UHD/4K Panel Market size is expected to reach USD 44.41 billion by 2024, according to a new research report by Global Market Insights.
According to Global Market Insights' report, the global UHD panel market size is poised for growth owing to the growing demand for these displays from numerous sectors such as hospitality & retail, corporate, commercial government and sports venues. Features such as high resolution as well as superior color fidelity are expected to propel growth over the next eight years. Rising integration of these systems into numerous consumer electronic devices, such as digital cameras, smartphones, televisions and personal computers, is expected to boost demand through 2024.
Rapid technological advancements are likely to result in the incorporation of several value-added features in these components. Furthermore, the advent of economical products may offer 4K panel market with potential growth avenues over the forecast timeline.
Escalating applications of these devices across media & broadcasting sector are predicted to positively impact UHD panel market share. In addition, various attributes, such as extensive color gamut, high picture resolution, and wide dynamic range, are anticipated to help new genres & entertainment field over the next eight years.
Surging adoption across various sectors, such as advertising and publishing & signage, is predicted to catalyze the industry demand. Escalating product implementation in digital applications, such as sports, music events, and cinema complexes, is expected to favorably impact 4K panel market size over the forecast period. However, high costs associated with these are likely to motivate consumers for opting substitutes, such as LEDs and LCDs, and is predicted to hamper growth over the forecast timeline.
Further predictions include the LED/OLED segment, forecasted to account for over 45% of the overall industry shipments by 2024, growing at a CAGR of 8.8% from 2016 to 2024. The report finds that the Asia Pacific 4K market share is projected to grow faster than the global average in the coming years, due to the existence of a large number of OEM manufacturers across the region. Rising customer awareness accompanied by the swift acceptance of advanced technology will prove beneficial for the North American industry.
Major industry players are anticipated to focus on enhancing product portfolio and innovation initiatives in order to gain traction.