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The Flat Panel Display (FPD) Equipment Market is anticipated to experience substantial growth, projected at a Compound Annual Growth Rate (CAGR) of 3.63% between 2023 and 2028, with an estimated market size to increase by USD 2.44 billion. This market is structured in a fragmented manner, exhibiting a Year-over-Year (YoY) growth of 3.2% in 2023-2024. In the regional breakdown, this analysis includes APAC, North America, Europe, South America, and the Middle East and Africa, with APAC contributing significantly, standing at 39%. Key countries propelling this market include the US, China, Japan, Germany, and UK.
A flat panel display is an electronic viewing device to see content such as /images, videos, text, or other visual material. Flat panel displays are used in a wide range of entertainment products, such as consumer electronics like personal computers, mobile devices, televisions, and other display appliances, and in other products such as medical, transportation, and industrial equipment. A flat panel display equipment is any machinery that is used to manufacture flat panel displays for the above-mentioned applications.The growth of the market depends on several factors such as the production capacity expansion of display manufacturers, the growing need for high-performance displays and the increasing demand for flat panel displays in the automotive sector.
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Production capacity expansion of display manufacturers is notably driving the market growth. The expansion of production capacity is one of the major factors driving the growth of the flat panel display equipment market. Display manufacturers are moving toward the production of high-resolution displays for notebooks, smartphones, tablets, and TVs. Therefore, display manufacturers are switching to metal oxide and AMOLED displays for producing ultra-high-resolution displays as they are cost-efficient and energy-efficient. To meet the growing demand of consumers for AMOLEDs, display manufacturers are increasing their production capacity.
For instance, in Aug 2021, LG Display will invest 3.3 trillion won to expand its medium-and-small sized OLED display production capacity. The investment will be used in OLED facilities in South Korea that manufacture sixth-generation (1,500mm x 1,850mm) substrates. Companies are working on ramping up their AMOLED and TFT LCD fabs. As the manufacturer expands the production capacity of high-resolution displays for notebooks, smartphones, tablets, and TVs, this will drive the growth of the global flat panel display equipment market during the forecast period.
Increasing adoption of touch-enabled digital signage is an emerging trend shaping the market growth. The increasing adoption of touch-enabled digital signage is one of the major trends driving the growth of the flat panel display equipment market. Interactive Digital Signage refers to a form of digital display technology that allows users to interact with the content being displayed through touchscreens, gesture control, or other input methods. Advancements in display technologies, such as high-resolution screens and multi-touch capabilities, are constantly improving the interactive digital signage experience. To remain competitive amid rapid growth in the e-commerce sector, brick-and-mortar retailers have increased interactions with consumers through IT kiosks and digital signage. These touch-enabled kiosks in retail outlets are allowing consumers to browse through stock and order products.
Moreover, some outlets are using touch-enabled tables to display product ranges. It is estimated that retailers will rapidly adopt such concepts as they try to narrow the gap between their business models and e-commerce players. Demand for touchscreen displays has increased globally in the retail sector. This intensifies the production of flat panel displays to meet the growing demand for digital signage. This further leads to the establishment of more fabs manufacturing flat panel displays for digital signage, which, in turn, helps to drive the growth of the global flat panel display equipment market during the forecast period.
A concentrated customer base is a significant challenge hindering market growth. The concentrated customer base is one of the major challenges in the flat panel display equipment market. The vendor semiconductor customer base is concentrated due to industry dynamics and the ever-changing economic scenario globally. The top customers of Applied Materials are still Intel (INTC) and Taiwan Semiconductor Manufacturing (TSM). Customers have also entered strategic alliances to increase the influence of industry participants on technology decisions made by stakeholders. The customer mix, customer type, and individual sales vary quarter-wise and year-wise.
In addition, as the products are designed to customer specifications, changing, rescheduling, or canceling orders may lead to a significant risk of losses in terms of unrecoverable costs. If customers place substantially fewer order quantities or delay or cancel orders, vendors may face losses adversely affecting the company operations. Hence, the concentrated customer base poses a significant challenge to the growth of the global flat panel display equipment market during the forecast period.
