The 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 Overview:
Indium gallium zinc oxide (IGZO) is a semiconductor material used in display panel applications and thin-film transistors (TFTs). IGZO delivers high electron mobility with low power consumption, enabling thin, energy-efficient displays for devices like smartphones, tablets, laptops, and wearables. IGZO TFTs allow for smaller pixel sizes and bendable display panels compared to conventional technologies like amorphous silicon.
Market Dynamics:
Increasing demand for energy-efficient display panels in consumer electronics is a major driver for the IGZO market. IGZO TFTs require much lower power to operate compared to amorphous silicon and allow for thinned, lightweight displays. This makes IGZO an attractive option for applications involving compact, portable devices that demand extended battery life. IGZO is also gaining popularity due to its superior optical characteristics for high-resolution display panels. IGZO pixels can be packed tighter together compared to rivals, enabling increasingly sharp display technologies like 4K and above. The material’s transparency also provides design flexibility.
Market dynamics will discuss the two drivers and its explanations regarding growing usage of IGZO due to its application in energy efficient and high resolution display panel.
Segment Analysis
The Indium Gallium Zinc Oxide market is dominated by the display segment which holds around 60% of the total market share. This is because IGZO is increasingly being used in the display segment owing to its superior conductivity and transparency properties as compared to other materials like amorphous silicon. IGZO provides high definition displays with wider viewing angles and lower power consumption.
PEST Analysis
Political: There are no major political risks impacting the IGZO market currently.
Economic: The growing demand for consumer electronics and infotainment devices from emerging economies is driving the economic growth of the IGZO market.
Social: Increasing penetration of internet and smart devices has increased the demand for better display technologies like IGZO which provide sharper resolution and lower power consumption.
Technological: Continuous technological advancements in display technologies has increased the R&D activities for development of ultra-thin and energy efficient display panels. IGZO being a suitable channel material is witnessing increased commercialization.
Key Takeaways
The global Indium Gallium Zinc Oxide market is expected to witness high growth, exhibiting CAGR of 11. % over the forecast period, due to increasing demand for energy efficient electronic devices with high resolution displays. The market size for 2023 is estimated to be US$ 2.29 Bn.
Regional analysis: Asia Pacific accounts for the largest share in the global IGZO market and is expected to maintain its dominance during the forecast period. This is attributable to presence of major electronics manufacturing countries like China, South Korea, Taiwan and Japan in the region. Second largest region is North America driven by high adoption of consumer electronics in the region.
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 leads the market with innovation and introduction of new generation of highly energy efficient displays based on IGZO technology.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
