Display panel: a large market of hundreds of billions of dollars, with obvious cyclical characteristics

Market size: Display panels are a large market of 100 billion US dollars. In 2022, the global panel market size is about 122.7 billion US dollars, the total panel shipments are about 3.51 billion pieces, the total shipment area is about 250 million square meters, and the subsequent will show a stable growth trend, it is expected that in 2030, the display panel market size will reach 148.7 billion US dollars, the total shipment volume is about 4.08 billion pieces, and the total shipment area is about 330 million square meters.

Panel cycle: The panel industry presents obvious cyclical characteristics. The latest panel cycle began at the end of 2019, when the epidemic economy drove demand, and panel prices began to rise; June 2021 ushered in a turning point, demand overdraft, oversupply was serious, and panel prices began to fall; At the end of 2022, the price of panels fell to the bottom, and after strict production control on the supply side, supply and demand gradually balanced, prices remained stable, and the current cycle ended. With the gradual increase in the concentration of the panel industry in the Chinese mainland, the cyclicality of the panel industry is expected to gradually weaken.

Technology evolution trend: LCD is still mainstream, OLED continues to penetrate, Micro LED is about to move
At present, the display panel is still LCD as the mainstream, and in the short term its mainstream status is difficult to shake, FMM OLED in the small size has occupied half of the country, and is penetrating to the medium size, Micro LED is not mature, after the technology, cost problem will shine.

Technology evolution trend: Micro OLED technology is expected to inject new vitality into display panels.

Micro OLED is a manufacturing OLED device on a silicon backplane (CMOS driver), which is a fusion product of the semiconductor industry and the panel industry, characterized by ultra-small size, ultra-high PPI, high brightness, and is highly suitable for AR, VR and other near-eye display new scenarios. Micro OLED technology is difficult and the threshold is extremely high, and there are only a few companies that can stably produce mass production. Globally, Sony and LGD are in the first echelon, and domestic BOE and Seeya Technology are basically in the second echelon. At present, the Micro OLED market is still small, with a global market size of only $130 million in 2022, and it is expected that after Apple releases its MR products, It will inject new impetus into the Micro OLED market.