Report: 4K panel market size forecast to surpass $44.4B by 2024
The UHD/4K panel market size is expected to reach $44.41 billion by 2024, according to a new research report by Global Market Insights Inc.
The global UHD panel market size is poised for growth due to the growing demand for these displays from numerous sectors such as hospitality and retail, corporate, commercial, government and sports venues, the report stated. Features such as high resolution and superior color fidelity are expected to propel growth over the next eight years. Rising integration of these systems into numerous consumer electronic devices such as digital cameras, smartphones, televisions and personal computers is expected to boost demand through 2024.
Rapid technological advancements are likely to result in the incorporation of several value-added features in these components, according to the report. Furthermore, the advent of economical products may offer the 4K panel market with potential growth avenues over the forecast timeline.
Escalating applications of these devices across the media and broadcasting sector are predicted to positively impact UHD panel market share. In addition, various attributes, such as extensive color gamut, high picture resolution and wide dynamic range, are anticipated to help new genres and the entertainment field over the next eight years.
Surging adoption across various sectors, such as advertising, publishing and signage, is predicted to catalyze the industry demand, according to the report. Escalating product implementation in digital applications, such as sports, music events and cinema complexes, is expected to favorably impact 4K panel market size over the forecast period. However, high costs associated with these are likely to motivate consumers to opt for substitutes, such as LEDs and LCDs, and is predicted to hamper growth over the forecast timeline, according to the report.
Key insights from the report include:
- The LED/OLED segment is forecast to account for over 45 percent of the overall industry shipments by 2024 and is estimated to grow at a CAGR of 8.8 percent from 2016 to 2024. The growth in this segment can be attributed to the increasing integration of these devices into mobile phones and tablets.
- The LCD segment was valued at over $9.5 billion in 2015. Optimized energy consumption due to the light modulating properties of liquid crystals is expected to catapult UHD panel market size from 2016 to 2024.
- The television application segment is estimated to grow at over 8.5 percent CAGR in terms of volume from 2016 to 2024. The growth in the segment can be attributed to the rising use of these products in television systems. Furthermore, the growing demand for superior picture quality to enhance the customer viewing experience is expected to increase 4K panel market size through 2024.
- The digital display screen application segment is anticipated to grow at 11.7 percent CAGR from 2016 to 2024. The widespread implementation of digital applications in sports events, cinema complexes and music concerts is expected to drive revenue over the forecast time frame, according to the report.
- Asia Pacific 4K market share is projected to grow faster than the global average in the coming years. The growth in the region can be credited to the existence of a large number of OEM manufacturers across the region. Rising customer awareness accompanied by the swift acceptance of advanced technology will prove beneficial for the North American industry, the report stated.
- Major industry players include LG, Samsung Electronics, Panasonic, Sony Electronics and Toshiba. Other participants are Qingdao Haier Group, Sharp, Koninklijke Philips, Innolux, BOE Technology Group, AU Optronics and Hisense Group. The report said companies are anticipated to focus on enhancing product portfolio and innovation initiatives in order to gain traction.
Topics: 4K Ultra HD, Advertising, Banks / Financial, Corporate Communication, Customer Experience, Digital Billboards, Digital Merchandising, Display Technology, Distributors / Resellers, DOOH Advertising, Education / Schools, Emerging Technology, Entertainment Venues, Government, Hardware, Healthcare / Hospitals, Hotels, LED Signs, Logistics / Transportation, Mobile Interactivity, Outdoor Signage, Retail, Retail Digital Signage, Stadiums / Arenas, Trends / Statistics