Global Flat Panel Display Market is Anticipated to Grow at CAGR 5.8% During 2016-2023: Occams Business Research & Consulting Pvt. Ltd.
INDORE, India, September 18, 2017 /PRNewswire/ --
Electronic displays have come a long way from heavier cathode ray tube to be used in early computers & television sets to lighter and thinner flat panel display. With advent of smart phone in late 2000s, demand for interactive display technologies such as organic light emitting diode (OLED), active matrix light emitting diode (AMOLED), and thin film transistor (TFT-LCD) market have gained momentum, according to Society of Information Display. Since 2015, large interactive panels have gained attention amongst corporates and educational institutions. In 2016, more than 1.6 million large interactive display panels were sold globally and then demand is set to rise by an average of 15% according to OBRC analysis. Global flat panel display market is projected to rise at CAGR of 5.8% for the forecasted period 2016-2023. Rising demand for OLED based devices, expanding consumer electronics market, demand for energy efficient electronic products, are the factors driving global flat panel display market for the forecasted period. High cost with respect to new technology products, high production volumes of television and personal computer monitors resulting in saturation are the factors restraining global flat panel display market for the forecast period 2016-2023.
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Active Matrix Light Emitting Diode (AMOLED): Fastest growing market
AMOLED are similar to light emitting and thin film display technology wherein electroluminescent organic compounds are placed at the base layer. Compared to other display technologies AMOLED requires less power consumption and does not need any backlight. AMOLED is the fastest growing market in the technology segment, growing at a CAGR of approx. 22% per annum, according to OBRC analysis. The demand for AMOLED displays is primarily led by rising demand for smart phones and television industry. According to web technology editorial Android Authority, annual shipment of AMOLED display is expected to reach more than 600 million by 2018 increasing from 410 million in 2016. Presently, more than 50% of the total shipment of AMOLED displays is dedicated towards high specification smartphones. China, Japan, South Korea and Taiwan are leading manufacturers of AMOLED display technology across the globe, according to OBRC studies. Demand for AMOLED television panels is rising at a significant rate. More than 1.5million units of AMOLED TV panels are anticipated to be sold in 2017 as compared to 890,000 units in 2016 according to OBRC estimate.
Consumer electronics: Growth driver
Growing demand of consumer electronics is the fundamental growth driver of flat panel display technology. According to OBRC analysis, consumer electronics market across the globe is expected to grow at an average 14.5% per annum. By 2020, consumer electronics is expected to reach revenues of more than $3 trillion. The growth is led by rising demand for connectivity devices, high internet penetration rate, home appliances, increase in disposable income population especially in India and China, positive economic outlook, and new technology advances. As per OBRC research, global consumer electronics market during 2016-2021 will be driven surging demand for Internet of things (IoT) devices. Institute of Electrical and Electronic Engineers (IEEE) forum, forecasts that, by 2020 there will be more than 50 billion IoT devices across the globe. Smart phones will continue to dominate consumer electronic market across the globe in terms of revenue and volume sale. According to OBRC, estimates total shipment of smart phones is expected to touch 1.72billion in 2021, increasing from 1.51billion in 2017.
Asia Pacific: Fastest growing market
According to OBRC analysis, Asia Pacific is the fastest growing region in the flat panel display market for the forecast period 2016-2023 in terms of revenue, volume and sales. Growing demand for connectivity devices, high disposable income, increasing internet penetration rate, are some of the factors driving flat panel display market in Asia Pacific. Asia Pacific is the global engine for growth according to International Monetary Fund (IMF). In its report, Regional Economic Outlook for Asia and the Pacific IMF, regional economies in Asia Pacific will expand by an average 5.3% per annum (two-thirds of global growth). Growth is driven mainly by increasing consumer confidence, expanding electronics market and high manufacturing output. China, India, Japan, South Korea, Australia, Singapore, Malaysia and Indonesia are amongst the leading markets for flat panel displays in Asia Pacific according to OBRC analysis. China and India are the largest consumer electronic market in Asia Pacific, due to population pool, positive economic outlook, electronics manufacturing investment initiatives from government and expanding middle class. According to Indian Brand Equity Foundation, India is amongst the fastest growing electronic market with year on year growth estimated at 24% till 2022. IBEF states Indian electronic market to be a lucrative investment destination with revenues expected to reach $400 billion by 2022.
About Occams Business Research & Consulting (OBRC):
Occams Business Research & Consulting has been in the business (Market Research) for the past three years. OBRC, based in India, is formed by two women analysts, Shyamal Moghe and Sathya Durga, who started the company after years of working as analysts and project managers for companies such as Frost & Sullivan, Smart Analyst, etc. and have an excellent track record for the best customer satisfaction. You can see their professional profile on LinkedIn:
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