Our current lifestyle is greatly influenced by smartphones, TV and computers. We use them in our workplaces, our homes and we are unable to go by a day without using them. This is seen as a social change and experts say that this influences our mind-set a great deal. So, let us look at the current market scenario, the challenges that it faces and how future technology
is expected to unroll in the future.
The global market for flat panel displays
was valued at $100 billion in 2020 and is expected to increase to over $125 billion in revenues by 2024 all over the world. The smartphone and TV product segments account for more than 65 per cent of the industry revenues while notebooks, monitors, tablets, automotive and other applications account for the rest. India has already established a substantial market-pull for display components and this market pull is accelerating to be a substantial fraction of the global display industry. The creation of an India-based display industry will require the union of market-pull, capital and knowledge.
Increasing demand for smartphones
India's market for flat panel displays is expected to increase by three times from $5.4 billion in 2020 to nearly $19 billion by 2025, according to a report by ICEA (India Cellular & Electronics Association). The reason cited for this growth is the increasing demand for consumer durables, especially smartphones. The industry body has said the cumulative market in the next 5 years was around $60 billion which is waiting to be tapped by domestic industry. Though India has steadily grown into a leading consumer market for display-centric products, it does not currently have a local display manufacturing industry and all display components have to be imported from overseas suppliers.
"We (India) currently consume 7-8 per cent of the global display production in India primarily for use in mobile, TV and IT hardware. With our current emphasis on electronic manufacturing in India and incentives to trigger this industrial sector, the demand for displays will increase multi-fold," said Pankaj Mohindroo, Chairman, India Cellular and Electronics Association (ICEA).
"There is no display fab in India today and this is the right time that we direct our focus towards building this strategic core industry in India," added Pankaj.
An articulate national policy is required to mobilize private sector companies to bring together capital and knowledge to establish a high-quality display Fabs. The national policy should extend government support towards providing financial incentives to display manufacturers and display supply chain companies who agree to make substantial investments under the private-public partnerships. The large Indian corporates needs to come forward in order to establish this strategic industry in India.
The export opportunities as a result of this strategy could bring in a benefit of about $11 billion per year by 2025. Also, an important problem of unemployment in our country could also be addressed by this strategy as it would create around 2,00,000 new jobs in this sector.
"Displays are the windows to the digital world of data. They make it possible for data to be visualized in a human-readable form. The display component industry is greater than USD 100 billion in size and it has spawned substantially