The market size of the PCB application display industry
The current mainstream display technologies in the market include LCD, OLED and Mini/Micro LED. The development of the downstream traditional LCD and Mini LED market will drive the growth of product stock and incremental market.
Traditional LCD – the mainstream display technology in the market
LCD is liquid crystal display, which is a kind of tablet display technology. Based on the special physical, chemical and photoelectric characteristics of liquid crystal materials, it is the most mature and widely used display device in tablet display technology. It is mainly used in TVs, monitors, notebook computers, Tablet PCs, smartphones, etc.
TFT-LCD, thin film transistor liquid crystal display, belongs to one of the LCD display technologies and is the current mainstream technology. Each of its liquid crystal pixels is driven by a thin-film transistor integrated behind the pixel, so that it can display screen information at high speed, high brightness, and high contrast. It has the characteristics of light weight, planarization, low power consumption, no radiation, and excellent display quality.
Mini LED – a new generation of display technology
Mini LED refers to LED chips with a size on the order of 100 μm, which is between small-pitch LEDs and Micro LEDs, and is the result of further refinement of small-pitch LEDs. Compared with traditional display technology, Mini LED display technology has a smaller lamp bead size (100-200μm), more delicate display effect, and higher brightness.
Since 2019, Mini LED products have been released intensively. Manufacturers such as Apple, TCL, Hisense, ASUS, Innolux, AUO, and BOE have successively launched terminal products such as TVs, monitors, VR, and car displays with Mini LED backlights or similar technologies. Mini LED has begun to usher in large-scale applications, and the demand for special PCBs will also usher in explosive growth.
Mini LED backlight modules can help LCD upgrades, realize ultra-thin, multi-zone local dimming backlight units, make the size and contrast performance close to or better than OLEDs, and enable LCDs to compete with OLEDs in the mid-to-high-end market. LCD zone dimming backlight technology has matured, and the cost is also decreasing, and it is expected to usher in a large scale in the future.
Mini LED commercial display is an upgrade of small-pitch LED commercial display. Mini LED commercial displays are expected to usher in orderly and rapid development, and gradually land in large-size TVs, theaters and other scenarios.
According to Arizton data, the global Mini LED market size in 2018 is only about 10 million US dollars. As the upstream and downstream continue to promote the industrial application of Mini LED, the downstream demand for Mini LED will usher in exponential growth. It is estimated that the global market size will expand to US$2.32 billion in 2024, with a compound annual growth rate of 147.88%.
Gaogong LED Research Institute (GGII) pointed out that China’s Mini LED market will grow to 2.2 billion US dollars by 2020, with a compound annual growth rate of 175%, faster than the global average.
Consumer electronics includes mobile phones, computers, smart homes, wearable devices, smart mobile terminals and other segments. Consumer electronics products have the characteristics of wide coverage, rapid changes in downstream demand, short product iteration cycle, and continuous emergence of new categories. Every new consumer hotspot will lead to a round of iterative upgrades for consumer electronics products, driving the growth of demand for printed circuit boards.
The global consumer electronics industry is developing rapidly, and new products such as smartphones, tablet computers, wearable devices, AR (augmented reality), and VR (virtual reality) continue to emerge. With the upgrading of global consumption, the consumer electronics industry will still have broad market prospects.
According to Prismark statistics, the global output value of consumer electronics reached US$298 billion in 2019, an increase of 2.76% over 2018 . It is estimated that the global consumer electronics output value will reach US$357 billion in 2024, with a compound annual growth rate of approximately 3.7% from 2019 to 2024.
Communication equipment mainly refers to the communication infrastructure used for wired or wireless network transmission, including communication base stations, routers, switches, radars, backbone network transmission equipment, etc.
At present, the communication equipment’s demand for PCB is mainly based on multilayer PCB. With the advent of the 5G era, the demand for high frequency and high speed PCBs that are conducive to high-speed signal transmission will increase significantly. According to Prismark’s forecast, the global communication equipment market will reach US$710 billion in 2024.