A report from market research company Markets&Markets forecasts that the 8K technology market is projected to grow almost tenfold over the next 5 years, from $2.9 billion (€2.59bn) this year to $26.8 billion by 2024, growing at a CAGR of 55.5 per cent.
The report covers 8K televisions (including OLED, LED-LCD, QD-LCD and Micro-LED models), as well as computer Monitors & Notebook, Professional Cameras, and Projectors.
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 major factors driving the 8K technology market growth.
The report says that its study for the 8K technology market has been segmented on the basis of products into 4 categories: Televisions, projectors, professional cameras, and monitors and notebooks. “Among these products, television is expected to be the fastest-growing segment in the overall 8K technology market. Consumers are showing interest in large-screen TVs with better picture quality as they want theatre-like experience at home. Hence, the market for 8K TVs is likely to witness significant growth in the coming years.”
Markets&Markets says “Enhanced picture quality and image depth, more vibrant and brighter colours, bigger screen, and high demand for smart TVs owing to their capability to allow users to install apps and pull content digitally from anywhere are among a few major factors that attract customers toward products based on this technology. However, owing to the limited content availability and high cost, 8K televisions are not offering significant value addition to early buyers compared to 4K televisions.”
“The consumers segment is expected to hold the largest market share during the forecast period. The 8K resolution has a variety of applications for consumers. It can be used in TVs, cameras, projectors, and so on. Increasing demand for large-sized televisions by consumers for enhanced picture quality and image depth is the major factor driving the growth of the 8K technology market. Additionally, the sports & entertainment Industry is expected to hold the second-largest share of the 8K technology market.”
“In terms of value, North America held the largest share of the market in 2018. It is one of the leading regions and is expected to witness high growth in the 8K technology market in the coming years. North American companies are focusing on entering into partnership agreements to develop 8K products with collaborative efforts, as well as on increasing their expenditure in R&D, keeping in mind the potential of new technology. The US is the leading country in North America with high demand for 8K products including TVs, cameras, projectors, and monitors. Increasing demand for large-sized TVs with high resolution drives the 8K technology market growth in the country.”