New York, United States, Jan. 21, 2025 (GLOBE NEWSWIRE) -- Indium gallium zinc oxide (IGZO) is a compound of indium, gallium, zinc, and oxygen (O) that exhibits semiconducting properties. IGZO thin-film transistors are contained in the TFT backplane of flat-panel displays (FPDs). The electron mobility of IGZO-TFT is between 20 and 50 times that of amorphous silicon, which is commonly used in liquid-crystal displays (LCDs) and e-papers. Thus, IGZO-TFT can enhance the speed, resolution, and dimensions of displays on flat panels. It is the thin-film transistor in organic light-emitting diode (OLED) television displays.
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Market Dynamics
Advancements in High-Resolution Technologies Drive the Global Market
The rising trend of smart homes and buildings and the rising demand for connected technologies are major factors propelling the adoption of low-consumption and high-end displays in the consumer electronics industry. As more consumers consume media via OTT platforms such as Netflix and Amazon, the need to store data efficiently becomes crucial. According to Bitmovin, the market is evolving toward a new generation of video codecs that provide 30% to 70% superior compression to H.264.
Several market participants have made strategic investments to advance high-resolution display products. For instance, in March 2021, Samsung Electronics released its line of high-resolution monitors to capitalize on the work-from-home norms prevalent in many countries due to the COVID-19 pandemic. The company released 12 distinct monitors across three series, the S8, S7, and S6, with each model offering more than one billion colors, a wide viewing angle of 178 degrees, and enhanced high resolution and dynamic range ten technology. As a result, these innovations are anticipated to stimulate market expansion.
Increasing Investment and R&D by Key Players Creates Tremendous Opportunities
The market is witnessing product innovation due to heightened research and development endeavors in the indium gallium zinc oxide (IGZO) domain. For instance, in February 2022, BOE developed a new technology that created the world's first 500Hz gaming monitor, providing players with a more fluid gaming experience. A growing emphasis on increasing production capacity among key participants is anticipated to generate substantial growth opportunities. China Star Optoelectronics Technology (CSOT), a TCL Group-affiliated display panel manufacturer based in China, will construct an 8.6G oxide TFT-LCD production line in December 2021, with production beginning in early 2022.
Regional Analysis
Asia-Pacific is the most significant global indium gallium zinc oxide market shareholder and is estimated to exhibit a CAGR of 12.42% during the forecast period. Increased penetration of consumer electronic devices, such as wearables, smartphones, televisions, laptops, etc., contributes to the region's rapid expansion. IGZO-TFT and its implementations are licensed to Sharp by the Japan Science and Technology Agency (JST). Sharp was the first company to commence manufacturing LCD panels using IGZO-TFT. Sharp's use of IGZO-TFT in 32-inch LCDs, tablets, and smartphones dominates the market. Due to favorable government regulations associated with FDI, foreign companies consistently offer premium televisions at competitive prices. For instance, in February of 2018, the Chinese company Xiaomi released a 55-inch LED television that was in high demand among consumers and increased the demand for display panels, thereby boosting the growth of the indium gallium zinc oxide market.
North America is estimated to exhibit a CAGR of 11.49% over the forecast period. The demand for consumer electronics is surging in the region. Wearables like devices have increased in recent years and are expected to continue over the forecast period. Google stated that it views the introduction of Google-made wearable devices as a tremendous opportunity and will increase its investment in wearable technology. For instance, Google acquired Fitbit for USD 2.1 billion in January 2021. The acquisition of Fitbit will strengthen the company's position in the wearables market. The acquisition followed a distinct transaction in which the company committed to acquire Fossil Group's smartwatch-related intellectual property. Such investments offer opportunities for IGZO displays as well.
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Key Highlights
- The global indium gallium zinc oxide market size was valued at USD 2.53 billion in 2024 and is projected to reach from USD 2.83 billion in 2025 to USD 7.07 billion by 2033, growing at a CAGR of 12.11% during the forecast period (2025-2033).
- Based on application, the global indium gallium zinc oxide market is bifurcated into smartphones, wearable devices, wall-mounted displays, televisions, tablets, notebooks, and laptops, and other applications. The smartphone segment dominates the global market and is projected to exhibit a CAGR of 11.14% over the forecast period.
- Based on the end-user, the global indium gallium zinc oxide market is segmented into automotive, consumer electronics, healthcare, industrial, and other end-user industries. The consumer electronics segment owns the highest market share and is estimated to exhibit a CAGR of 10.89% during the forecast period.
- Asia-Pacific is the most significant global indium gallium zinc oxide market shareholder and is estimated to exhibit a CAGR of 12.42% during the forecast period.
Competitive Players
- Harp Corporation
- Apple Inc.
- Sony Corporation
- LG Electronics
- ASUSTEK Computer Inc.
- AU Optronics
- Samsung Group
- Fujitsu Limited
Recent Developments
- In August 2022, Sharp Electronics Corporation Device Division (SECD) announced that its new 5.0-inch Class (diagonal) Reflective IGZO (R-IGZO) display for handheld applications is now available with backlighting. This update adds flexibility for achieving excellent sunlight readability with exceptionally low power consumption.
Market Segmentation
By Applications
- Smartphones
- Wearable Devices
- Wall-Mounted Displays
- Televisions
- Tablets, Notebook, and Laptops
- Other Applications
By End-User
- Automotive
- Consumer Electronics
- Healthcare
- Industrial
- Other End-users industries
By Regions
- North America
- Europe
- Asia-Pacific
- Rest of the World
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