Sellbyville, DE -- (SBWIRE) -- 11/05/2018 -- UHD/4K Panel Market will witness a growth of 11% CAGR by 2024 on account of the rising demand for high-quality display from various sectors such as commercial, government, hospitality, retail, and sports. Increasing platforms providing UHD content, thus encouraging the manufacturers to expand their offerings. Further, numerous benefits provided by these devices such as sharper picture quality, better durability, vibrant colors, light-weight, and low power consumption will likely fuel the UHD/4K Panel market in the forecast time frame.

Continuous technological improvements have resulted in enhanced picture quality and extensive color combinations as 4K panel technology provides four times more resolution than full HD panels both horizontally and vertically. These features are expected to drive the global UHD/4K Panel market growth. These high-resolution devices can be easily modified for different applications which include aerospace & defense, consumer electronics, retail & advertisement, business & communication, and entertainment this will act as a catalyst for the industry growth. Further, a decrease in the price of 4K panel device may raise the product demand substantially in the forecast time frame.

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Government initiatives in different regions such as China and India have resulted in the reduction of customs duties and low price which will positively impact the consumption. In addition, legal restrictions mandating content makers and manufacturers to follow UHD Blu-ray standard for encouraging content creation is also anticipated to boost the UHD/4K Panel market growth through 2024.

Heavy investments made in R&D have shown impressive results in the form of improved technology. The adoption of LED technology has led to an improvement in displays for screens and devices. Furthermore, the development of 8K technology, offering higher resolution may provide considerable growth opportunity to the industry players. However, the availability of substitutes which are placed at lower costs compared to the cost of UHD will act as a major restraint factor for the UHD/4K Panel market.

Televisions are dominating the UHD/4K Panel market owing to the surging use of these high-resolution devices in television. The increasing demand can be attributed to the excellent picture quality to enhance consumer viewing experience. Additionally, digital display screens are expected to witness a rapid growth over the projected timeline. Growth in this segment stems from the growing demand for signage publishing and advertising coupled with the extensive use of UHD displays in digital applications including cinema complexes, music, and sports events.

OLED technology leads the UHD/4K Panel market owing to the rising integration of these equipment in mobile phones and tablets. LCD segment is anticipated to hit approximately USD 18 billion by 2024. Use of light modulating properties and low power consumption is likely to propel the LCD technology demand in the forecast time frame.

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Asia Pacific accounts for the largest market for UHD/4K Panel technology and is expected to grow rapidly at 11.6% CAGR by 2024. The main driving force for this region would be the presence of a large number of OEM manufacturers. North America UHD 4K Panel market which is dominated by the U.S. is expected to generate the revenue of over USD 19 billion by 2024. The major factors driving the industry growth in this region are early technology adoption and huge consumer base.

The major players for UHD/4K Panel market include AUO, BOE Technology Group Co., Ltd., Hisense Group, Innolux, Philips, LG Display, Panasonic, Qingdao Haier Co., Ltd., Samsung Electronics, Sharp Electronics Corporation USA, Sony Electronics, Toshiba. The key players are adopting various strategies to sustain and compete in the industry such as launching new technologically advanced products and having strategic partnerships to have maximum profit.

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