Industrial Display Market Size to Reach USD 6.67 Billion by 2030; Rising Demand for Acoustic Surface Wave Technologies to Drive Growth: The Brainy Insights
NEWARK, N.J., Aug. 19, 2022 /PRNewswire/ -- As per the report published by The Brainy Insights, the global industrial display market is expected to grow from USD 3.98 billion in 2021 to USD 6.67 billion by 2030, at a CAGR of 5.91% during the forecast period 2022-2030.
Industrial displays have become more popular across industries due to their advanced features, which include touch screen panels, RFIDs, automatic touch detectors, and high-resolution output sources. Industrial displays are a great option for the manufacturing, maritime, and chemical industries due to their excellent resistance to increasing temperature, pressure, and other circumstances they will be subjected to in an industrial setting. The need for industrial displays in the market is driven by the integration of AI, HMI, robots, and IoT that successfully replace the manual process in industries and lower long-term costs.
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New technologies with better display, resolution, clarity, simplicity, & durable nature will provide lucrative opportunities for the market as better features lead to increased adoption & application across sectors. However, the high costs of installing industrial displays could hamper the market's growth. Furthermore, the growing trend of using low-grade industrial materials for manufacturing industrial displays to reduce production costs will hamper customer trust and reduce sales, thereby challenging the market's growth. Increased research and developments to innovate products with enhanced physical features, low production & retail costs will help the market overcome the restraints and challenges.
To enhance their market position in the global industrial display market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
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Market Growth & Trends
The growing digitization of the economy and increasing application of industrial display platforms across sectors will drive the growth of the industrial display market. The rising awareness about the effectiveness of industrial displays, the growing number of retail chains, and the increasing adoption of near-field communication ready systems are also expected to contribute to the market's growth. The development of new technological up-gradation by significant market players incorporating AI, AU, OLED, and DLPT to improve the clarity and durability of touch screen industrial displays will drive the adoption of Industrial displays in manufacturing, marine, retail, healthcare, restaurants, & hospitality. Industrial display systems allow customization according to client expectations, increasing the probability of grabbing customers' attention. Faster transactions & quick response time will improve customer experience and contribute to the growth of the Industrial display systems. The growing infrastructural development of airports, railways, and seaports to increase connectivity, trade, and mobility will increase the demand for industrial displays in these sectors. Similarly, the growth of the industrial, pharmaceutical and marine industries globally will augment the development of the industral display market.
The product type segment is divided into open-frame monitors, marine displays, rugged displays, panel-mount monitors, video walls, and others. In 2021, the panel-mount monitors' segment dominated the market with the largest market share of 36% and market revenue of 1.42 billion.
The application segment is divided into remote monitoring, digital signage, human-machine interface (HMI), interactive display, and imaging. In 2021, the human-machine interface (HMI) segment dominated the market with the largest market share of 37% and market revenue of 1.46 billion.
The technology segment is divided into LCD, OLED, E-paper, LED, and others. Over the forecast period, the OLED segment is expected to grow at the fastest CAGR of 9.7%.
The end-user segment is divided into manufacturing, energy & power, mining & metals, transportation, oil & gas, healthcare, and others. In 2021, the manufacturing segment dominated the market with the largest market share of 42% and market revenue of 1.65 billion.
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Regional Segment Analysis of the Industrial Display Market
Among all regions, the North American region emerged as the largest market for the global industrial display market, with a market share of around 38% and 1.50 billion of the market revenue in 2021. The Asia Pacific is expected to grow the fastest during the forecast period. The industrial display market in the Asia Pacific has been expanding rapidly. China dominates the industrial display market in the Asia Pacific. The region's growing population with rising disposable income will drive the demand in the retail, restaurant, hospitality, FMCG & entertainment sectors. The increased fiscal expenditure for developing the industrial sector will also augur well for the regional industrial display market. The increased presence of major market players is a positive development for the Asia Pacific industrial display market.
Key players operating in the global industrial display market are:
This study forecasts global, regional, and country revenue from 2019 to 2030. The Brainy Insights has segmented the global industrial display market based on the below-mentioned segments:
Global Industrial Display Market by Product Type:
Global Industrial Display Market by Application:
Global Industrial Display Market by Technology:
Global Industrial Display Market by End-User:
About the report:
The global industrial display market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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