Terminal LCD displays are witnessing a rapid surge in their demand, thanks to the technological advancements. The advent of connected devices and advanced mobile technologies are projected to augment the adoption of these displays significantly in the coming years. The rising preference for home automation display panels among consumers is also anticipated to boost the demand for these displays across the world in the near future.
Transparency Market Research estimates the opportunity in terminal LCD displays, worldwide, will rise at a CAGR of 4.30% between 2015 and 2024 and increase from US$13.09 bn in 2014 to US$18.50 bn by 2024.
Demand for Terminal LCD Displays to Remain High in Medical Equipment and Diagnostic Products
HMI industrial products, medical equipment and diagnostic products, home automation products, and retail sector products are the key application areas for terminal LCD displays. Predominantly, medical equipment and diagnostic products are the foremost consumers of these displays. In 2014, the segment held about 40% of the overall demand for these displays across the world.
Technical advancements in the medical and healthcare industry have resulted in the immense rise in the usage of displays in various medical devices. As terminal LCD displays are far efficient than their various counterparts, their demand is increasing leaps and bound in this segment.
Analysts project the application of these displays in medical equipment and diagnostic products to remain augmenting during the period from 2015 to 2024 at a CAGR of 4.60% and reach an opportunity worth US$8.00 bn by the end of 2024.
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Terminal LCD Displays to Witness Immense Demand in Asia Pacific
The global market for terminal LCD displays stretches across Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. Among these, North America has emerged as the leading regional market. In 2014, it accounted for the leading share of nearly 30% in the overall sales of these displays across the world. The opportunity in terminal LCD displays in North America is expected to expand at a CAGR of 3.70% during the period from 2015 to 2024 and increase from US$3.7 bn in 2014 to US$5.1 bn by the end of 2024.
On the other hand, Asia Pacific is likely to register a rapid increase in the sales of terminal LCD displays over the next few years. The increasing demand for these displays in Japan, India, China, South Korea, and Australia is expected to boost the opportunity in these displays to rise at a CAGR of 5.10% between 2015 and 2024 in Asia Pacific. Other regional are also anticipated to witness growing demand for these displays, owing to the rise in disposable income of consumers.
Siemens AG, Honeywell International Inc., GE Healthcare, Johnson and Johnson Services Inc., Schneider Electric SE, and Koninklijke Philips are the leading players in the global terminal LCD displays market. American Industrial Systems Inc., Bosch Rexroth AG, Mitsubishi Electric Corp., Rockwell Automation, Omron Corp., Medtronic, Baxter, Novartis International AG, Control4 Corp., Toshiba Corp., Fujitsu Ltd., and IBM Corp. are some other prominent participants.
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Focus on Improving User Interfaces of Mobile Devices Boosts Terminal LCD Displays Market
Terminal LCD displays are becoming increasingly attractive technologies in various commercial applications for offering interactive digital signage. The terminal LCD displays market has been making continuous technological strides in product development in relation to their resolution, user interface, and response-time liquid crystals. These advances have enabled end-use industries to leverage this technology for low-power mobile devices and wide range of smart devices. Reducing power consumption is one of the key objectives of players across the chain in the terminal LCD displays market. Growing market proposition of these in interactive kiosks is one of the key emerging trends. Growing use of multiscreen kiosk terminals in commercial applications such as for information, entertainment, and sales has bolstered the valuation of the market. Advances in computing technologies and adoption of new sensor frameworks have enabled the integration of new functionalities in terminal LCD displays market. Such integration efforts are being leveraged by display manufacturers to offer their end users an interactive user interface. A case in point is the need for such user interfaces in home automation products. The growing demands for new terminal LCD displays in infotainment devices and in medical industry are notable trends expanding the revenue potential for the industry players.
The COVID-19 pandemic and its fallouts have led to dramatic changes in the face of business across industries around the world. Especially in 2024, several economies were forced to undergo prolonged lockdowns, severely hampering production, supply chain, and logistics. The aftermath of the outbreaks has crippled economic development for developing and developed nations, and new business norms are rapidly emerging. Moreover, for the most part of 2024, developing world witnessed a large decline in consumer demands, including in the terminal LCD displays. Nevertheless, with gradually improving production by firms in different industries, manufacturers are also seeing new revenue streams in various businesses. Growing appetite of consumers to spend on ownership of smart devices is one of the favorable trends.
