8K Technology Market Outlook 2021: Top Companies, Trends, Growth Factors Details by Regions, Types and Applications
There is a rising demand for 8K technology owing to the increasing demand for large sized television with higher resolution. Also, there has been a significant advancement in the overall display technology and improvement in the production capabilities for 8K UHD display panels in recent times. To some extent, this is backed by initiatives and financial assistance provided by various governments in order to boost manufacturing of technologically advanced products in their country.
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Top Companies: Samsung LG Electronics (South Korea), Sony Corporation (Japan), Electronics (South Korea), Sharp Corporation (Japan), Canon Inc. (Japan), Red Digital Cinema (US),Dell Technologies (US), Leyard Optoelectronic (China), and Digital Projection (UK)JVCKENWOOD Corporation
Market Dynamics and Trends
The advancements in the overall display technology, especially in the televisions is a major factor driving the overall growth of 8K technology market. In recent years, consumer preference has been shifted towards larger television sets with high resolution. This has resulted in new higher demand for 8K technology. The resolution of 8K televisions is around twice as higher than the 4K UHD televisions and is sixteen time higher than the normal full HD televisions. Higher resolution means there would be more number of pixels that make up the overall screen.
An average 8K television consists of a screen that has 7,680 pixels horizontally and 4,320 pixels vertically. This plays a crucial role in the overall viewing experience. 8K technology is more compelling in large public places, where live shows and other events are held. There is a limited usage of 8k televisions in residential homes as 8k technology requires 98 inch screen which might not affordable across all section of the population. Additionally, limited availability of 8K content is one of the many factors hindering the growth of the global 8K technology market.
On the other hand, rising demand for 8K broadcasts in the entertainment and sports industry is generating new opportunity for the market players during the forecast period. Also, increasing on-demand content coupled with the proliferation of 5G is further triggering the market growth.
However, high cost of 8K technology based products and high bandwidth requirements for video streaming is a major challenge to the 8K technology market players.
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Market Segmentations and Scope of the Study:
The global 8K technology market is segmented on the basis of product and end-user. On the basis of product the market has been segmented into television, monitor, professional camera and projector. By different end-use, the market has been segmented into consumers, sports & entertainment industry, healthcare industry and others. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
In terms of region, Asia Pacific is expected to witness the fastest growth during the forecast period. China and Japan dominated the market in the Asia Pacific region. China is considered as the leading consumer product manufacturing hub with several local players expanding the market share across all segments. Therefore, China is expected to witness significant growth in the coming years. Further, Japan is focusing upon adopting new technology which is also triggering the market growth of 8K technology market in other developed and developing countries. For instance, in 2019, NHK introduced a broadcast channel in that is dedicated towards the advancements related to 8K content.
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