Rising demand for display-based medical equipment, including ventilators and respirators, due to COVID-19 pandemic

Chicago, Oct. 31, 2022 (GLOBE NEWSWIRE) -- The report "Display Market Display Market by Product (Smartphones, Wearables, Television Sets, Signage, Tablets), Resolution, Display Technology (LCD, OLED, Direct-View LED, Micro-LED), Panel Size, Vertical, and Geography (2021-2026)", The global display market size was valued at USD 148.4 billion in 2021 and is projected to reach USD 177.1 billion by 2026. It is expected to grow at a CAGR of 3.6% during the forecast period. Surging adoption of OLED displays in various applications, increasing use of LED displays for video wall, TVs, and digital signage applications, growing demand for interactive displays in various applications, and rising demand for display-based medical equipment, including ventilators and respirators, due to COVID-19 pandemic are the key driving factors for the display market.

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The display market comprises major players such as Samsung Electronics (South Korea), LG Display (South Korea), Sharp (Foxconn) (Japan), Japan Display (Japan), Innolux (Taiwan), NEC Corporation (Japan), Panasonic Corporation (Japan), Leyard Optoelectronic (Planar) (China), BOE Technology (China), AU Optronics (Taiwan), and Sony (Japan). These top players have strong portfolios of display products and presence in both mature and emerging markets.

Samsung Electronics is a leading developer and manufacturer of electronics and computer peripherals. The company operates through four business segments, namely, Consumer Electronics (CE), Information Technology & Mobile Communications (IM), and Device Solutions (DS), which comprises semiconductor, DP, and Harman. The consumer electronics (CE) segment comprises cable television, monitor, printer, air-conditioners, refrigerators, washing machines, and medical devices, whereas information technology & mobile communications (IM) comprises handheld products, communication systems, computers, and digital cameras.

The device solutions business division comprises memory systems, large-scale integrated circuits, and light emitting diode. The Display Panels division designs and manufactures LED-LCD, QD-LCD, and OLED display panels. The Consumer Electronics (CE) and IT & Mobile Communications (IM) divisions fall under Samsung Research, which is the advanced research and development (R&D) hub of Samsung Electronics. The hub leads the development of future technologies with more than 10,000 researchers and developers working in overseas R&D centers.

LG Display is a leading player in the LCD display segment. It has expanded its manufacturing capabilities in recent years by installing new manufacturing plants for LCD and OLED panels. Recently, the company set up a new development center in China. LG Display offers a wide range of display panels for televisions, smartphones, tablets, desktop computers, automobiles, and smart wearables. It is focused on offering cost-competitive display products and maintains stable and long-term relationships with its customers. The company is more focused on the development of automotive OLED display panels for autonomous cars.

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Driver: Increasing use of LED displays for video wall, TVs, and digital signage applications

LED displays are among the most used type of display technology for various applications. It holds a larger size of the market as compared to other technologies. In recent years, the LED display industry has matured, but not in terms of innovation. One of the recent advancements in LED displays is the miniaturization of the parts needed to build an LED screen. Miniaturization has enabled LED screens to become ultra-thin and grow to huge sizes, allowing screens to rest on any surface, inside or outside. Applications of LEDs have multiplied, largely in part due to technological advancements, including enhanced resolution, greater brightness capabilities, product versatility, and the development of hardened surface LEDs and micro LEDs.

LED displays are also widely used for digital signage applications, such as for advertising, and digital billboards, which helps brands to stand out from the rest. For instance, in August 2018, Peppermill Casino in Reno, Nevada, mounted a curved LED digital signage video wall from Samsung. Thus, LED displays are widely used to improve customer experience. Some of the leaders in this field are Samsung Electronics (South Korea) and Sony (Japan), followed by LG Corporation (South Korea) and NEC Corporation (Japan).

Restraint: Decline in demand for displays from retail sector due to drastic shift towards online advertisement and shopping

Digital advertising is more sophisticated, personalized, and relevant now. Consumers spend more time online than before, and digital advertising offers an ideal way to reach multi-device, multi-channel consumers. Thus, online advertising has gained popularity in recent years. Moreover, the widespread availability of the internet has spurred tremendous growth in digital advertising. Increased spending on online advertising by various big players, such as Facebook and Google, is also a major factor for the heightened use of online advertising. Programmatic advertising is also gaining momentum. Programmatic advertising refers to the use of automated systems and data to make media buying decisions without human interference. Due to this, the demand for displays, which were earlier used for advertising products and brands in shops and in commercial places, has decreased significantly.

Opportunity: Growing adoption of foldable and flexible displays

Foldable displays have become popular in tablets, smartphones, and notebooks in recent years. Flexible display panels are bendable owing to the flexible substrates used to manufacture them. The flexible substrate can be plastic, metal, or flexible glass; plastic and metal panels are light, thin, and durable and are virtually shatterproof. Foldable phones are based on flexible display technology, which is built around OLED screens. Companies like Samsung and LG are mass-producing flexible OLED display panels for smartphones, television sets, and smartwatches. However, these displays are not exactly flexible from end users’ perspective; manufacturers bend or curve these display panels and use them in end products. Some of the major developers of foldable OLED technologies include Samsung and BOE Technology. In May 2018, BOE demonstrated several new technologies, including a 6.2-inch 1440x3008 foldable (1R) OLED display with a touch layer and a foldable 7.56" 2048x1535 OLED.

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Challenge: Hindrance in supply chain and manufacturing processes due to COVID-19

Many countries had imposed or are continuing to impose lockdowns to contain the spread of COVID-19. This has disrupted the supply chain of various markets, including the display market. Supply chain hindrances are creating challenges for display manufacturers in manufacturing and supplying their products. China is the worst-hit country in terms of display manufacturing due to COVID-19. The manufacturers were allowed only 70% to 75% of capacity utilization compared to the normal rate of 90% to 95%. For instance, Omdia Display, a display manufacturer in China, expects a 40% to 50% drop in its overall display production due to a shortage of labor, shortage of logistics support, and quarantine procedures.

Smart Display Market – Forecast to 2022-2027 Head-up Display Market - Forecast to 2022-2027

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