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| Global Indium Gallium Zinc Oxide Market Size |
The indium gallium zinc oxide (IGZO) is an amorphous oxide semiconductor used
for the manufacture of displays. IGZO technology helps in developing thin-film
transistors (TFTs) which find application in liquid crystal displays (LCDs),
electronic ink displays and OLED displays. IGZO offers advantages such as
higher resolution, improved brightness and clarity, low power consumption over
other conventional TFT technologies.
The global
Indium Gallium Zinc Oxide Market is estimated to be valued at US$ 2.29 Bn in 2023 and is expected to
exhibit a CAGR of 11% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The key trend driving the indium gallium zinc oxide market is the advancements
in display technology. IGZO technology helps in developing highly efficient
displays with thinner, lighter, and flexible form factors. Leading electronics
manufacturers are focusing on developing devices with advanced display
capabilities such as foldable displays. For instance, in 2021, Samsung
Electronics launched its latest foldable smartphones, Galaxy Z Fold3 and Galaxy
Z Flip3 with IGZO displays. The devices deliver faster response times, higher
resolution, and more natural colors. Moreover, the IGZO technology allows for
more power efficient device operation compared to other technologies such as
Low-temperature polycrystalline silicon (LTPS). Such technological advancements
are expected to boost the demand for IGZO materials over the forecast period.
Segment Analysis
The global indium gallium zinc oxide market is dominated by the display
segment. This segment accounted for the largest share of over 55% in 2023 owing
to the increased demand for large size displays used in television and
monitors. The demand for display panels with higher resolution and improved
performance has been a major driver for the ITO replacement market. Within
display segment, LCD displays dominated the market due to their widespread use
in TVs and monitors.
Key Takeaways
The Global
Indium Gallium Zinc Oxide Market Size is expected to witness high
growth over the forecast period of 2023 to 2030. The market is projected to
grow at a CAGR of 11% during this
period to reach a value of US$ 4.55 Bn by 2030.
Regional analysis
Asia Pacific accounted for the largest share of over 45% of the global indium
gallium zinc oxide market in 2023. The presence of leading display panel and
smartphone manufacturers has been a major factor driving the demand for IGZO in
the region. China, Japan and South Korea are some of the largest markets in
Asia Pacific. North America is projected to be the fastest growing market
during the forecast period supported by an increasing demand for
technologically advanced displays and flexible devices.
Key players
Key players operating in the indium gallium zinc oxide market are Sharp
Corporation, Apple Inc., Sony Corporation, ASUSTeK Computer Inc., LG
Electronics, AU Optronics, Samsung Group, and Fujitsu Limited. Sharp
Corporation and LG Electronics are the leading players in the IGZO display
manufacturing. Apple Inc. and Samsung Group are also major adopters of IGZO
technology for their high-end mobile devices and laptops.
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