IGZO Target Market Size, Share, Growth, And Industry Analysis By Type (In:Ga:Zn=1:1:1, In:Ga:Zn=2:2:1, Other) By Application (Flat Panel Display, Touch Screen Panel, Other), Regional Insights, and Forecast To 2031

Updated On: 15 April 2024

IGZO Target Market Report Overview

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global igzo target market size was USD 58 million in 2021 and market is projected to touch 94.48 Million by 2031, exhibiting a CAGR of 5% during the forecast period.

A transparent, crystalline thin film transistor (TFT) made of semiconductors like gallium, indium, zinc, and oxygen is known as indium gallium zinc oxide (IGZO). One of the most effective thin film transistors, IGZO displays are intended for usage in flat panel displays and organic light-emitting diode (OLED) panels. Due to the IGZO display's ability to get around the limits imposed by semiconductor technology, excellent resolution and low power consumption are achieved. Semiconducting indium (In), gallium (Ga), zinc (Zn), and oxygen make up the indium gallium zinc oxide (IGZO) sputtering target (O). A semiconductor called IGZO (indium gallium zinc oxide) can be utilised to create transparent transistors. Compared to amorphous silicon, it exhibits an increase in electron mobility of 20 to 50 times. High pixel densities and a reduction in power consumption are believed to be made possible by IGZO, which is the alleged future of high-resolution displays. Major market participants have commercially implemented this technology. Flat-panel displays, like those seen in monitors, smartphones, and tablets, employ this technology. In order for us to view the monitor display, light must pass through five extremely thin transparent layers. There is a clear glass layer with millions of tiny electrodes behind the monitor. Each pixel has a transparent transistor built into it. The size of these transparent transistors affects the display's functionality and quality. The success of several devices with high-resolution display panels depends on the IGZO display industry. The growth of the IGZO market is anticipated to be driven by rising consumer demand for high-resolution displays for improved image quality.

COVID-19 Impact: COVID-19 Pandemic have Detrimental Effect The Market Growth

The COVID-19 pandemic had a detrimental effect on the market size for 2022, and small and medium-sized firms found it difficult to maintain their operations in the short term. Due to the corona virus epidemic, we expect a 2% to 3% departure in growth projection. The IGZO Display market's regional growth is now inconsistent, with some nations having enormous growth potential while others are experiencing closures and low profit margins.

Latest Trends

"Wearable Technology To Increase Market Share"

Due to the consumer rise in the fitness trend, wearable technology has become quite popular. The number of linked wearable devices is anticipated to rise from 593 million in 2018 to 1,105 million in 2022, according to Cisco Systems.

Wearable sensing devices are becoming more and more important in daily life for applications like vital signal monitoring during sports and health diagnostics, businesses, etc. thanks to the internet of things.

IGZO Target Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into In:Ga:Zn=1:1:1, In:Ga:Zn=2:2:1, Other. In:Ga:Zn=1:1:1 is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Flat Panel Display, Touch Screen Panel, Other. Flat Panel Display will be the dominating segment.

Driving Factors

"Rise In The Demand For Research And Development Activities Fuel The Market Growth"

The demand for IGZO displays, which is a critical factor accelerating market growth, as well as the rise in the demand for high resolution displays for better image quality, easy replacement of IGZO displays, and rise in the innovative advancement in IGZO displays are the major factors among others boosting the market. Additionally, throughout the aforementioned projection period, the indium gallium zinc oxide (IGZO) display market will see a surge in technical developments, modernization of the display manufacturing process, research and development activities, and increased demand from emerging nations.

"Technological advancements will fuel the market growth"

Room-temperature VOCs (volatile organic compounds) sensors for new wearable electronics may be a good fit for low-temperature solution-processed amorphous IGZO material. They are employed in flexible electronic applications, including wearing electronic tags for perishable food, among others.

The strain of using normally available healthcare resources grows as the number of chronic patients rises. As a result, wearable medical gadgets are becoming more and more popular, which may help patients receive care that is easier to obtain and more convenient. These programmes support the examined segment's growth. Certain emerging and developed areas are seeing an increase in diabetes patients as a result of sedentary lifestyles, poor diets, and obesity, which is motivating the market participants to create smart wearable medical devices.

Restraining Factors

"Rising Costs will Hamper The Market Growth"

The primary reason slowing market growth is the increase in R&D costs, which will continue to provide a challenge to the indium gallium zinc oxide (IGZO) display industry over the forecasted period.

IGZO Target Market Regional Insights

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"Asia Pacific Will Be Seen In Fastest Growth During Forecast Period"

Due to the widespread use of consumer electronics like smartphones, TVs, laptops, wearables, etc., Asia-Pacific is seeing the fastest growth. JST (the Japanese Science and Technology Agency) has granted Sharp a licence to use its patented IGZO-TFT technology and related applications. Japanese company Sharp was the first to begin manufacturing LCD panels with IGZO-TFT. Sharp's adoption of IGZO-TFT in 32" LCDs, tablets, and smartphones effectively dominates the market. Due to increased demand for high resolution displays for higher picture quality, easier replacement of IGZO displays, and increased inventive innovation in IGZO displays in this area, North America now has a dominant position in the indium gallium zinc oxide (IGZO) display market. Due to a surge in the need for high resolution displays for higher picture quality in this area, Asia-Pacific is the region with the most potential for development in the indium gallium zinc oxide (IGZO) display market.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• ULVAC (Japan)
• Mitsui Kinzoku (Japan)
• JX Nippon Mining & Metals (Japan)
• ANP Materials (South Korea)
• ENAM Optoelectronic Material (U.S.)
• CRM (U.S.)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.