The market share growth by the consumer electronics segment will be significant during the forecast period. The consumer electronics segment is growing at a significant growth rate in the flat panel display (FPD) equipment market. The growing adoption of AMOLEDs for smartphones, tablets, laptops, and LEDs for TVs and other appliances drives the flat panel display (FPD) equipment market in the consumer electronics segment. Also, OLED TVs are gaining traction among consumers. The growing demand for high-resolution and rich color-quality displays is driving the adoption of OLED TVs.
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The consumer electronics segment was the largest and was valued at USD 6.83 billion in 2018. Also, there is an increasing demand for ultra-high-definition (UHD) LCD/ LED TVs, primarily 4K TVs of 40 inches and larger. In 2021, many manufacturers introduced 4K TVs of size 50 inches and above. For instance, in April 2021, Sony India announced the launch of its all-new X80J Google television series with a 4K Ultra HD LED display. Moreover, Netflix, Amazon (Amazon Instant Video service), Ultraflix, and YouTube are the leading UHD content providers. Other content vendors include Vudu and Sony Ultra. This increase in UHD content by service providers will drive the demand for 4K TV products, which will further intensify the demand for LED flat panel displays, contributing to the growth of the global flat panel display equipment market during the forecast period.
The amorphous silicon (a-Si) technology segment is growing at a steady growth rate in the global flat panel display equipment market. Amorphous silicon (a-Si) thin film transistor-liquid crystal display (TFT-LCD) has been the dominant technology for the manufacturing of active matrix TFT-LCD for over 20 years due to low-cost material and the abundant supply. Amorphous silicon is the widely used material for backplane technology and comes with a variety of different manufacturing methods to improve its energy efficiency, refresh speeds, and display viewing angle. Furthermore, it is cheaper than LTPS technology. With the growing proliferation of smart TVs across the globe, the demand for a-Si technology will decrease owing to the increase in the advanced OLED display demand. In addition, the fluctuations in the demand pattern of Si-based flat panel display equipment are attributed to limited continuous investments. Investments in flat panel display equipment are always substantial in nature and are long-term, declining the growth of the global flat panel display equipment market during the forecast period.
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APAC is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The APAC region is growing at a significant growth rate in the flat panel display equipment market. In 2023, APAC dominated the flat panel display (FPD) equipment market because of the high concentration of display device manufacturers and LCD and OLED panel manufacturers in the region. Moreover, in 2022, Japan has maintained its leadership in equipment used to make flat panel displays. Japanese companies supplied more than 50% of the market for flat panel display manufacturing equipment. Furthermore, the well-established supply chain for display devices in APAC will support the region's dominance in the market during the forecast period.
The outbreak of the COVID-19 pandemic in 2020 severely affected the economic growth in APAC. However, in 2021, the initiation of large-scale vaccination drives led to the lifting of lockdown and trade restrictions in the region. The education sector saw huge demand for tablets, computers, and home personal computers, which fueled the flat panel display (FPD) equipment market growth. As a result, with the increasing demand for consumer electronics such as tablets, computers, and smart wearables, the regional flat panel display equipment market in APAC is expected to grow during the forecast period.
The Flat Panel Display Equipment Market Analysis report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Flat Panel Display Equipment Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Applied Materials Inc. - The company offers flat panel display equipment such as AKT eBeam for LCD and OLED displays.
Camfil AB - The company offers flat panel display equipment such as Camfil HEPA and ULPA filters to improve display quality, reduce product yield losses, minimise downtime and increase profitability.
Canon Inc.- The company offers flat panel display equipment under Canon MPAsp Series such as MPAsp-E9032, MPAsp-E813H, MPAsp-H1003H and MPAsp-H1003T.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The flat panel display equipment market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 - 2022.
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Flat Panel Display Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
168 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 3.63% |
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Market Growth 2024-2028 |
USD 2.44 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
3.2 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 39% |
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Key countries |
US, Japan, China, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Applied Materials Inc., Camfil AB, Canon Inc., Coreflow Ltd., Hitachi Ltd., HORIBA Ltd., JTEKT Corp., KLA Corp., Lasertec Corp, Manz AG, Micronics Japan Co. Ltd., Nikon Corp., Nissin Ion Equipment Co. Ltd., Screen Holdings Co. Ltd., Soleras Advanced Coatings BV, Solutions Technologies Pvt Ltd., Soonhan Co. Ltd., TBS Holdings Inc., ULVAC Inc., and VON ARDENNE GMBH |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
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Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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