Asia Pacific UHD/4K Panel market share catered for over 20% of the overall industry in 2015 and is set to hit a CAGR of 11.6% over 2016-2024. North America 4K panel market, led by the U.S., is estimated to generate a revenue share of over USD 19 billion by 2024. The regional growth is subject to huge tech-savvy consumer base and intensive adoption of HD technologies.
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The increasing number of platforms offering higher resolution of HD content will further expand UHD panel industry growth. Moreover, government initiatives to minimize custom duties particularly in India and China and the dropping prices of 4K panels will stimulate UHD/4K Panel market over the coming years. UHD/4K Panel market is estimated to grow at a rate of 11% over the period of 2016-2024.
OLED technology leads the UHD/4K Panel market owing to the rising integration of these equipment in mobile phones and tablets. LCD segment is anticipated to hit approximately USD 18 billion by 2024. Use of light modulating properties and low power consumption is likely to propel the LCD technology demand in the forecast time frame.
Heavy investments made in R&D have shown impressive results in the form of improved technology. The adoption of LED technology has led to an improvement in displays for screens and devices. Furthermore, the development of 8K technology, offering higher resolution may provide considerable growth opportunity to the industry players. However, the availability of substitutes which are placed at lower costs compared to the cost of UHD will act as a major restraint factor for the UHD/4K Panel market.
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Retail is another booming sector which has been penetrated by the UHD technology. This is undoubtedly helping retailers to display their products with minute details and supreme clarity. A memorable shopping experience with UHD displays owing to its superior quality is attracting larger consumer base, thus driving UHD/4K Panel market. Digital display screens market worth USD 4 billion in 2015 is set to witness a significant growth curve, owing to rising demand from the advertising and publishing sectors. The growth of digital signage market due to rising commercial application in advertising is also worth noticing.
Televisions are dominating the UHD/4K Panel market owing to the surging use of these high-resolution devices in television. The increasing demand can be attributed to the excellent picture quality to enhance consumer viewing experience. Additionally, digital display screens are expected to witness a rapid growth over the projected timeline. Growth in this segment stems from the growing demand for signage publishing and advertising coupled with the extensive use of UHD displays in digital applications including cinema complexes, music, and sports events.
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The major players for UHD/4K Panel market include Dupont, SFA Engineering, XMOS, Yurui Chemical Co., Ltd., Aixtron AG, IPS Alpha Technology, Ltd., and SNU Precision. The key players are adopting various strategies to sustain and compete in the industry such as launching new technologically advanced products and having strategic partnerships to have maximum profit.