New York, US, March 16, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “4K Technology Market Research Report: By Type, Physical Product- Forecast Till 2030, the market is anticipated to acquire a valuation of approximately USD 475.69 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 22.6% during the assessment timeframe.
4K Technology Market Insights:
The global 4K technology market is scaling up rapidly. The market demand is primarily driven by the rising adoption of 4K home theatre projectors, 4K video cameras, and 4K monitors for industrial and other applications. Besides, the growing uptake of 4K displays in entertainment systems, automotive monitors, portable navigation devices, medical diagnostic equipment, and flexible display products drives the market growth.
The spurting growth in the consumer electronics, media & entertainment, and sports industries boots the market demand hugely. Additionally, the growing demand for high-quality displays in smartphones and other electronic devices accelerates market sales. Rapid urbanization and the improving economy worldwide influence market growth, improving consumer purchasing power.
Moreover, the growing number of high-resolution product launches increases the market size, spurring sales. Substantial R&D investments by manufacturers to bring more innovations act as key growth propellers for the market.
On the other hand, 4K technology has a few disadvantages, such as limitations of content recording and the requirement of minimum 25Mbps bandwidth to transfer videos. These limitations, alongside the high costs of 4K displays, are key factors projected to impede the market growth. Nevertheless, future technological upgrades would support market growth, improving technology further, and presenting cost-effective solutions.
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Players leading the 4K technology market include.
- Panasonic Corp. (Japan)
- Canon Inc. (Japan)
- AsusTek Corp. (Taiwan)
- JVC Kenwood Corp. (Japan)
- Sharp Corp. (Japan)
- Innolux Corp. (Taiwan)
- LG Electronics Corp. (South Korea)
- Blackmagic Design Pty Ltd. (Australia)
- Hisense Co.Ltd (China)
- Samsung Electronics Corp. (South Korea)
- Sony Corp. (Japan)
|Revenue forecast in 2030||USD 475.69 Billion|
|Growth Rate||CAGR of 22.6% from 2022 to 2030|
|Key Market Opportunities||Increasing spending power of consumers and the increasing preference of consumers.|
|Key Market Drivers||Higher resolution and better efficiency.|
Advancement in technology.
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The present 4K technology market scenario appears promising mainly due to tech-focused TV brands investing in developing specifications, sound, viewing, etc. According to MRFR, the growing popularity of smart TVs has enabled a significant increase in Q1 2022, resulting in reaching the highest share of the overall market. The rise of streaming and OTT platforms will continue to push the 4K technology industry forward.
4K Technology Market Segments
The 4K Technology Market report is segmented into products, pixels, recording devices, display technologies, end-user applications, and regions. The product segment is sub-segmented into TVs, monitors, digital signage, set-top boxes, smartphones, tablets, laptops, projectors, cameras, Blu-ray players, and others. The pixel segment is sub-segmented into 3840 x 2160 pixels, 406x 2160 pixels, and other 4K resolutions.
The recording devices segment is sub-segmented into 2K resolution, 5K resolution, 8K resolution, 10K resolution, 16K resolution, aspect ratio, digital cameras, graphics display resolution, high-efficiency video coding, ultra-high-definition television, and others. The display technologies segment is sub-segmented into light emitting diode (LED), high definition (HD), liquid crystal display (LCD), and ultra-high definition (UHD).
The end-user application segment is sub-segmented into commercial, advertisement, entertainment, business, education, aerospace, defense, and others. By region, the market is bifurcated into Europe, the Americas, Asia-Pacific, and the rest of the world. Among these, the APAC region accounts for the largest market share, followed by North America and Europe.
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The Asia-Pacific region dominates the global 4K technology market. The largest market share is attributed to the presence of notable players offering revolutionary display technologies with higher resolution. Besides, the proliferation of smart technologies and substantial R&D investments to develop display technology drive regional market growth. India, Japan, and China hold a major share of the regional market. The APAC 4K technology is estimated to retain its dominance throughout the projected period.
North America stands second in the global 4K technology market. Substantial technological advances and the increasing use of mobile devices in the region drive market growth. Additionally, the growing uptake of these displays and increasing investments in product development boost regional market growth. Furthermore, the ability of manufacturers to develop cutting-edge display technologies acts as a major tailwind for the growth of the regional market. The North American 4K technology market is projected to rapidly during the review period.
The Europe 4K technology market is emerging as a promising market globally. The region witnesses the rising demand for 8K displays from outdoor applications. Factors such as the rapid technological advances in display technologies influence the growth of the regional market. Moreover, the rising demand for premium electronic products and the resurging economy in the region provide a massive impetus to the 4K technology industry. The European 4K technology market is projected to scale up at an impressive growth rate during the assessment period.
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Fiercely competitive, the 4K technology market appears fragmented due to the presence of various dynamic and diversified players. To gain a substantial competitive share, innovation, mergers & acquisitions, and brand reinforcement remain key trends. Industry players strive to develop a cost-effective portfolio, increasing R&D investments.
The market is to witness intensifying competition with increasing product launches. Also, immense revenue generation opportunities demonstrated by the market intensify the market competition, attracting new entrants.
For instance, on Jan. 06, 2023, Formovie Technology, a leading global provider of laser TVs and projectors, showcased a number of flagship and brand-new products at CES 2023. Products such as Formovie 4K Triple-Laser UST Projector THEATER offer an immersive experience with superior image quality, sound performance, and advanced laser technology. Formovie THEATER, a 4K UST projector with Dolby vision, creates a truly cinematic experience for users at home.
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