by The global Indium Gallium Zinc Oxide 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 is a direct-transition metal oxide semiconductor with excellent electrical conductivity and optical transparency properties. It is widely used in flat panel displays as it offers higher carrier mobility and flexibility as compared to other thin-film transistor materials.
Market key trends:
One of the key trends in the Indium Gallium Zinc Oxide Market is the increasing adoption of glass-free displays in automotive infotainment systems. As the screens used in automotive displays need to be highly durable, IGZO technology offers improved flexibility and hardness over traditional glass substrates. IGZO displays provide better sunlight readability and touch sensitivity. Moreover, being lightweight, IGZO displays help reduce the overall weight of vehicles, providing enhanced fuel efficiency.
SWOT Analysis
Strength: Indium Gallium Zinc Oxide thin-film transistors offer high electron mobility, transparent nature and low-temperature polycrystalline fabrication which makes them suitable for next generation display applications.
Weakness: High cost of Indium and gallium metals increases the overall cost of raw materials. The yield and uniformity of IGZO thin films over a large area need further improvement.
Opportunity: Growing demand for OLED displays in smartphones, tablets and TVs offers significant opportunities for IGZO market. Its optoelectronic properties allow its usage in photovoltaic devices and transparent electronics.
Threats: Stiff competition from established transparent conductive oxide materials like ITO and competition from emerging transparent conductive materials can hamper the growth of IGZO market.
Key Takeaways
The Global Indium Gallium Zinc Oxide Market Size is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for power-efficient and transparent displays in consumer electronics.
Regional analysis:
Asia Pacific region dominates the global IGZO market and is expected to maintain its lead over the forecast period. This is attributed to huge demand from rapidly growing consumer electronics industries of China, Taiwan, South Korea and Japan. Major companies located in these regions are actively funding R&D activities to commercialize IGZO technology.
Key players operating in the Indium Gallium Zinc Oxide (IGZO) market are Sharp Corporation, Apple Inc., Sony Corporation, ASUSTEK Computer Inc., LG Electronics, AU Optronics, Samsung Group, and Fujitsu Limited. Among these, Sharp Corporation holds the major share owing to its early investments in commercialization of IGZO technology and catering to growing demands of display manufacturers.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
