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COVID-19 Impact on Display Panel Market

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COVID-19 Impact on Display Panel Market

June 03
18:52 2020

Post-COVID-19, the global display panel market is projected to grow from USD 107.0 billion in 2020  to reach USD 152.0 billion by 2025, at a CAGR of 7.3%. The estimation for 2020 is down by ~26% compared to the pre-COVID-19 estimate.

 

Factors that drive the growth of the post-COVID-19 display panel market include growing acceptance of the work-from-home norm, rising focus of regional financial institutions to design fiscal policies for keeping the display market floating during the COVID-19 crisis, shifting manufacturing units to less affected regions, increasing demand for 4K and 8K displays with the availability of UHD content, surging adoption of OLED displays in smartphones and rising demand for flexible display panels, and increasing investments for the construction of new OLED and LCD panel manufacturing facilities. The booming automotive display industry and increasing focus on the development of energy-efficient, attractive, and high-end-specification display products using advanced technologies such as OLED and AMOLED.

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PC monitors and tablets are emerging products amidst pandemic crisis in display panel market, by segment, during forecast period

The display panel industry for PC monitors and tablets is expected to grow at a high CAGR from 2020 to 2025. An increase in working from home and online activities meant a rise in demand for products such as monitors, laptops, and tablets. Also, several educational institutions have embraced e-learning as a way to bridge the gap between tutors and students/pupils while complying with the lockdown being enforced in most of the countries. Thus, the demand for display panels for laptops and tablets is high, which is boosting the revenue stream of display manufacturers. However, its growth is expected to be above the growth estimated during pre-COVID-19.

 

Healthcare is exhibited to have positive growth in display panel market, by end-user industry, during forecast period

The healthcare industry utilizes different types of display products, such as embedded display devices, in medical equipment for imaging, radiation therapy, and angiography. This industry also demands large-format displays and AR/VR HMDs. Large-format displays are used in the healthcare industry for displaying advertisements, appointments, and other medical information. This will increase the demand for medical displays and large screens.

 

In the healthcare industry, AR/VR devices play an essential role in enabling doctors to train assistants in surgery. Additionally, medical students can use AR/VR headsets to receive personalized training; students can use AR headsets to practice medical procedures. This allows students to study and practice even from home. Thus, it would increase the demand for AR/VR devices, which would enable display manufacturers to encash this opportunity. Because of this, in the post-COVID-19 scenario, the demand for display panels is likely to be high in 2020 in comparison with 2019.

 

Consumer industryis expected to be revived earlier than any other sectors in display panel market due to increase in shipments of smartphones by end of 2020

Smartphones and televisions are crucial devices that extensively use LCD panels and OLED display panels. Smartphones, TVs, and smart wearables (especially smartwatches and VR HMDs) would be the major product categories accelerating the growth of the consumer market before COVID. The rise in the need for remote and flexible working in businesses across the world is also one of the contributing factors leading to an increase in demand for laptops and supporting accessories. In the short term, with the outbreak of COVID-19, the market for 5G smartphones is likely to witness a sharp decline. However, companies such as Huawei are planning to launch 5G technology-based products, specifically affordable 5G phones, which is expected to boost the demand for displays in smartphones in the future.

 

Education industryis expected to be least impacted after healthcare industry in display panel market

Remote working and online education applications create a strong demand for laptops in COVID-19 during office and school shutdown, whereas the demand for AR/VR devices is likely to fall. The deployment of online collaborative learning models will positively impact the market for laptops and tablets in the coming 3 to 4 months. In higher education, many universities and colleges are replacing traditional exams with online assessment tools. This would increase the demand for display panels, increasing the revenue of display manufacturers.

 

 

 

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