Global Monochrome Display Market to Reach USD 19 Billion in 2031 by Growing at ~12% CAGR during 2022-2031; Market to Grow on the Back of Rising Demand for Cost-Efficient and Energy Coherent Display Technology
New York, Aug. 05, 2022 (GLOBE NEWSWIRE) -- The electronics and robotics industry has been in the limelight in recent years. It was observed over the past decade that the number of industrial robots sold globally tripled, reaching 423,000 units in 2018 paving the electronics industry. Robot adoption is fueling the electronics industry, where monochrome displays are used widely. Industrial robot use is more common in nations with robust electronics industry, such as Japan, China, South Korea, Germany, and the United States. Seven times more than the global average, South Korea has about 940 robots per 10,000 manufacturing workers.
Kenneth Research has published a detailed market report on ‘Global Monochrome Display Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
As of 2021, the global spending on IT devices accounted to approximately USD 790 billion across the world. Monochrome displays find application in IT devices such as LCD monitors which is therefore predicted to induce market growth. The global monochrome display market is anticipated to reach a value of nearly USD 19 Billion in 2031 by growing at a CAGR of approximately ~12% throughout the forecast period, i.e., 2022 – 2031. The growth of the market can majorly be attributed to the rising demand for cost-efficient and energy-coherent display technology.
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Additionally, high utility of monochrome displays in electronic devices, such as, computers, smart watches, smart contact lenses, and digital cameras among others is expected to supplement optimistic growth as companies invest improve their offerings. In July 2022, Mojo Vision has announced its latest breakthroughs in AR-based contact lenses which has green monochrome properties in its display. Also, growing IT expenditure across the globe, and rising number of personal computers being shipped round the world are further expected to boost the market growth. For instance, approximately 344 million PCs were shipped around the world in 2021.
Furthermore, growing rate of internet penetration, and rapid growth of information technology industry across various developing and developed countries are anticipated to be prime factors to fuel the growth of the global monochrome display market. Monochrome displays are widely used in the IT industry. Monochrome displays are economical and are depicted to meet certain stipulation. As of 2019, there were nearly 23 billion devices connected to the internet around the globe. Moreover, the increasing digitalization of enterprises, on the back of higher dependency on technology, is estimated to boost the market growth. By 2025 the total expenditure on digital transformation globally is expected to hit around USD 2 trillion.
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Regionally, the global monochrome display market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in the North America region is expected to hold the largest share in the market throughout the projection period. This growth can be accredited to the increasing augmentation of modern technologies in severalindustries across the region, and the existence of diverse key players. Increasing disposable income per capita throughout the region further propels the market growth in the region. According to the data by The World Bank, disposable income per capita was USD 51,407 in the North America region in 2020. Furthermore, high adoption of technologically advanced products in the region, and growing R&D activities to develop products that improve user comfort by companies in the regional market are also propelling the growth of the market in the region.
On the other hand, followed by the North America region, Europe is also expected to attain a significant share during the forecast period in monochrome display market owing to proliferation of industries, such as medical, consumer electronics, gaming, and automotive in the region. Additionally, rising internet penetration among the individuals over the region is influencing the market growth in the region. According to the data by The World Bank, as of 2020, 85% of the individual population in the Europe region, used internet. Hence, these factors are predicted to boost the demand for monochrome displays in the projected years and estimated to be significant factors to fuel the market growth in the Europe region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global monochrome display market is segmented on the basis of display type into CRT display, LED display, and LCD display. Out of these, the LED segment backed by their high demand for application in gadgets such as digital watches, computers, digital cameras, advanced smartphones, and others. These displays are small in size and energy-efficient. They are further being used in car dashboards, which is also a factor driving the growth of the segment. Rapidly increasing sale of smartphones across the global is a significant factor to boost the growth of this segment. For instance, in 2021, approximately 1435 million smartphones were sold worldwide.
Furthermore, the global monochrome display market is segmented based on industry into consumer electronics, automotive, gaming, medical, manufacturing, and others. Out of these, the automotive segment is anticipated to hold a substantial market share over the forecast period on the back of rapid growth of automotive industry and increasing sale of vehicles. The International Energy Agency (IEA) reports that 43 million cars were sold globally in 2020, and that number is highly expected to rise over the projected period. Hence, this is anticipated to be an important factor to drive the growth of this segment over the forecast period.
The global monochrome display market is also segmented on the basis of screen type.
Global Monochrome Display Market, Segmented by Screen Type
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Some of the prominent players and their company profiling mentioned in the report include KYOCERA Corporation, BOE Technology Group Co., Ltd., AZ Displays, Inc. (Zettler Group), Ampronix Inc., EIZO Corporation, Japan Display Inc., Richardson Electronics, Ltd., Blaze Display Technology Co., Ltd., Microtips Technology, Inc., Phoenix Display International, Inc., and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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