The global ultra high definition (UHD) panels market is estimated to reach $30.4 billion by 2020, according to Transparency Market Research (TMR).
This amounts to a compound annual growth rate (CAGR) of 12.6% from 2013 to 2020, with the market growing from $12.9 billion in 2013.
By volume, the market is estimated to reach 5.7 million units by 2020, expanding at a CAGR of 9.2% from 2014 to 2020.
TMR said in a new report that increasing use of UHD displays in the commercial sector, including the retail, government, and hospitality sectors, is the key factor driving the global market.
Additionally, escalating use of UHD TVs in the media and broadcasting sector is contributing to the growth of the UHD panel market.
High-profile sports events like the Olympics and the FIFA World Cup offer tremendous opportunities for major players in the UHD panel market.
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 be used in art and culture to preserve and display objects and also for the creation of new pieces of artwork in art galleries and museums.
Of all applications, the display walls/screens segment is estimated to display the highest growth, at a CAGR of 17.5% from 2014 to 2020. This is attributed to the rising demand for display screens for hoardings and digital signage for commercial purposes.