The Flat Panel Display Market was valued at USD 148.4 billion in 2020 and is projected to reach USD 177.1 billion by 2028, expanding at a CAGR of 3.6% during the forecast period, 2021 – 2028. The growth of the market is attributed to the increasing number of technological advancements across the globe.
Flat panel display is an electronic device that projects information such as images, videos, texts, and other visual content. It is far lighter and thinner than traditional cathode ray tube television set. Flat panel displays utilize numerous technologies such as light emitting diode (LED), liquid crystal display (LCD), and organic light emitting diode (OLED). These displays are mostly utilized in consumer electronic devices such as TVs, laptops, tablets, smart watches, and smartphones.
Flat panel displays are non-brittle, extremely thin, lightweight, and requires less power than conventional television sets. The emergence of advanced technologies has made panel displays to in several industry verticals, which include consumer electronics, retail, sports & entertainment, and transportation.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing use of LED displays for video wall, TVs, and digital signage applications drives the market growth.
- Rising technological advancements has increased flat panel displays penetration in the video games and entertainment industry, which spurs the growth of the market.
- Declining demand for displays from retail sector due to drastic shift toward online advertisement and shopping can impede the market growth.
- Growing demand for display-based medical equipment due to the COVID-19 pandemic, which includes ventilators and respirators, is one of the key driving factors for the flat panel display market.
- The hindrance in supply chain and manufacturing processes due to the pandemic impacted the growth of the market.
- Growing adoption of foldable and flexible displays is expected to provide the industry with potential growth opportunities during the forecast period.
Flat Panel Display Market Segment Insights
In terms of technology, the market is divided into OLED, quantum dot, LED, LCD, and Others. The LED segment is estimated to hold a significant share in the technology segment as LCD manufacturers are innovating the LED product line to sustain in the market. However, the OLED has various advantages over conventional display technologies such as its lightweight and flexible structure, enabling it to gain a major advantage over other segments.
Based on applications, the market is divided into smartphones & tablets, smart wearables, television and digital signage, PC & laptops, vehicle displays, and others. The smartphones & tablets segment is estimated to hold a large share of the market during the forecast period. The use of flat panel displays provides high quality, large size, and high resolution, which propels the demand for flat panel displays in this segment. The televisions and digital signage segment dominated the global flat panel display market in 2020, in terms of revenue. On the other hand, the PC & laptop segment is anticipated to exhibit a CAGR of around 8% during the forecast period.
On the basis of industry verticals, the market is segregated into healthcare, retail, BFSI, military & defence, automotive, and others. The automotive segment is anticipated to account for significant market share during the forecast period owing to demand for connected cars across the globe.
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