Indium Gallium Zinc Oxide is fastest growing segment fueling the growth of Indium Gallium Zinc Oxide Market

 The global Indium Gallium Zinc Oxide Market is estimated to be valued at US$ 2.29 in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Indium gallium zinc oxide is a material used in manufacturing of thin-film transistors for liquid crystal displays and OLED displays. It offers high electron mobility, optical transparency and tunable electrical conductivity properties. IGZO plays a vital role in manufacturing of thin, light and power efficient displays for various electronic devices.

Market key trends:
One of the major trend in the Indium Gallium Zinc Oxide Market is the increasing demand for larger, brighter and more energy efficient displays for various consumer electronic devices such as smartphones, tablet and TVs. IGZO semiconductor materials allows manufacturing of displays with enhanced functionality and lower power consumption which has increased its adoption by display panel manufacturers and display module producers. This growing demand from display industry is expected to drive the growth of global IGZO market over the forecast period.


Segment Analysis
The global indium gallium zinc oxide market is segmented by deposition technique, application, and region. Based on deposition technique, sputtering dominates the market and accounted for more than 40% of the total market share in 2022. Sputtering enables uniform deposition of ITO thin films with high transparency and conductivity. The process is cost effective for mass production. By application, displays hold the largest share due to exponential growth in demand for OLED and LCD displays for TVs, smartphones, tablets, and more. Displays accounted for over 30% share of the overall market in 2022.

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 energy-efficient and flexible displays.

Regional analysis: Asia Pacific dominates the market with over 45% share majorly due to presence of large consumer electronics manufacturers in countries like China, South Korea, and other Southeast Asian countries. Countries like Japan, Taiwan, and South Korea are the fastest growing regional markets.

Key players analysis: 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. Sharp Corporation dominates the market owing to its robust portfolio of energy efficient IGZO display panels.

 

Read more: https://www.ukwebwire.com/indium-gallium-zinc-oxide-market-insights-trends/  

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