The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Indium gallium zinc oxide (IGZO) is a semiconductor material used in making thin-film transistors for applications such as displays and sensors. IGZO is transparent and can be deposited on large and flexible substrates at low temperature, making it ideal for high-resolution active-matrix organic light-emitting diode (AMOLED) displays. IGZO is increasingly being used in manufacturing OLED displays for smartphones, tablets, and televisions owing to its better flexibility, power efficiency and resolution compared to traditional silicon-based displays.

Market Dynamics:
The indium gallium zinc oxide market is primarily driven by rising demand for OLED displays in consumer electronics devices such as smartphones, tablets, laptops and TVs. According to Coherent Market Insights analysis, over 4.5 billion smartphones will be sold globally by 2023, greater than 90% of which are expected to feature OLED displays. Secondly, IGZO demonstrates higher electron mobility compared to silicon and amorphous silicon, enabling faster switching speeds and lower power consumption in transistors and displays. This makes IGZO well-suited for large, high-resolution AMOLED displays required for next-generation televisions.

SWOT Analysis
Strength: IGZO displays offer higher resolution, faster response times and lower power consumption compared to other displays. IGZO can be deposited at lower temperatures which allows for flexibility. IGZO has good optical and electrical properties making it suitable for AMOLED displays.

Weakness: High costs associated with manufacturing IGZO thin-film transistors. Potential shortage of indium which is a key raw material for IGZO production.

Opportunity: Growing demand for OLED displays in smartphones, televisions and other electronic devices. Increasing preference for energy efficient and high resolution displays in portable electronics will drive the IGZO market.

Threats: Stiff competition from LTPS and oxide TFT technologies. Constant technological advancements reducing the advantages of IGZO over alternate technologies.

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.

Read more: https://www.rapidwebwire.com/indium-gallium-zinc-oxide-market-size-forecast/