According to a new market study published by Transparency Market Research (TMR), titled “Ultra High Definition Panel Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020”, the global ultra high definition (UHD) panels market is estimated to reach US$30,404.6 million by 2020.
This amounts to a CAGR of 12.6% from 2013 to 2020, with the market growing from a valuation of US$12,887.1 million in 2013.By volume, the market is estimated to reach 5,704.5 thousand units by 2020, expanding at a moderate CAGR of 9.2% from 2014 to 2020.The report states that increasing use of UHD displays in the commercial sector, including the retail, government, and hospitality sectors is the key factor driving the global ultra high definition panel market.
Additionally, escalating use of UHD TVs in the media and broadcasting sector is contributing to the growth of the ultra high definition panel market. UHD TVs offer features such as a wide dynamic range, extensive color gamut, and high picture resolution, which will aid open new genres and entertainment fields.
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High-profile sports events offer tremendous opportunities for major players in the UHD panel market, adds the report. The Olympics and the FIFA World Cup are some of the rampantly popular sports events that create high demand for UHD panels.For example, in June 2014, the British Broadcasting Corporation (BBC) made an announcement that the matches of the 2014 FIFA World Cup would be telecast on Sony UHD TV in the U.K.
Further, the UHD content was televised on selected BBC research and development locations, which augmented the sales of UHD TVs.Additionally, UHD panels will find increasing application in advertising and signage, publishing, and in cinema complexes for display of non-movie content such as music and sports events. UHD panels can also find applications in art and culture to preserve and display objects and also for the creation of new pieces of artwork in art galleries, museums, etc. These factors collectively drive the ultra high definition panels market, according to TMR analysts.