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OLED segment accounted for over 40% of the overall volume in 2015 and is estimated to grow at 8.8% CAGR from 2016 to 2024. Growth in the segment can be attributed to increasing integration of these devices into mobile phones as well as tablets. LCD segment is forecast to hit nearly USD 18 billion by 2024. It uses the light modulating properties of liquid crystals. Low power consumption offered by these systems is expected to propel UHD panel market share over the forecast timeframe.
These displays provide several benefits such as superior content quality. However, high cost associated with this product is likely to hamper 4K panel market share over the next eight years. Escalating integration across several applications such as TVs, personal computers, smartphones and laptops display screens is anticipated to offer potential growth avenues through 2024.
Televisions dominated the industry, with more than 55% of the revenue generated in 2015; the segment is projected to grow at over 11% CAGR from 2016 to 2024. This may be attributed to increasing product use in television systems owing to rising demand for better picture quality in order to enhance customer viewing experience. Digital display screens were valued at over USD 4 billion in 2015. Growth in the segment stems from increasing demand for advertising, signage and publishing coupled with the widespread use of large UHD displays in digital applications such as music, sports events, and cinema complexes.
Retail sector is also expected to pose considerable growth prospects in order to promote products and brands. These devices enable retailers to display their latest product offerings with clarity and details, which may help in captivating a larger consumer base. Changing customer preferences from large screens to enhanced resolution displays is forecast to fuel 4K panel market size from 2016 to 2024.
The North American industry is anticipated to be valued at over USD 19 billion by 2024 due to attractive U.S. 4K panel market share. The region is marked by early technology adoption and considerable consumer base. Asia Pacific UHD panel market share accounted for over 20% of the industry 2015 and it is predicted to grow at 11.6% CAGR from 2016 to 2024. Presence of large number of OEM manufacturers across the region is likely to catapult industry growth over the next eight years.
These products have gained rapid access in TV and digital signage, which comprises both non-residential and commercial applications. Digital signage market provides advertising, branding, information and entertainment to its target customers where the content can be remotely updated, controlled and managed. Increasing use of these displays in the commercial sector including government, hospitality and retail sectors is also expected to impel demand over the forecast timeline.