The key companies covered in 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 major market players.
New York, August 5, 2022 (GLOBE NEWSLETTER) — The electronics and robotics industry has been in the spotlight in recent years. Over the past decade, the number of industrial robots sold worldwide was observed to triple, to 423,000 units 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 countries with robust electronics industries, such as Japan, China, South Korea, Germany and the United States. Seven times more than the global average, South Korea has about 940 robots for every 10,000 production workers.
Kenneth Research has published a detailed market report on ‘Global Monochrome Display Market‘, including the continuous innovations in the industry and recent trends adopted by the major industry players to achieve their business objectives. Apart from that, the inclusive data on market size, growth rate, market share, growth opportunities and challenges for the market players along with global analysis of five major regions – North America, Latin America, Europe, Asia-Pacific and Middle East & Africa is given in the report.
As of 2021, global spending on IT devices was approximately $790 billion worldwide. Monochrome screens find application in IT devices such as LCD monitors, which is therefore expected to boost market growth. The global monochrome display market is expected to reach a value of nearly $19 billion by 2031 growing at a CAGR of approximately ~12% over the forecast period i.e. 2022 – 2031. The growth of the market can be largely attributed to the rising demand for cost-efficient and energy-coherent display technology.
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In addition, the high usability of monochrome displays in electronic devices, such as computers, smart watches, smart contact lenses and digital cameras, is expected to complement optimistic growth as companies invest to improve their offerings. In July 2022, Mojo Vision announced its latest breakthroughs in AR-based contact lenses with green monochrome properties in the display. Also, increasing IT spending around the world and an increasing number of personal computers shipped around the world are expected to further fuel the market growth. For example, approximately 344 million PCs were shipped worldwide in 2021.
Moreover, increasing internet penetration and rapid growth of information technology industry in various developing and developed countries are expected to be the key factors to fuel the growth of the global monochrome display market. Monochrome displays are widely used in the IT industry. Monochrome displays are economical and are imaged to meet certain conditions. In 2019, nearly 23 billion devices were connected to the internet worldwide. In addition, the increasing digitization of enterprises, due to increased reliance on technology, is expected to drive market growth. By 2025, total digital transformation spending worldwide is expected to be approximately $2 trillion.
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Regionally, the global monochrome display market is segmented into five major regions, including North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The market in the North America region is expected to hold the largest share of the market over the projection horizon. This growth can be attributed to the increasing advancement of modern technologies in various industries in the region and the existence of several key players. Increasing disposable income per capita across the region further drives market growth in the region. According to World Bank data, per capita disposable income in the North America region was USD 51,407 in 2020. the regional market also drives the growth of the market in the region.
On the other hand, followed by the North America region, Europe is expected to gain a significant share of the monochrome display market during the forecast period due to the proliferation of industries such as medical, consumer electronics, gaming and automotive in the region. . Moreover, the rising internet penetration among the individuals in the region is affecting the market growth in the region. According to World Bank data, by 2020 85% of the individual population in the Europe region used the internet. Therefore, these factors are predicted to drive the demand for monochrome displays in the projected years and are estimated to be important factors to drive the market growth in the European region.
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The study further includes YOY growth, supply and demand and forecasting 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 on the basis of display type into CRT display, LED display, and LCD display. Of these, the LED segment has been supported by their high demand for applications in gadgets such as digital watches, computers, digital cameras, high-end smartphones and others. These displays are small in size and energy efficient. They are further used in car dashboards, which is also a factor driving the growth of the segment. The rapidly increasing sales of smartphones around the world is an important factor in driving the growth of this segment. In 2021, for example, approximately 1435 million smartphones were sold worldwide.
In addition, the global monochrome display market is segmented on the basis of the consumer electronics, automotive, gaming, medical, manufacturing, and others industries. The automotive segment is expected to hold significant market share over the forecast period, thanks to the rapid growth of the automotive industry and increasing vehicle sales. The International Energy Agency (IEA) reports that 43 million cars have been sold worldwide by 2020, and that number is expected to increase over the projected period. Therefore, it 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 display type.
Global Monochrome Display Market Segmented by Display Type:
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Some of the prominent players and their company profiles 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. The profiling includes growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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