Indium Gallium Zinc Oxide Market to Surpass US$ 4.8 Bn by 2030
IGZO is a semiconducting material, consisting of indium (In), gallium (Ga), zinc (Zn) and oxygen (O). It has 20-50 times the charge carrier mobility of amorphous silicon. It is a promising candidate for thin-film transistors, as it possesses low process temperatures and excellent mobility. Among all the materials used for flat-panel displays, IGZO has been gaining significant attention as a backplane semiconductor due to its high mobility and low cost. It also offers excellent amorphous uniformity, which is essential for high-resolution, large-area and fully transparent displays. Indium gallium zinc oxide (IGZO) is one of the most promising crystalline semiconductors for various optoelectronic applications including ultraviolet photodetectors, X-ray photoelectron spectroscopy analysis and neuromorphic devices with paired pulse facilitation emulating that of biological synapses.
Market Statistics:
The global Indium Gallium Zinc Oxide Market is estimated to account for US$ 2.35 Bn in terms of value by the end of 2023.
Global Indium Gallium Zinc Oxide Market: Drivers
Increasing popularity of wearable devices is contributing to the growth of the global IGZO display market. According to Cisco Systems, connected devices will account for 593 million units in 2018 and 1,105 million in 2022. Moreover, growing use in various applications such as healthcare, entertainment, and industrial is again projected to foster market growth. Furthermore, the growth in the OLED market due to its superior performance, durability, and reliability is further anticipated to foster market growth.
Global Indium Gallium Zinc Oxide Market: Opportunities
Growing emphasis on energy saving technologies due to growing demand for electricity is expected to provide significant growth over the forecast period. According to the office of energy efficiency and renewable energy, by 2030, cumulative energy operating cost savings from all standards in effect since 1987 will nearly reach US$ 2 trillion. Moreover, according to the US Energy Information Administration, in 2020, the average annual electricity consumption for US residential utility customers accounted for 10,715 kilowatt- hours (kWh) and an average of 839 kWh per month.
Global Indium Gallium Zinc Oxide Market: Restraints
Currently, the main challenge to mass-producing IGZO is the relevant synthesis method using Pulsed Laser Deposition or PLD. These processes are expensive, time-consuming and difficult to scale up. Thus, this factor is expected to hinder market growth.
Global Indium Gallium Zinc Oxide Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 pandemic badly affected China, one of the major suppliers of raw materials and finished products for electronic devices. 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. Hence, outbreak of covid-19 has negatively impacted the market growth of IGZO.
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https://www.coherentmarketinsights.com/market-insight/indium-gallium-zinc-oxide-market-5535
Key Takeaways:
The global Indium Gallium Zinc Oxide market was valued at US$ 2.06 Bn in 2022 and is forecast to reach a value of US$ 4.8 Bn by 2030 at a CAGR of 11.15% between 2023 and 2030.
Smartphones segment held dominant position in the global Indium Gallium Zinc Oxide market in 2022, accounting for 36% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Indium Gallium Zinc Oxide Market Trends:
Indium Gallium Zinc Oxide disadvantage (A-IGZO) has been shown to be a promising material for a wide range of optoelectronic applications. It has high field-effect mobility, low processing temperature and is insensitive to visible light. It is used in LEDs, photodetectors and photovoltaic devices. It is also an efficient source of light in the UV/blue spectral region due to its large excitonic binding energy and can be easily doped with materials like In, Ga and Al.
Increasing number of partnership and agreements among key players for market expansion is a growing trend. In September 2022, E Ink Holdings Inc. (E Ink), the originator, pioneer, and global commercial marketer in digital paper technology, and Sharp Display Technology Corporation (SDTC), a company in the field of displays, announced the collaboration with each other, and adopt SDTC’s indium gallium zinc oxide (IGZO*2) backplanes for ePaper modules using in eReader and eNote products.
Global Indium Gallium Zinc Oxide Market: Competitive Landscape
Sharp Corporation, Apple Inc., Sony Corporation, ASUSTEK Computer Inc., LG Electronics, AU Optronics, Samsung Group, and Fujitsu Limited
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