The Indium Gallium Zinc Oxide (IGZO) Market is estimated to be valued at US$ 2.29 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Indium gallium zinc oxide (IGZO) is a semiconductor with the formula InGaZnO4. It has optical and electrical properties suitable for applications such as thin-film transistors used in flat panel displays. IGZO displays offer many advantages like higher resolutions, greater clarity, lighter weight, lower power consumption and better heat dispersion characteristics compared to LCD and OLED displays. IGZO technology enables much slimmer and more energy efficient displays for various consumer electronics.
Market key trends:
The Indium Gallium Zinc Oxide (IGZO) market is witnessing high growth owing to rising adoption of IGZO display panels in consumer electronics such as smartphones, tablets, laptops and TVs. As IGZO displays provide higher resolution, better picture quality and lower power consumption, major consumer electronics manufacturers are increasingly incorporating IGZO panels in their premium product offerings. Additionally, miniaturization of electronic devices is propelling the demand for slim and energy-efficient display panels, thereby driving market growth. Growing demand for flexible displays from automotive displays, wearable devices is another factor boosting the IGZO market. IGZO also finds usage in smart home appliances, digital signage and medical display applications fueling the market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The Indium Gallium Zinc Oxide market requires huge R&D investment and manufacturing infrastructure which acts as a barrier for new entrants.
Bargaining power of buyers: The presence of large buyers like electronics manufacturing companies gives them more bargaining power over suppliers in the Indium Gallium Zinc Oxide market.
Bargaining power of suppliers: A few companies dominate the global production of Indium Gallium Zinc Oxide which gives them higher bargaining power over buyers.
Threat of new substitutes: Alternatives like amorphous silicon and IGZO are present but none have matched the performance of IGZO in most applications.
Competitive rivalry: Intense competition exists between established players.
SWOT Analysis
Strength: IGZO has better performance than other semiconductors. It provides higher resolution, lower power consumption and is less expensive.
Weakness: Mass production of IGZO panels requires high capital investment and manufacturing expertise which is a challenge for small players. Commercialization challenges exist.
Opportunity: Growing demand for superior display technologies from smartphones, laptops and TVs. Emerging applications in virtual reality headsets provide new opportunities.
Threats: Technology breakthroughs that make alternatives more competitive. Trade barriers and political risks associated with sourcing raw materials.
Key Takeaways
The Global Indium Gallium Zinc Oxide Market Size is expected to witness high growth, exhibiting CAGR of 11% over the forecast period, due to increasing adoption of IGZO displays in smartphones, laptops and televisions. Asia Pacific dominates the global IGZO display market due to presence of large electronics manufacturing bases and major IGZO display producers in countries like China, Japan, South Korea and Taiwan. North America and Europe are other major markets for IGZO displays due to rising consumer electronics spending.
Regional analysis
Asia Pacific accounts for over 50% share of the global IGZO market led by China, Japan, South Korea and Taiwan. Strong electronics manufacturing ecosystem and presence of major IGZO display producers such as Sharp, LG, Samsung and AU Optronics has made Asia Pacific the fastest growing as well as dominant regional market.
Key players
Key players operating in the Indium Gallium Zinc Oxide market are Sharp Corporation, Apple Inc., Sony Corporation, ASUSTeK Computer Inc., LG Electronics, AU Optronics, Samsung Group, and Fujitsu Limited. Major players are focusing on expanding IGZO production capacities and promoting advantages of IGZO over other alternative technologies for displays.
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