Industrial Displays Set to Surge: Market Trends and Forecasts for 2024
The Dawn of a New Era for Industrial Displays
In 2024, the industrial display market is poised for a significant resurgence. Following a challenging year marked by a decline in shipments, the latter half of 2024 is expected to witness a remarkable uptick in demand, driven by technological advancements and new product innovations. This blog post explores the factors influencing this growth, the leading players in the market, and the emerging trends that will shape the future of industrial displays.
Market Overview: Current Landscape and Future Projections
Resurgence in Demand
Recent reports forecast a 10% annual growth rate for industrial displays starting from the latter half of 2024. Despite an 8.8% decrease in shipments to 355 million units by the end of 2023, the market is expected to rebound strongly. This resurgence is attributed to various factors, including the rollout of new products and the increasing adoption of displays across multiple verticals.
Key Market Players
Chinese providers, such as Tianma, BOE, Innolux, AUO Display Plus (ADP), and Truly, currently dominate the market, accounting for around 60% of shipments. Their success is driven by their ability to produce cost-effective displays, substantial investments in research and development, and significant production capacities. Taiwan and Korea also contribute significantly, particularly in the field of AMOLED display technology.
Industry Applications: Expanding Horizons
Vertical Market Utilisation
Industrial displays are becoming integral in various sectors, including gaming, human-machine interface (HMI), fitness, medicine, smart retail, transportation, touch monitors, smart home and office, and broader industrial applications. The versatility and customization options of these displays make them suitable for diverse environments and applications.
Emerging Product Innovations
Several innovative products are slated for mass production in 2024, such as advanced projectors and electronic door locks. These new offerings are expected to meet the growing demand for automation, robotics, and Industry 4.0 applications, further propelling the market forward.
Technological Trends: What’s on the Horizon?
Dominance of TFT LCD
Thin-film transistor LCDs (TFT) continue to lead the market, projected to account for 48% of industrial display shipments in 2023. These displays, ranging from 1 to 27 inches, are highly customizable and meet various environmental requirements, making them ideal for numerous industrial applications.
Rise of AMOLED Displays
Aggressive investments by Korean and Chinese manufacturers in AMOLED display technology indicate significant growth potential. While TFT-LCD remains the primary technology, the advancements in AMOLED displays promise enhanced performance and new application possibilities in the coming years.
Supply Chain Dynamics: Navigating Complex Relationships
Panel Manufacturer Portfolios
Panel manufacturers offer a diverse range of products, including open cells, modules, touch panel modules, and kits. The intricate supply chain relationships and competitive dynamics in the vertical market contribute to the uniqueness and competitiveness of industrial displays. Companies like CDS play a crucial role in simplifying these complexities for their clients.
The industrial display market is on the brink of a significant transformation. As we move into the latter half of 2024, the expected surge in demand driven by new technologies and applications will redefine the landscape. Whether it’s automation, robotics, or Industry 4.0, industrial displays will continue to be at the forefront of innovation, offering exciting opportunities for growth and development.
For more information or to discuss your project or display requirements, please email our technical sales team at info@crystal-display.com or call our main headquarters.
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