The global touch panel market was valued at US$ 59. 06 billion in 2019 and is projected to reach US$ 137. 19 billion by 2027; it is expected to grow at a CAGR of 12. 0% during the forecast period.
New York, July 17, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Touch Panel Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology ; Product Type ; Application" - https://www.reportlinker.com/p05932691/?utm_source=GNW
The increasing demand of consumer electronics and rising adoption of touchscreen in commercial applications &kiosks worldwide are some of the key factors that are driving the growth of touch panelmarket.However, high price of raw material may restrain the adoption of these solutions in developing and underdeveloped regions of the world.
Despite some limitations, the growing adoption of touch panels across educational sectoris the factors that will fuel the future growth of touch panel market during the forecast period.Despite being positive growth outlook, the on-going COVID-19 outbreak is anticipated to negatively affect the global economy and thus affecting the business activities and company revenues in the touch panelindustry worldwide.
The business lockdowns, travel bans, event cancellations, and supply chain disruptions in various countries are anticipated to affect the future growth of global touch panel market, especially in 2020 and 2021.
The touch panel market has been segmented on the basis of technology, product type, application, and geography.Based on technology, the touch panel market is segmented into resistive, capacitive, and infrared.
Based on product type, the market has been segmented into consumer, commercial, and industrial.Based on application, the market is segmented into consumer, medical, retail, industrial, and others.
Geographically, the touch panel market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and South America.
3M, Advantech Co. Ltd., Chimei Innolux Corporation, Fujitsu Limited, Hitachi Ltd., LG Displays, Planar, Renesas Electronics Corporation, SAMSUNG, and Xenarc Technologies Corporation are some of the well-established players present in the touch panel market.
Impact of COVID-19 Pandemic on Touch Panel Market
The outbreak first began in Wuhan (China) in December 2019 and since then it has spread at a fast pace across the globe. As per latest WHO figures for 29th May 2020, there are around 5.70 million confirmed COVID-19 cases globally with ~3,57,688deaths and the number is growing at varying rates in different countries. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in the year 2020 and likely in 2021 also. The outbreak has created significant disruptions in primary industries such as electronics & semiconductor, and consumer electronics industry. The sharp decline in smartphones and tablets manufacturing industry is impacting the growth of global touch panel market. The factory shutdowns, travel bans, trade bans, and border lockdowns to combat and contain the outbreak have impacted the consumer electronics manufacturing. The global travel bans imposed by countries in Europe, Asia Pacific, North America, and others are affecting the business collaborations and partnerships opportunities across industries. All these factors are anticipated to negatively impact the growth of the global touch panelmarket, especially in 2020 and 2021, depending on the duration of the outbreak.
Overall size of the touch panelmarket is derived using primary and secondary sources.The research process begins with extensive secondary research using internal and external sources to obtain qualitative and quantitative information related to the touch panelmarket.
It also provides the overview and forecast for the global touch panelmarket based on all segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America.Also, primary interviews were conducted with industry participants and commentators to validate and analyze the data.
The participants who take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specialized in the touch panelmarket.
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