Product ID: SQMIG45J2160
Global Industrial Display Market Size, Share, Growth Analysis, By Technology(LCD, LED), By Enterprise Size(Small, Medium), By Organization size(Large Enterprises, SME’s), By Application(Marine, Oil & Gas), By Type(Rugged Displays, Open-Frame Monitors) - Industry Forecast 2024-2031
Report ID:
SQMIG45J2160 |
Region:
Global |
Published Date: February, 2024
Pages:
270
|
Tables:
150 |
Figures:
78
Global Industrial Display Market Dynamics
Industrial Display Market Driver
Rising demand for HMI devices is fuelling the growth of the industrial display market.
- The global market for industrial displays is expanding due to rising demand for human-machine interface (HMI) implementations in the process and manufacturing industries. Human Machine Interfaces (HMIs) and other displays can respond to changing production demands and carefully monitor production processes, reducing downtime and increasing workforce efficiency. This trend is causing the market to expand. Furthermore, the market is expanding due to the increasing demand for digital signage applications across industries. Furthermore, the market has expanded at a rapid pace in recent years as a result of the growing acceptance of LED and LCDs, as well as the widespread adoption of IoT-based technologies. The industrial display offers advantages such as cost-effectiveness, reliability, system stability, exceptional adaptability, speed, efficiency, portable technology, moderate usage, ease of installation, extensive product life expectancy, and fully customizable features, thereby positively impacting the market.
Increasing performance of OLED & LCD to Support the growth
The display technology in use depends on the application, but most people are familiar with organic light-emitting diodes (OLED) and liquid crystal displays (LCD). These are made up of a front plane (the OLED or LCD component) and a backplane (an array of millions of thin-film transistors that turn on and off the individual display pixels). The color performance, contrast, and pixel size of the display are determined by the front plane and backplane combination used. There is currently a lot of interest in improving color performance because existing displays cannot produce all of the colors found in nature. New technologies, such as quantum dots and MicroLED, open up new possibilities, potentially allowing the development of displays that can produce every visible color. These factors are expected to accelerate the industrial display market over the forecast year.
Industrial Display Market Restraint
High installation costs for industrial displays
- As previously stated, the growing number of market participants across sectors has resulted in a fragmented market. Business owners invest heavily in digitization and automation to increase efficiency. For example, POS displays, a subset of industrial displays, are used to improve the branding, promotion, and marketing of a company's products and services to retain customers in today's highly fragmented market. However, not all market participants can implement such business automation and digitization. Due to the high costs of installing industrial displays, these market participants will be excluded from the consumption bracket. As a result, the high costs of installing industrial displays may stifle market growth.
Use of low-quality industrial equipment
- Industrial displays used in manufacturing facilities, fabrication sectors, and marine industries must withstand extreme heat, force, and other such phenomena. They are subjected to light, wind, air, and water, which can cause rusting or oxidation and shorten the equipment's lifespan. Some manufacturers' use of low-quality industrial equipment to reduce manufacturing costs of industrial displays results in regular machine replacement or repair. Reduced device lifespan and regular repair/replacement raise the cost for the manufacturing consumer, discouraging them from purchasing the displays. As a result, a few manufacturers' uses of low-quality industrial equipment may stymie the expansion of the industrial display market.
Global Industrial Display Market Report Snapshots
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