- The loosening of budget strings of manufacturers for the development of OLED displays has been a major driver of growth.
- Growth prospects for the large industrial displays market are high in the US.
- The high price tag attached to the OLED and LED displays is likely to restrain market growth.
Future Market Insights (FMI), in its latest study, outlines the growth trail of large industrial displays market for the forecast period 2019-2029. According to the report, large industrial displays sales reached 1.3 million units in 2018, equaling revenues worth $2.2 billion. As large industrial displays defy the concepts of ‘one-size-fits-all’, manufacturers are hard pressed to offer highly customised and personalized products.
Surging demand for tracking the manufacturing process and reducing the supervisor workforce has been spectated in a multitude of industries. However, emerging technologies such as screen-less displays and projectors are likely to represent a threat to the steady growth of the large industrial displays market.
“Screen-less certainly stands as the strongest threat to large industrial displays. Technological innovations are flooding the screen-less display mechanism, and FMI analyzes that its portability, energy & space efficiency, and convenience will be instrumental in creating a solid market value”.
OLED over LED – The Shift is Underway
Future Market Insights’ study finds that the large industrial displays market is likely to grow at a CAGR of approximately 8% through 2029. One of the key growth drivers is the loosening of budget strings of manufacturers for the development of organic light emitting diode (OLED) displays, which matches consumers’ demand for lighter, thinner, and flexible displays. As innovation spawns in the landscape, curved OLED and transparent displays surface are likely to penetrate even cost-sensitive markets. However, during the course of the forecast period, LED-based large industrial display sales will continue to account for a major share of manufacturers’ bottom-lines.
Opportunities galore for large industrial displays as identified by FMI’s report with the emerging applications of flexible displays at commercial spaces, sports events, and governmental institutions for facilitating effective communication in ‘high resolution’. As ‘interactivity’ remains at the forefront to attract the attention of target audience, digital signage technology has been increasingly incorporated for the display of crucial information in public spaces, corporate buildings, transportation systems, retail stores, and restaurants.
Key Players’ ‘Just-in-Time Manufacturing’ Approach to Drive Sales Opportunities
Growth prospects for the large industrial displays, as the report opines, are high in the US. In addition, the integration of large industrial displays to ensure accuracy and efficiency in the electronic and automotive industry is likely to incite manufacturers to intensify the production capability. High concentration of key players in the US and their adoption of ‘just in time’ manufacturing approach – aimed at deploying custom-developed large industrial display in a shorter timeframe – is emerging as a strategic move.
The study identifies restraints that could possibly hamper the lucrative stride of the large industrial displays market. The high price tag attached to the OLED and LED displays is likely to cause reluctance among mid and small-sized industries for their adoption. Besides high acquisition cost, the study finds that large industrial displays also demand frequent maintenance cost for the detection of virus and malfunctions.
As design innovation sparks in, screen-less displays and projectors emerge as space-saving alternatives to large industrial displays. Projectors have a lower operational energy requisite as compared to large industrial displays, which further is likely to impede their adoption rate.
The business asset further offers an incisive outlook of the competitive landscape by discussing the key strategies of the market players. As per the study, there are a handful of key players and a large number of regional players, which leaves a wide window of opportunity for the new entrants. Manufacturers and suppliers of the large industrial displays emphasize on building a loyal clientele base since a majority of long-term contracts are likely to form from this segment.