INDIUM GALLIUM ZINC OXIDE MARKET ANALYSIS

Indium Gallium Zinc Oxide MarketSize and Trends

The global Indium Gallium Zinc Oxide market size was valued at US$ 2.06 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 11.15% from 2023 to 2030. Indium Gallium Zinc Oxide is witnessing increase in demand from the electronics industry due to its use in the production of LED displays, smartphones, tablets, televisions, and other electronic devices. The major drivers of the indium gallium zinc oxide market include growth in the automotive industry, increasing demand for high-end consumer electronic devices and increase in investment in R&D activities by manufacturers.

Global Indium Gallium Zinc Oxide Market Trends:

Growing research and development activities is a new trend

The market is experiencing product innovation due to growing R &D activities in the field of IGZO. For instance, in February 2022, BOE developed a new technology that has resulted in the building of the world’s first 500Hz gaming monitor that’ll soon enable a smoother gaming experience for players.

Growing trend of connected monitoring devices

 There is a growing trend of using connected monitoring devices augmented by Covid-19 pandemic. This is expected to propel market growth. According to the Consumer Technology Association, the US tech industry revenue will reach a record-breaking US$ 487 billion in 2021, a 7.5% jump YoY. Furthermore, smartwatches demand is expected to grow by 8% in unit shipments, driven by tech-savvy and fashion-conscious consumers.