support from financial institutions in the form of more relaxed fiscal regulations and policies. The accelerated demand for 8K and 4K displays with the UHD content feature, mounting popularity of OLED displays in consumer electronic devices and the growing sales of flexible display panels continue to benefit the global market. The increasing spending on the setting up of new LCD and OLED display manufacturing facilities post the SARS-CoV-2 outbreak could be another boosting factor in the worldwide market.
The industrial display system market also benefits from the expanding automotive display sector along with the innovations in attractive, high-end-specification and energy-efficient displays with the increasing use of technologies like AMOLED, OLED and more. Although the extended lockdown following the pandemic has been detrimental for the semiconductor industry in general, the industrial display system market can quickly recover thanks to the support given by the governments in the form of financial aid and lenient tax measures.
Since the COVID-19 outbreak, manufacturers have been shifting their units to lesser affected locations, leading to higher resiliency of the supply chains. To cite an instance, LG Display and Samsung Electronics have moved their manufacturing plants to affordable locations such as Korea, Vietnam, Mexico, along with many other countries in Southeast Asia. In addition, consumer electronics and automotive vendors have begun manufacturing masks, preventive kits and ventilators with innovative display systems to deal with COVID-19. For instance, in March 2020, reports revealed that Ford has entered into a partnership agreement with GE Healthcare and 3M to manufacture ventilators and respirators with advanced display system for the battle against the novel coronavirus.
Industrial display system market can be categorized as display type, technology, application, along with end-user.
The primary display types outlined in the study are flexible, transparent and flat panel. The accelerated demand for larger displays and higher resolution in mobile phones has led to the significant demand for flat panel displays. The demand for flat panel displays could be further bolstered by the rampant growth of the consumer electronics industry, surge in technical innovations in top-quality displays coupled with the continuous drop in the display prices across the world.
OLED, LED-backlit LCD, laser phosphor display (LPD), interferometry modulator display (IMOD) and quantum dot LED are the top technology-wise market segments.
TV & digital signage, smartphone & tablet, gaming consoles, E-readers and vehicle and public transport are some of the prime application areas of industrial display systems. Between these, the application display systems is the highest in the smartphone and tablet market, on account of the rising deployment of the water-resistance technology coupled with the soaring preference for gesture recognition as well as human-centric functions.
Industrial display system market has been considered for automotive, aerospace, consumer electronics, retail, healthcare and government and defense, on the basis of end-users.
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MRFR has captured the latest industrial display system market size along with the prominent trends that can gain traction in Asia Pacific or APAC, North America along with Europe and RoW or Rest of the World between 2017 and 2023.
At present, the worldwide leader in the global market is North America, which could be the outcome of the high spending that goes on advanced HMI devices and IIoT applications. Moreover, in a bid to find a COVID-19 breakthrough, the demand for innovation display systems has risen in the healthcare sector, especially in medical devices such as respirators and ventilators, which can have a huge impact on the North American market in a positive way.
The MRFR study confirms promising growth for the European market for industrial display system. The market attractiveness has been boosted by the rising uptake of IIoT/industrial internet of things combined with the soaring demand for multi-featured Human Machine Interface/HMI devices and the increasing demand for smart industrial displays
Japan, South Korea and China are the leaders in the APAC market for industrial display systems. The expanding manufacturing and power generation industries in the region have been conducive to the market growth. The extensive concentration of leading manufacturers headquartered in the region also provides lucrative opportunities.
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