Display Market is Expected to Grow from 157.8 Billion 2023 to reach 207.79 Billion in 2031 | SkyQuest Technology

WESTFORD, MASSACHUSETTS, UNITED STATES, July 11, 2024 /EINPresswire.com/ -- Display Market size was valued at USD 152.46 billion in 2022 and is expected to grow from USD 157.8 Billion in 2023 to reach USD 207.79 Billion by 2031, at a CAGR of 3.5% during the forecast period (2024-2031).

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With rapid technical breakthroughs and growing demand for advanced display technologies across the residential, commercial, and industrial sectors, the global display market is expected to rise significantly in the next years. Growing attention on sustainability and greater knowledge of energy-efficient display options are also contributing factors to this trend.

Due to growing demand for advanced display technology like OLED as well as high-resolution LCD panels, the global display market is growing. In addition, it is beneficial to note that flexible and transparent displays have been invented which will provide better user experience across different applications while improving smartphone, TV and automotive display usage.

Anticipating Future Demand as Samsung's Massive QD Display Investment Over Next 5 Years

The following are the key Display Trends that will shape the growth of the market in the next 5 years

• In April 2024, Samsung Display announced a $10 billion investment to ramp up production of quantum dot (QD) displays, anticipating heightened demand for high-color-accuracy screens in TVs and monitors. This move is expected to solidify Samsung's dominance in the premium display segment and drive technological advancements in QD technology.

• It was in June 2024 that Apple released details about the upcoming incorporation of MicroLED displays into subsequent products as opposed to conventional OLED technology. By doing this, they hope not only to increase screen performance levels using brighter light transmission and less electricity consumption but also to show the way in terms of MicroLED penetration into consumer electronics over the next few years.

LG Display's Transparent OLED Breakthrough Poised to Reshape Global Market Over the Next Ten Years

• LG Display unveiled a major transparent OLED technology breakthrough expected to drive the adoption of augmented reality (AR) and automotive displays in January of 2023. This new technology assures a change in user interfaces and design options and will create a path for lasting issues in transparent screens as a chief sector in the global market growth over the next ten years.

• BOE, a Chinese display manufacturer, announced in March 2023 that it plans on investing $ 20 billion into setting up production units for foldable displays to cater for an increased demand in the sector for smartphones and other wearable products. This venture will transform the face of consumer electronics by making foldable displays popular worldwide thus leading to tremendous growth of the markets by 2033.

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Sony's Mini-LED Breakthrough and TCL's QLED Rise Illuminate Display Markets

Sony recently said that they made progress when it comes to mini-LED technology in premium TVs that aim at having better contrast and brightness. Also, TCL-the Chinese company is expanding its market share through affordable QLED TVs for middle class clients. Increasingly too, e-paper displays found in e-readers and IoT devices led by companies such as E-Ink Holdings show growing distinct market. In the next few years, diverse paths lie ahead of the global display market that are indicated by these combined shifts towards mini-LED, QLED, and e-paper technologies that encourage market expansion and competitiveness for different products in the consumer electronics sector.

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Ascendance of Global Display Innovations Shaping Tomorrow's Vision

The rapid increase in technological innovations and growing consumer demand in various areas is driving growth in the worldwide display market. New developments in smartphones, TVs, automotive displays, and beyond are transforming how people use them thanks to OLED, QLED, MicroLED, and transparent OLED technologies. It shows a competition-centered field that will expand extensively when large companies like Samsung, Apple, LG, and BOE make wise investments. As sustainability and energy efficiency gain prominence, the market is set to grow robustly, driven by transformative developments such as mini-LEDs and foldable displays. The future promises a dynamic evolution where display technologies not only enhance functionality but also redefine how we interact with digital information.

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