The global industrial display market was accounted for a revenue of USD 4.94 billion in 2019 and expected to grow at a 7.4% CAGR during the forecast period, from 2020 to 2027. Increasing demand for the growing demand for Human Machine Interface (HMI) devices, rising adoption of Industrial Internet of Things (IIoT), and smart displays have majorly driven the market growth.
The market is gaining traction due to innovative features which comprises radio frequency identification (RFID), touch screen panels and automatic touch detector, internet connectivity, and resistance to extreme vibration, temperature, scratch and dust. The industry has a wide scope for growth due to the increasing replacement of push-button technology and manual process with advanced displays across various industries.
The market is gaining popularity owing to continuous technological advancement to keep upgraded with the rapidly changing industrial demands. The latest technology innovated in this industry is LCD, DLP, Color Filter (CF), Thin-Film-Transistor, and Low-Temperature Poly-Silicon. The need for innovation and technological advancement is increasing due to the rising demand for smart touch screen displays and multi-featured HMIs.
Regulations, regarding the selling and manufacturing of industrial displays differ across the regional level. For example, In Europe, the Restriction of Hazardous Substances has restricted the use of mercury, lead and cadmium in electronic systems.
On the basis of type, the industrial display market is segmented into rugged displays, open frame monitors, panel-mount monitors, video walls, and marine displays. In 2019, the panel-mount type segment held the largest market share and projected to retain its position in the next few years. This high revenue market share is attributed to having various applications and the easy availability of devices at affordable prices.
Marine displays are widely used in shipping vessels and commercial, yachts, and cruise ships and designed to sustain in harsh marine conditions. These industrial displays held the lowest market share, in 2019 and estimated to rise at a CAGR of more than 6% during the forecast period. This is due to increasing application of these displays for real-time sonar systems in ships and engine monitoring system in ships.
Rugged industrial displays are specially designed to work in harsh industrial environments such as wet and dusty conditions, extreme vibration and temperature. Hence, these displays are used for military-grade monitors, and in the manufacturing industry for task status boards.
Application wise, the market is segmented into HMI, remote monitoring, interactive display, and digital signage. In 2019, HMI application accounted for the largest market share in terms of revenue and projected to witness considerable growth during the forecast period. This is due to the growing geographical expansion of HMI manufacturers in emerging countries including India and China.
The technological innovation has the capacity to control infrastructure, operational activities in factories, and industrial machinery. The rapid growth in IIoT solutions is expected to increase the adoption of HMI applications, thereby expected to drive the market growth in the next few years. The interactive application allows two-way communication between user and machine, thereby expected to have healthy growth during the forecast period.
On the basis of technology, the industrial displays market is fragmented into LCD, LED, OLED, and E-paper display. Industry market players are engaged in patenting their product innovation to gain maximum share in the market. For example, LED HERO Electronic Technology Co., Ltd has innovated transparent LED devices and holds a patent for it.
In 2019, the LECD technology held the largest market share. However, it is expected that the revenue share for LCD technology will decrease in the next few years due to the advent of advanced display technology. The adoption of OLED technology is increasing owing to its brightness controlling attribute which is not present in LEDs and LCDs. In addition, the contrast effect feature is managed better in OLED than LCD and LED. Hence, the OLED type is projected to exhibit at the fastest CAGR over the forecast period.
Based on end-use, the market is segmented into manufacturing, mining & metals, chemical, oil & gas, energy & power, and others. The manufacturing sector is projected to hold the largest market share in terms of revenue during the forecast period. This largest market share is attributed to the rising demand for an industrial display to improve work proficiency in manufacturing activities. For example, the alarm feature is used in the manufacturing process offers real-time signals to the operator in case of abnormal activities.
The energy and power is projected to grow at the highest CAGR over the forecast period. This sector is anticipated to have robust growth in countries including India, China, and Japan in Asia Pacific.
In 2019, the mining and metal sector held largest market share. The rising adoption of rugged displays in this sector is projected to surge the industrial display market growth in the near future.
In 2019, North America held the largest market share in terms of revenue. The high revenue market share is attributed to rising investment in multi-featured HMI devices and IIoT applications. The rising penetration or digital signage and HMIs are anticipated to open new avenues for regional market growth over the forecast period. In addition, the region is an early adopter of industrial automation which is expected to boost the demand for these displays rapidly. U.S. is projected to gain substantial market share due to increasing demand from HMI and remote monitoring applications.
Moreover, in Asia Pacific, South Asian countries like China, Japan, and India is expected to boost the demand for industrial display. Thus, Asia Pacific is estimated to grow at a CAGR in the near future. The manufacturing and power generation sectors are projected to play a vital role to propel the market growth in this region.
The market has been negatively impacted due to the outbreak of COVID-19 virus. This pandemic has hit several industries including oil & gas, energy & power, chemical, among others. The spread of this virus has forced these industries to stop or slow down their business operations, which has hampered the demand for industrial display globally.
However, technological advancement and growing awareness regarding industrial display is expected to fuel the demand for industrial display across several industries worldwide.
The prominent players operating in this market are LG Display Co., Ltd., Samsung Display, WinMate, Inc., Japan Display, Inc., and Advantech Co., Ltd. Several market players have adopted merger and acquisition strategy to develop advanced technologies and to enhance the R&D activities. For example, in 2017, Advantech Co., Ltd. acquired a 60% stake in South Korea based medical display company, Kostec Co., Ltd., to expand its geographical presence. This acquisition will help Advantech Co., Ltd to expand its healthcare product line in South Korea and projected to drive the iHospital market growth in this nation.
Base year for estimation
Actual estimates/Historical data
2016 - 2018
2020 - 2027
Revenue in USD Billion & CAGR from 2020 to 2027
North America, Europe, Asia Pacific, Latin America, and MEA
U.S., Canada, UK, Germany, China, India, Japan, Brazil, and Mexico
Revenue forecast, company share, competitive landscape, and growth factors and trends
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Million Insight has segmented the global industrial display market report based on type, technology, application, panel size, end-use and region:
• Type Outlook (Revenue, USD Billion, 2016 - 2027)
• Rugged Displays
• Open Frame Monitors
• Panel-Mount Monitors
• Video Walls
• Marine Displays
• Application Outlook (Revenue, USD Billion; 2016 - 2027)
• Remote Monitoring
• Interactive Display
• Digital Signage
• Technology Outlook (Revenue, USD Billion; 2016 - 2027)
• E-Paper Display
• Panel Size Outlook (Revenue, USD Billion; 2016 - 2027)
• Up to 14”
• 40” and Above
• End-Use Outlook (Revenue, USD Billion; 2016 - 2027)
• Mining & Metals
• Chemical, Oil, and Gas
• Energy & Power
• Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• The U.S.
• Asia Pacific
• Latin America
• Middle East & Africa
Research Support Specialist, USA