Screen Panels market trends in 2021
Global Display screen panels market to experience rapid growth in the market during the forecast period. Asia-Pacific region is set to dominate the market due to the presence of manufacturing units. Various players working on helping the market grow further.
New York, USA, May 12, 2021 (GLOBE NEWSWIRE) — A report was recently published by Research Dive titled, “Display Panel Market, By Type (LCD, OLED), By Product Type (Rigid, Flexible, and Foldable), Application (Tablets and Mobile Phones, Television, Digital Signage, Automotive, Others), Regional Outlook (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2019–2027”.
The global display panel market is set to garner revenue of $1,19,339.1 million in 2027, rising from $52,151.8 million at a CAGR of 10.5%.
Increasing demand for display panels for various electronic devices is predicted to be the major driving factor for the display panel market in the forecast period. Display panels are mostly used in various devices such as television, smartphones, smartwatches, infotainment systems in automobile,s and many more. The advancement in technology for flexible panels is predicted to be one of the major driving factors for the display panel market in the forecast period. Many manufacturers are focusing more on developing a variety of products for the consumers, which is predicted to create more investment opportunities in the market during the forecast period. For instance, Nubia’s launched a 4-inch flexible smartphone that can be adjusted on your wrist and can function as a phone as well as a watch at the same time.
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The production cost of display panels is very high which is predicted to be the biggest restraint for the display panel market in the forecast period. Due to the increase in the production cost the average selling price of devices increases, which affects the profitability of the manufacturer and is predicted to hinder the market growth in the forecast period.
OLED sub-segment is predicted to grow by generating a revenue of $ 90,079.4 million by 2027 at a CAGR of 13.9% in the forecast period. The rise in the demand for OLED screens for the manufacturing of various electronic devices is predicted to drive the sub-segment market in the forecast period. Moreover, the advanced technology in OLED is predicted to create more investment opportunities in the forecast period.
Screen Panels Regional Analysis
The Asia-Pacific market is predicted to witness significant growth with revenue of $19,306.6 million at a CAGR of 12.5% in the forecast period. The rising numbers of manufacturing units and industries have helped in pushing the market further towards growth.
Key Market Segment
- By type, the OLED sub-segment is set to dominate the market with a revenue of $31,001.0 million at a CAGR if 13.9% in 2019. This is due to the rising demand from consumers to implement OLED screens in varied devices such as televisions, smartphones, and more.
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- By product type, the flexible panel sub-segment is predicted to see significant growth with a revenue of $35.726.0 million at a CAGR of 11.7% in 2019. The need to implement lighter yet durable panels that are also thinner in dimensions is preferred today, which has added to the growth of the market.
- By application, the smartphones and tablet sub-segment is set to witness a boost in revenue of $34,259.1 million at a CAGR of 9.9%. Most of the audience today use smartphones today due to which there’s a rise in demand. This has been acting as the driving factor for the sub-segment.
Market Dynamics
The use of OLED and LED screens in various electronic devices are due to the rising demand from consumers. The need to provide better quality images, leading to the production of better quality equipment has helped the industry grow further.
With the panels of the screens getting thinner, it risks the chances of damage without the appropriate professional help. The complicated process along with the high cost of production can be a hindrance to the growth of the market.
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Key Players and Strategies
As per the report, some of the key players of the industry are –
- Chunghwa Picture Tubes, Ltd
- Panasonic Corporation
- Japan Display Inc
- AU Optronics Corp
- SAMSUNG
- Hannstar Display Corporation
- BOE Technology Group Co
- SHARP CORPORATION
- Innolux Corporation
- LG Electronics.
The report also summarizes many important aspects including the financial performance of the key players, SWOT analysis, product portfolio, and recent strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Financial Status –
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