IGZO Display Market

IGZO Display Market Overview

Global indium gallium zinc oxide (IGZO) display market is estimated to value US$ 4 Bn by the end of 2032. The sales of IGZO displays are expected to surpass US$ 2.5 Bn by 2022, exhibiting growth at an exponential CAGR of 12.8% over the forecast period 2022-2032. Shifting manufacturer preference from using In-Plane-Switch (IPS) display to IGZO displays for consumer electronic products is driving the growth in the market.

IGZO is a crystalline, transparent, thin film transistor (TFT), comprising semiconductor materials such as Indium, Gallium, Zinc, and oxygen. These displays are considered as highly efficient thin film transistors incorporated in organic light-emitting diode (OLED) panels and flat panel displays. IGZO displays are gaining immense popularity across sectors such as consumer electronics, owing to their ability to overcome the traditional limitations posed by silicon technology.

Hence, these displays are extensively adopted in devices such as television, computers, laptops, smartphones, and tablets among others.

The market for displays was predominantly led by low-temperature polysilicon (LTPS) LCD and Amorphous Silicon (a-Si), collective accounting for the largest percentage of the laptop and smartphone displays market. However in past few years, the market for IGZO technology is exhibiting robust growth, owing to its favorable attributes such as higher resolution, reliability, and power efficiency.

Which are Some Prominent Drivers Spearheading IGZO Display Market Growth?

With the trend of miniaturization making deeper inroads across diverse industries, industry players are aiming at reducing the size and weight of their products while ensuring the delivery of superior performance.

As IGZO displays provide the ability to decrease the size without affecting the resolution or performance, they are increasingly gaining traction across industries such as consumer electronics, healthcare, industrial, and automotive, which is in turn, driving the growth in the market.

Advancements in IGZO displays are increasingly enhancing their performance and making them more efficient for various applications. IGZO displays with high electron mobility and sensitivity sensors are creating new opportunities across various fields. For instance, IGZO displays are now being used in medical devices for powering displays of high-sensitivity medical sensors that can transform X-ray images into high-resolution images.

In addition, surging adoption of wearable devices such as smartwatches and bands, owing to the emergence of the internet of things and growing demand for support touch-sensitive displays such as IGZO displays for these devices is expected to augment the growth in the market.

What are the Challenges Faced by the IGZO Display Market?

IGZO display requires expensive and rear earth metals such as gallium and indium for manufacturing. Also, complex processes required for manufacturing IGZO displays further result in increasing the cost of IGZO display panels.

Although IGZO display provides faster response time and higher resolution as compared to a-Si displays, it offers lower uniformity of electron mobility, low voltage sensitivity, and lesser response time than IPS LCD and TN technologies. Hence, increasing customer inclination towards adopting IPS LCD and TN display panels for products such as television, monitors, and others is hindering the sales of IGZO displays.

Will Asia Pacific Excluding Japan Emerging as an Attractive IGZO Display Market?

Asia Pacific excluding Japan is forecast to register the fastest growth in the global IGZO displays market between 2022 and 2032.

With increasing demand for display devices with high resolution, power efficiency, and touch sensitivity across countries such as China, India, Australia, and others, numerous consumer electronics industry players are increasingly focusing on launching novel products to capitalize on such opportunities.

For instance, in 2021, TCL, a Chinese consumer electronics company, announced launching the first 85-inch 8K 120Hz TV in the World at the World Display Industry Conference. The TV features a 1G1D high-end LCD display based on IGZO technology and offers a contrast ratio of more than 5000:1 with 30% of lower power consumption than similar size TVs. A multiplicity of such new product launching is expected to accelerate the sales of IGZO displays in the Asia Pacific excluding Japan market over the forthcoming years.

Nikhil Kaitwade

Principal Consultant

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How is North America Contributing to the Growth of the IGZO Display Market?

FMI reveals that North America is anticipated to emerge as a highly lucrative market for IGZO displays over the forecast period 2022-2032.

A significant rise in smartphones and laptop penetration is being witnessed, especially across the countries such as the U.S. and Canada, owing to the increasing usage of internet and growing gamer population. For instance, according to the GSM Association, nearly 323 million people are reported to be using smartphones in North America, representing around 81% of the population across the region in 2020.

With this surge in smartphone adoption and emergence of upcoming 5G technology, numerous industry manufacturers are aiming at launching novel smartphones with innovative features such as 5G compatibility and IGZO displays. This is expected to facilitate the growth in the IGZO displays market across North America.

Market Competition

Some of the leading players in the IGZO displays market are Sharp Corporation, Sony Corporation, Apple Inc., Asus, Samsung Group, LG Electronics, Fujitsu, AU Optronics, and others.

Attributed to the presence of such high number of participants and growing research and developments (R&D) activities for innovation in IGZO technology, the market is highly competitive.

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Report Of Scope

Key Segments Profiled in the IGZO Display Market Survey

By Product Type:

• Smartphones
• Televisions
• Tablets
• Laptops
• Wearable Devices
• Monitors
• Wall Size Displays
• Others

By Application:

• Automotive
• Consumer Electronics
• Healthcare
• Industrial

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East and Africa