The 8K
technology market is expected to grow from USD 2.9 billion in 2019 to USD
26.8 billion by 2024—growing at a CAGR of 55.5%. Advancements in display
technology, financial assistance by governments, and expansion of production
capabilities for 8K UHD display panels; availability of various products for
the creation and delivery of 8K content; and increased demand for larger-sized
TVs with higher resolution are a few of major factors driving the growth of the
8K technology market.
8K technology can be used in different products, such as
television (TV) sets, monitors and notebooks, professional cameras, and
projectors. The 8K UHD refers to higher resolution, better quality and
realistic images, and enhanced viewing experience. These products will be in
demand for applications in medical, consumer electronics, business and
education, entertainment industries, among others, during the forecast period.
The television segment is expected to hold the largest size of the 8K
technology market, in terms of value, during the forecast period. There is an
increasing demand for large-sized TVs with high resolution. Major television
manufacturers can leverage this opportunity to grow their businesses.
The consumers segment is expected to witness the highest
growth rate in the 8K technology market, by end user, during the forecast
period. Increasing demand for large-sized televisions with high resolution by
consumers for enhanced picture quality and image depth is the major reason
behind the highest growth rate of this segment. Major 8K products used by
consumers are TVs, cameras, projectors, monitors, and notebooks. At present, 8K
technology is in high demand for televisions; therefore, the consumers segment
accounts for the largest market share, and a similar trend is likely to
continue in the coming years.
https://www.marketsandmarkets.com/PressReleases/8k-technology.asp
APAC is expected to register the highest CAGR during the
forecast period owing to the presence of key consumer electronics companies
such as LG Electronics Inc. (South Korea), Samsung Group (South Korea), Canon
(Japan), JVCKENWOOD (Japan), Sony (Japan), Panasonic Corporation (Japan), and
Sharp Corporation (Japan). Moreover, the 2020 Summer Olympics in Japan is
likely to be broadcasted in 8K, which will further propel the market growth in
the coming years. Manufacturers in APAC are integrating new technologies, such
as 5G and automation, in their operations and products to stay competitive in
the industry. In APAC, China and Japan are expected to witness high growth rate
in the 8K technology market. Growing popularity and awareness of
high-resolution products among end users and increasing use of 8K products such
as TVs, cameras, projectors, and monitors in the consumer, medical, and
industrial applications are the factors that are likely to increase the demand
for 8K products in China and Japan.
The proliferation of 5G and increasing on-demand content,
growth in digital signage space, and 8K broadcasts in sports and entertainment
will help 8K product manufacturers to grow in this market. Moreover, there will
be strong demand for 8K technology from several APAC countries. Fulfilling the
requirements of end users in this market will help vendors increase their
revenues.
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