High growth in demand for consumer electronic goods, technological advancements in the manufacture of high-quality displays, and decline in LCD display prices are driving the growth of the terminal LCD displays market. The market for terminal LCD displays is anticipated to expand at a CAGR of 4.3% during the forecast period from 2015 to 2022. The global terminal LCD displays market was valued at US$ 13.09 Bn in 2014.
The high proliferation of LCD displays in various applications such as home automation products, medical equipment, and HMI industrial products is expected to drive the terminal LCD displays market. For instance, the use of LCD displays in biomedical devices allows for the monitoring of patient information in real time. Moreover, LCD displays in healthcare aid in efficient traffic flow and emergency information broadcasting, enhancing the total healthcare experience. Thus large-scale application of LCD displays in various healthcare scenarios is expected to boost the terminal LCD displays market.
On the basis of type, the global terminal LCD displays market is segmented into conventional LCD displays and surface-mounted LCD displays. In 2014, conventional LCD displays accounted for around 80% of the revenue of the overall terminal LCD displays market. The segment is expected to expand at a CAGR of 4.2% from 2015 to 2022. The most significant factor driving the market for conventional LCD displays is their low cost, high durability, and their wide range of applications including computer monitors, retail sector products, industrial panels, medical devices, and consumer devices.
Based on technology, the global terminal LCD displays market is segmented into TFT LCD displays and monographic LCD displays. In 2014, TFT LCD displays were the most preferred modules, and accounted for around 70% of the revenue of the overall terminal LCD displays market. Moreover, the segment is expected to expand at a CAGR of 4.7% from 2015 to 2022. The most significant factor driving the market for TFT LCD displays is their enhanced color, contrast, and picture quality.
In terms of various applications, the terminal LCD displays market is segmented into medical equipment and diagnostic products, HMI industrial products, home automation products, and retail sector products. In 2014, medical equipment and diagnostic products held the largest revenue share of around 40% of the overall terminal LCD displays market. Terminal LCD displays deployed in medical equipment and diagnostic products are expected to grow at the fastest CAGR in terms of revenue during the forecast period from 2015 to 2022.
Geographically, North America is the largest market for terminal LCD displays, globally. In 2014, North America accounted for around 30% of the overall terminal LCD displays market revenue. Furthermore, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for terminal LCD displays market in this region.
The LCD terminal displays market is highly fragmented and a few companies— Siemens AG, Johnson and Johnson Services Inc., GE Healthcare, Schneider Electric SE, Honeywell International Inc., and Koninklijke Philips N.V.—have established themselves in the market. A large number of other regional manufacturers are located across different geographies. These players are well established in regional markets but have a limited global presence. They offer LCD displays for use in regional home automation and retail sector products. Similarly, the market is highly unorganized within Asia Pacific (APAC), wherein a number of local/regional manufacturers dominate the LCD terminal displays market. Thus, regional players dominate this market, and healthcare, industrial automation, retail and home automation product manufacturers collaborate with domestic suppliers and manufacturers of terminal LCD displays for their needs. Companies in the terminal LCD displays market are targeting emerging regions. Middle East and Africa, Asia Pacific, and Latin America have shown significant growth potential in the home automation and HMI market. Changing consumer behavior in these regions has fueled the consumer goods industry and created greater opportunities.
Therefore, all the leading players are focusing on increasing their presence in emerging regions. For instance, Beijer Electronics, Inc. has strategically expanded its presence by forecasting the future growth of the market and has opened new offices in China, South Korea, and Malaysia to cater to the Asia Pacific region and build a strong customer base in these emerging regions. Moreover, Fujitsu plans to expand its business globally in the coming years with the aim of achieving sustainable growth. The major focus area would be the ASEAN region as a promising growth market, considering the economic development in this region following the inception of the ASEAN Economic Community in 2015.
Key players in the global terminal LCD displays market include Baxter International Inc., General Electric Co., Johnson and Johnson, Medtronic Inc., Siemens AG, Novartis AG, Koninklijke Philips N.V., American Industrial Systems Inc., Bosch Rexroth Group, Mitsubishi Electric Automation, Omron Corporation, Rockwell Automation, Schneider Electric SE, Crestron Electronics, Inc., Control4 Corporation, Legrand, Casio America Inc., Toshiba Corporation, NCR Corporation, Hisense Group, Sharp Electronics Corporation, Fujitsu Ltd., and IBM Corpora
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