8K Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

8K Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The 8K market is expected to witness a CAGR of 32.9% over the forecast period (2021 - 2026).

Key Highlights

• The advancements in display technology and the increase in demand for high-resolution TVs among consumers create a positive outlook for the growth of the 8K market. The large-screen and high-resolution TVs offer better quality and realistic images and an enhanced viewing experience.
• Furthermore, the 8K imaging systems have a high pixel count, which is preferred over the traditional imaging techniques. The high resolution afforded by 8K technology provides a level of detail used for telemedicine and by surgeons and medical students over remote connections. This is driving the adoption of 8k technology in healthcare. Thus, the demand for 8K technology in healthcare is propelling the market.
• However, on the flipside, 8K content availability is restraining the market growth. Additionally, the high cost related to 8K technology-based products is challenging the market.

Key Market TrendsTelevision Segment is Expected to Have Significant Growth

• With the help of advanced facilities, companies produce very large LCD sheets, called mother glass, from which TV display panels are cut. As a result, bigger TV panels can be produced with less waste, helping to drive down costs and consumer prices.
• Moreover, according to Samsung, people have moved from 32 inches to 55 inches, as the average screen size now. This is a trend toward larger screen technologies, as the big bezels and backs that often came attached to the display itself have disappeared. Thus, people can fit large-screen TVs in the same amount of space, indicating that the average display size has quickly shot up.
• Furthermore, 8K technology provides display video at 120 frames per second rather than the current 60 frames per second. Thus, sports networks are especially interested in this technology. By doubling the number of frames displayed each second, it can help reduce motion blur during fast-moving action.
• The demand for 8K Ultra HDTV in the United States is increasing Y-o-Y. They are the early adopters of this technology. Thus, the above factors are expected to have a positive outlook in the 8K television market.

Asia Pacific to Witness the Fastest Growth

• In the Asia-Pacific region, China and Japan dominate the 8K technology market. China is emerging as a leading consumer product manufacturing hub, with local players expanding their market share in all segments. Therefore, China is expected to witness high growth in the 8K technology market.
• Japan introduced a broadcast channel dedicated to 8K content, and this gives an in-depth look at the complicated requirements. To enjoy 8K media, one may need an 8K TV, a dedicated satellite to receive the transmission, and in some cases, a replacement for boosters and distributor boxes. Additionally, Japan is pioneering this technology with plans to broadcast the 2020 Olympics in 8K.
• Therefore, China and Japan are expected to be among the highest growth registering countries in the 8K technology market. Thus, these factors are expected to result in the Asia-Pacific region, witnessing the fastest CAGR among all other regions during the forecast period.

Competitive Landscape

The 8K market is highly fragmented and competitive because of the presence of major players. Some companies, like Samsung Electronics, LG Electronics, Sony Corporation, Sharp Corporation, Canon Inc., Red Digital Cinema, and Dell Technologies, are the major players in the 8K technology market. These players focus on strengthening their presence in the 8K technology market to meet the increasing demand from the consumer electronics industry, with high demand for better display screens and technological advancements in micro-LEDs.

• January 2019: Samsung Electronics showcased a 98-inch QLED 8K TV at CES 2019. It features a resolution of 7680Hx4320, high light output, and full-array local dimming.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

BOE Japan Co. Ltd
Canon Inc.
Dell Inc.
Hisense Co. Ltd
Ikegami Tsushinki Co. Ltd
LG Electronics Inc.
Panasonic Corporation
Red Digital Cinema Camera Company
Samsung Group
Sharp Corporation

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