- Healthcare, as per a Markets and Markets report, is exhibited to have positive growth in display panel market, by end-user industry, during forecast period
- The display panel industry for PCs, monitors, and tablets is expected to grow at a high CAGR from 2020 to 2025
The COVID-19 impact on display panel market size is projected to grow from USD 107 billion in 2020 to reach USD 152 billion by 2025, at a CAGR of 7.3 per cent. The estimation for 2020, as per a recent report by Markets and Markets, is down by 26 per cent compared to the pre-COVID-19 estimate.
“The display panel industry for PCs, monitors, and tablets is expected to grow at a high CAGR from 2020 to 2025. An increase in working from home and online activities meant a rise in demand for products such as monitors, laptops, and tablets,” read the report.
Healthcare exhibited to have positive growth in display panel market
The healthcare industry utilizes different types of display products, such as embedded display devices, in medical equipment for imaging, radiation therapy, and angiography. This industry also demands large-format displays and AR/VR HMDs. Large-format displays are used in the healthcare industry for displaying advertisements, appointments, and other medical information. This will increase the demand for medical displays and large screens.
In the healthcare industry, AR/VR devices play an important role in enabling doctors to train assistants in surgery. Additionally, medical students can use AR/VR headsets to receive personalized training; students can use AR headsets to practice medical procedures. This allows students to study and practice even from home.
Thus, it would increase the demand for AR/VR devices, which would enable display manufacturers to encash this opportunity. Because of this, the post-COVID-19market for display panels is expected to register a larger market size in 2020 than that of in 2019.
Demand for PC monitors and tablets would increase amidst pandemic crisis
The display panel industry for PCs, monitors, and tablets is expected to grow at a high CAGR from 2020 to 2025. An increase in working from home and online activities meant a rise in demand for products such as monitors, laptops, and tablets.
Also, several educational institutions have embraced e-learning as a way to bridge the gap between tutors and students/pupils while complying with the lockdown being enforced in most of the countries. Thus, the demand for display panels for laptops and tablets is high, which is boosting the revenue stream of display manufacturers. However, its growth rate is expected to be above the growth rate estimated for the pre-COVID-19 market.
More factors driving the growth in market
Factors that drive the growth of the post-COVID-19 display panel market include the growing acceptance of the work-from-home norm, rising focus of regional financial institutions to design fiscal policies for keeping the display market floating during the COVID-19 crisis, shifting manufacturing units to less affected regions, increasing demand for 4K and 8K displays with the availability of UHD content, surging adoption of OLED displays in smartphones and rising demand for flexible display panels, increasing investments for the construction of new OLED and LCD panel manufacturing facilities.
The booming automotive displays industry and increasing focus on the development of energy-efficient, attractive, and high-end-specification display products using advanced technologies such as OLED and AMOLED are the other key factors that foster the demand for display panels.