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Global UHD/4K panel market size is slated to exceed US$44.41 billion by 2024, according to Global Market Insights, Inc. Ultra-high definition (UDH) and 4K displays have been among the fastest emerging trends in the world of TVs. With ultra-high picture resolution, exceptional color fidelity, and an extensive dynamic color range, these technologies are experiencing rapid adoption across digital applications in media, broadcasting, and entertainment sectors such as sports events, cinema complexes, music events, and others.
LG Display Co. Ltd, Toshiba Corporation, Sony Electronics, Inc., Panasonic Corporation, Hisense Group Co. Ltd., and Samsung are some of the leading developers in the space. In January 2020, Panasonic Corporation had launched the world’s first high dynamic range (HDR) capable UHD VR glasses that feature a micro OLED panel.
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In terms of the technology, LED/OLED panels are likely to capture more than 45% market share by 2024, growing at a healthy CAGR of 8.8%. The display technology is being increasingly integrated to portable smart devices such as smartphones and tablet.
On the other hand, LCD panels industry size was valued at US$9.5 billion in 2015 and is expected to witness notable growth in the future. These panels are widely preferred in display applications owing to optimized energy consumption compared to other technologies, which can be linked with excellent light modulating properties of liquid crystals.
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The demand for UHD/4K display panels across digital display screen application is likely to grow at a CAGR of 11.7% CAGR through 2024. The technology is being extensively being implemented in modern digital display applications such as musical events, cinema complexes, and sports, events.
Meanwhile, the adoption UHD/4K panel market across television application will grow at an 8.5% CAGR through 2024. The television industry has been among the leading adopters of the technology over the past few years, and will continue to lead innovation in the space, with growing consumer inclination towards larger television screens and superior picture quality for an enhanced viewing experience.
Asia Pacific is expected to capture a substantial share of the industry by 2024, with the presence of major electronics companies and OEMs in the region. The region is among the world’s largest manufacturers and exporters of electronic gadgets and appliances. Increasing popularity of advanced display technologies among consumers will complement the regional outlook.
The region is witnessing growing implementation of these display technologies across numerous sectors including retail, hospitality, corporate, commercial, and government. The need for high-quality display technologies across media, gaming, and entertainment sectors will provide regional manufacturers with promising opportunities.
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Excessive costs associated with UHD/4K display panels may limit their sales to certain extent, as consumers have a wide range of other options to choose from. However, manufacturers are focusing on incorporation of additional features and functionality into their products and introducing them at an affordable price range. These trends along with growing integration of the technology in televisions, smartphones, digital cameras, personal computers, and other consumer electronics gadgets will positively influence the industry outlook.
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