Delray Beach, FL, Dec. 11, 2024 (GLOBE NEWSWIRE) -- The global display market size is expected to reach USD 173.7 billion by 2029 from USD 135.2 billion in 2024, growing at a CAGR of 5.1 % during the forecast period from 2024 to 2029.
A display is an output device that is used to represent information-textual, pictorial, or graphical. Display panels are used in devices such as television sets, PCs, notebooks, and smartphones. Display panels use various technologies such as liquid crystal display (LCD), organic light-emitting diode (OLED), direct-view LED, micro-LED, and quantum dot display, and others, which mainly include e-paper displays, liquid crystal on silicon (LCOS), digital light processing (DLP), and projection cubes. Display panels are mainly available in three distinct sizes, namely, microdisplays, small & medium- sized panels, and large panels. A display is a device designed to help users with access to information for wayfinding, self-check-in, product availability at a department store, and patient details.
Top Display Companies
The prominent players in the display technology industry are :
- SAMSUNG DISPLAY,
- BOE Technology Group Co., Ltd.,
- LG Display Co. Ltd.,
- AUO Corporation, and
- Innolux Corporation
- Rising adoption of IoT applications in industrial display market to propel the display market growth in Asia Pacific region.
- New product launches, acquisition, partnership and collaborations are expected to offer lucrative growth opportunities for the market players during the forecast period.
- The display market in Asia Pacific is projected to grow at the highest CAGR of 5.4%, from 86.1 USD billion in 2024 to 112.1 USD billion by 2029, during the 2024- 2029 period.
- Rising adoption of flexible and foldable display is driving the demand of display market
- Driver: Robust application of displays in automotive and healthcare industries
- Restraint: Decline in demand for displays in retail sector due to drastic shift towards online advertisement and shopping
- Opportunity: Increasing adoption of AMOLED displays, especially post 5G rollout
- Challenge: High costs associated with new display technology-based products
The consumer electronics segment currently leads the display market and is expected to have the largest market share in the forecast period.
The consumer electronics market has seen a surge in demand for high quality and high-resolution displays in recent years. Organic light emitting diode OLED and liquid crystal display LCD dominate the market. Nevertheless, other display technologies such as micro-LED, quantum dot displays, and mini-LED are gaining popularity due to their superior picture quality, high contrast ratio, and energy efficiency. OLED displays are becoming more popular, especially in the high-end smartphone and TV markets, because they're thin, flexible, and bright. OLED displays have higher contrast ratio and viewing angles than LCDs. The high-end TV market is shifting from LCD technology to LCD due to this change.
LCD display technology is predicted to have the largest market share in the forecast period.
Liquid crystal display technology is widely used in modern display devices such as televisions, computer monitors and smartphones. An LCD is a liquid crystal that has been electronically modified to pass or block light. The lens is comprised between two flexible electrodes and two polarizing filters, and the alignment of the lenses determines how much light passes through the display, three subpixels are used on LCD displays to create colors, each with a color special filter-red, green, and deep. By changing the intensity of each subpixel, the display can produce millions of colors.
Display market for the Asia Pacific region is predicted to have the highest market share between 2024 and 2029 forecast.
Asia Pacific has emerged as an attractive market for manufacturers of smartphones, tablets, laptops, and televisions. Asia Pacific is the key consumer and producer of display panels. The display devices advancement at an unpredictable pace and the new technology is being rapidly adopted in Asia Pacific region. Some of the key companies in Asia Pacific region include SAMSUNG DISPLAY, LG Display Co., Ltd., Sharp Corporation, BOE Technology Group Co., Ltd., Sony Group Corporation, TCL China Star Optoelectronics Technology Co., Ltd., and many others.
Aerospace and Defense is expected to grow at the highest CAGR during the forecast period.
Display technology became more important in the aerospace and defense industries due to the demand for advanced visualization systems in applications areas such as mission control centers, aircraft cockpits, and navigation systems. The need for high-resolution displays with features such as ruggedness, touchscreen interfaces, and night vision compatibility is driving the growth of the display technology market in this sector.
Future of Market
The future of the display market is highly promising, with projections estimating growth to $173.7 billion in 2029 from $135.2 billion by 2024. Key advancements in display technologies such as OLED, Micro-LED, and direct-view LED are driving this growth, alongside increasing demand for high-resolution, energy-efficient panels across consumer electronics, automotive, healthcare, and retail industries. Emerging trends like flexible and foldable displays, as well as enhanced AR/VR applications, are expected to revolutionize user experiences in various verticals.
Asia-Pacific is poised to remain a dominant region due to its strong manufacturing base and consumer demand, while significant opportunities also arise from the integration of display technologies in smart devices and IoT ecosystems globally. Major players like Samsung Display, LG Display, and BOE Technology are leading innovation in this space, solidifying the display market's evolution toward more immersive and efficient solutions
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