8K technology market is expected to grow at a CAGR of 55.5% during the forecast period of 2021-2031. The 8K Technology refers to the image resolution, with a size of 8000 pixels. The image resolution is usually used in the production of detailed color applications. 8K UHD (Ultra-High-Definition) is the highest resolution measuring 7680 × 4320 pixels defined in the Rec.
2020 standard. It provides the visualization of the image with an improved angle and high clarity. Technological advancement is being observed in the past few years with increasing demand for UHD screen or display among end users, due to enhanced picture quality, brighter colors, and image depth.
Increase in the use of 8K UHD screen or display in television is one of the major factor responsible for the market growth. Rise in the demand from end-users for UHD screen or display owing to its technological advancements has been observed in the past few years, which is boosting the market growth. Moreover, 8K technology display devices are gradually increasing in all the industries which include of medical, entertainment, and sports, among others.
On the basis of end-user, the market for 8K technology is segmented into consumer electronics, commercial applications, and healthcare & medical. Out of which consumer electronics is anticipated to hold the largest share of the global market.
The growth of the segment can be attributed to the increasing demand for larger-sized TVs with improved picture quality, brighter colors, image depth, and higher resolution has been directly impacting the growth of 8K technology market during the forecast period. Consumer electronic segment is anticipated to increase the demand of consumer goods such as monitor, television, and notebooks. Therefore, consumer electronics is expected to hold the largest share of the 8K technology market.
North America is one of the largest markets for 8K technology across the globe. The growth in the region is majorly attributed to the growing demand of the larger-sized TVs with improved picture quality, brighter colors, image depth, and higher resolution. Also, rising expenditure in the R&D within the region is responsible for the market growth.
Moreover, North America happens to be the most rapidly changing and competitive market across the globe. Besides, the region is also expected to adopt new technologies at a faster pace as compared to other countries across the globe.
Asia Pacific is anticipated to hold the largest market share of the 8K Technology during the forecast period followed by North America. The major factor responsible for the growth in this region is increasing demand for high clarity display devices coupled with technology advancement in the region.
Additionally, presence of the major companies is also responsible for the market growth in the region. Furthermore, the increasing number of manufacturing bases in the region is driving the sales of 8K technology display devices in the region.
Some of the leading manufacturers of 8K technology market are
The key players operating in the market are focused on acquisitions, partnerships, and new product launches in order to strengthen their presence and enhance their product portfolio in the market. For instance, in October 2020, LG Electronics and luxury Italian designer furniture and Molteni & C S.P.A collaborated on various joint projects which includes the events on behalf of LG signature brand. The collaboration started by incorporating LG SIGNATURE OLED (Organic Light-Emitting Diode) 8K TVs into key Molteni properties across the globe.
Also, in September 2020, JVCKENWOOD Corporation progressed its Native 4K and 8K e-shift projectors with a performance upgrade that automatically fine-tunes HDR (High-Dynamic-Range Imaging) based on the specific home theatre environment. Product launches and development is one of the key strategy adopted by the company. The company serves its customers across the globe and has stood among the top electronic companies.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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