Indium Gallium Zinc Oxide Market Size

Indium Gallium Zinc Oxide Market Analysis

The Indium Gallium Zinc Oxide Market size is estimated at USD 2.62 billion in 2024, and is expected to reach USD 4.54 billion by 2029, growing at a CAGR of 11.61% during the forecast period (2024-2029).

Ever since its incorporation in LCDs back in 2012, Indium Gallium Zinc Oxide (IGZO) has become a driving force in various new developments not just specific to liquid crystals but in other display technologies. Thin-film transistors consisting of IGZO are among the products gaining the most traction owing to their enhanced performance compared to TFTs made with low-temperature-poly-silicon (LTPS), as well as their ability to be made ultra-thin and flexible for integration into a wide variety of devices.

• A shift toward the trend of miniaturization across the industries, particularly aiming to reduce the weight and size while achieving performance, has made the IGZO a popular choice.
• Post the initial incorporation phase, IGZO's application has extended to a wide range of consumer electronics, such as smartphones and laptops, featuring the same innovative technology display. Established consumer electronics players have launched a few products, such as Dell XPS 13 laptop from Dell Inc., Razer Blade 14 gaming laptop from Razer Inc., and iPad mini 2 & iPad Air from Apple, featuring the IGZO display.
• The market for displays was predominantly dominated by Amorphous Silicon (a-Si) and LTPS LCD, combining to form the largest percentage of the smartphone displays market, but steady, the market for indium gallium zinc oxide technology is gaining traction. As the demand for enhanced touch sensitivity, higher resolution, and power-efficient display devices, such as tablets, smartphones, laptops, and televisions, are on the rise, demand for IGZO displays is gaining momentum.
• Continuous developments from the vendors and increasing research in the IGZO space would augment the market's growth in the coming times. In June 2019, Samsung Electronics Co. Ltd announced the global launch of the Wall Luxury at InfoComm 2019 in Orlando, Florida. The latest version of Samsung's modular MicroLED screen with IGZO can be custom-tailored to any size and aspect ratio, enhancing the interior of the living space, ensuring customers can experience superior picture quality in the comfort of their own homes.
• The gaming market is an attractive opportunity for the IGZO market, owing to the demand for higher-quality HMDs cost and functionality improvements to support the ongoing rollout of high-quality content. According to Intel, the revenue opportunity of the AR/VR market remains strong, and it is estimated to exceed USD 45 billion in headset hardware sales by the year 2021.
• The electronics devices are expected to be impacted significantly by the COVID-19 outbreak, as China is one of the major suppliers of raw materials and finished products. The industry is facing a reduction in production, disruption in the supply chain, and price fluctuations. The sales of prominent electronic companies are expected to be affected in the near future.