Key companies covered by Kenneth Research’s Global Monochrome Display Market Research Report are KYOCERA Corporation, BOE Technology Group Co., Ltd., AZ Displays, Inc. (Zettler Group), Ampronix Inc., EIZO Corporation, Japan Display Inc. , Richardson Electronics, Ltd., Blaze Display Technology Co., Ltd., Microtips Technology, Inc., Phoenix Display International, Inc. and other key market players.
New York, 05 August 2022 (GLOBE NEWSWIRE) – The electronics and robotics industry has been a major player in recent years. Over the past decade it has been observed that the number of industrial robots sold globally has tripled to 423,000 in 2018, paving the way for the electronics industry. The adoption of robots is fueling the electronics industry, where monochrome displays are widely used. The use of industrial robots is more common in nations with strong electronics industries, such as Japan, China, South Korea, Germany, and the United States. Seven times more than the global average, South Korea has around 940 robots for every 10,000 production workers.
Kenneth Research released a detailed market report on ‘Global monochrome display market‘which includes ongoing industry innovations and recent trends adopted by major industry players to achieve their business goals. On top of that, inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for market players along with global analysis on five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa was provided in the report.
In 2021, global spending on IT devices amounted to approximately $ 790 billion worldwide. Monochrome displays find application in IT devices such as LCD monitors, which are therefore expected to induce market growth. The global monochrome display market is projected to reach a value of nearly $ 19 billion in 2031, growing at a CAGR of around 12% over the entire forecast period, i.e. 2022 to 2031. Market growth may be mainly attributed to the growing demand for cost-effective and energy-consistent display technology.
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Furthermore, the high utility of monochrome displays in electronic devices, such as computers, smart watches, smart contact lenses, and digital cameras, among others, should complement the optimistic growth as companies invest in improving their offerings. In July 2022, Mojo Vision announced its latest breakthroughs in AR-based contact lenses that have green monochromatic properties in its display. In addition, the increase in IT spending around the world and the growing number of personal computers being shipped around the world are expected to further increase market growth. For example, around 344 million PCs were shipped worldwide in 2021.
Furthermore, the increasing rate of Internet penetration and the rapid growth of the information technology sector in various developing and developed countries are expected to be major factors in fueling the growth of the global monochrome display market. Monochrome displays are widely used in the IT industry. Monochrome displays are inexpensive and are pictured to meet certain conditions. In 2019, there were nearly 23 billion internet-connected devices around the world. Furthermore, it is estimated that the increasing digitalization of businesses, in the wake of greater dependence on technology, will stimulate market growth. By 2025, total spending on digital transformation globally is projected to reach approximately $ 2 trillion.
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Regionally, the global monochrome display market is segmented into five main regions, including North America, Europe, Asia Pacific, Latin America and the Middle East, and Africa. The market in the North American region is expected to hold the largest share of the market throughout the projection period. This growth can be credited to the growing rise of modern technologies in different sectors of the region and the existence of several key players. Rising per capita disposable income across the region further pushes market growth in the region. According to data from the World Bank, per capita disposable income in the North American region was US $ 51,407 in 2020. Furthermore, the high adoption of technologically advanced products in the region and the increasing research and development activities to develop products that improve user comfort by companies in the regional market are also driving market growth in the region.
On the other hand, followed by the North American region, Europe is also expected to achieve a significant share during the forecast period in the monochrome display market due to the proliferation of sectors, such as medical, consumer electronics, gaming. and automotive in the region. Furthermore, the growing Internet penetration among individuals in the region is affecting the growth of the market in the region. According to data from the World Bank, 85% of the individual population in the European region used the internet in 2020. Therefore, these factors are expected to increase the demand for monochrome displays in the projected years and are estimated to be significant factors in fueling market growth in the European region.
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The study further incorporates YOY growth, supply and demand and predicts future opportunities in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman]North Africa, South Africa, Rest of the Middle East and Africa).
The global monochrome display market is segmented by display type into CRT display, LED display, and LCD display. Of these, the LED segment is supported by their high demand for applications in gadgets such as digital watches, computers, digital cameras, advanced smartphones and others. These displays are small in size and energy efficient. They are also used in car dashboards, which is also a factor driving the growth of the segment. The rapid increase in smartphone sales around the world is a significant factor in spurring the growth of this segment. For example, around 1435 million smartphones were sold worldwide in 2021.
Furthermore, the global monochrome display market is segmented by industry in consumer electronics, automotive, gaming, medicine, manufacturing, and others. Of these, the automotive segment is expected to hold a substantial market share over the forecast period thanks to the rapid growth of the automotive industry and increased vehicle sales. The International Energy Agency (IEA) reports that 43 million cars were sold worldwide in 2020 and the number is expected to increase over the projected period. Therefore, this is expected to be an important factor in driving the growth of this segment over the forecast period.
The global monochrome display market is also segmented by screen type.
Global monochrome display market, segmented by screen type
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Some of the major players and their company profiling mentioned in the report include KYOCERA Corporation, BOE Technology Group Co., Ltd., AZ Displays, Inc. (Zettler Group), Ampronix Inc., EIZO Corporation, Japan Display Inc., Richardson Electronics, Ltd., Blaze Display Technology Co., Ltd., Microtips Technology, Inc., Phoenix Display International, Inc. and others. Profiling encompasses growth opportunities, challenges, market trends, competitor analysis and positioning, along with the strategies used to keep up with competitors.
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