Global Indium Gallium Zinc Oxide Market - Segmented by Application (Smartphones, Tablets, Wall Mounted Displays, Wearable Devices, Televisions, Laptops, Monitors) and Region - Growth, Trends, and Forecast (2018 - 2023)
The global indium gallium zinc oxide market is growing at a CAGR of at a CAGR of 12.5% over the forecast period (2018 - 2023). The report is segmented by application into smartphones, tablets, wall-sized displays, wearable devices, televisions, laptops, and monitors. While the regions considered in the report include North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
Increasing Demand for High-resolution Display is Driving the Market
In 2012, the indium gallium zinc oxide (IGZO) display technology was first incorporated into LCD panels. The following years saw the advent of consumer electronics, such as smartphones and laptops, featuring the same innovative technology display. Since 2012, the IGZO technology has had a rapidly increasing demand, for instance, the major players launched a few products, like Dell XPS 13 laptop from Dell Inc., Razer Blade 14 gaming laptop from Razer Inc., and iPad mini 2 & iPad Air from Apple, which featured IGZO display. With the industry trend and market clamor gearing towards high definition and power efficient display panels, IGZO has been the fastest fitting display till date, and the trend is expected to continue at the same pace during the forecast period.
Smartphones Have a Major Market Share
The increasing penetration of smartphones in emerging nations and the availability of smartphones at various price ranges are affecting the growth of the market. Connected technologies and cloud technologies are being integrated into smartphones, resulting in adoption from various verticals for business and industrial purposes. Global smartphone shipments have almost doubled in the last four years reaching a value of 1.4 billion in 2016 from 725 million units in 2012. IGZO’s are deployed in the devices to enable high-resolution display. IGZO technology supports smartphones, tablets, and wearable devices. Thus, the consumption of smartphones is growing, which is expected to drive the demand for IGZO in the industry.
Asia-Pacific Dominated the Market
Increasing usage of smartphones, tablets, and other electronic devices with the growing integration of BAW sensors in automobile applications in the developed and developing economies, such as US, China, South Korea, Japan, and India, are expected to witness substantial growth during the forecast period. North America followed the Asia-Pacific in this market, due to the presence of various key players in this region.
Europe and Latin America offer potential growth opportunities in the market due to the increasing demand for advanced technologies from various applications, this is expected to the drive the market in the regions.
Key Developments in the Market
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