Thin-film transistors consisting of IGZO are among the products gaining the most traction owing to their enhanced performance compared to TFTs made with low-temperature-poly-silicon (LTPS), as well as their ability to be made ultra-thin and flexible for integration into a wide variety of devices.

- With a shift toward the trend of miniaturization across the industries, particularly aiming to reduce the weight and size while achieving performance, it has made the IGZO a popular choice.

- Post the initial incorporation phase, IGZO's application has extended to a wide range of consumer electronics, such as smartphones and laptops, featuring the same innovative technology display. Established consumer electronics players have launched a few products, such as Dell XPS 13 laptop from Dell Inc., Razer Blade 14 gaming laptop from Razer Inc., and iPad mini 2 & iPad Air from Apple, featuring the IGZO display.

- The market for displays was predominantly dominated by Amorphous Silicon (a-Si) and LTPS LCD, combining to form the largest percentage of the smartphone displays market, but steady, the market for indium gallium zinc oxide technology is gaining traction. As the demand for enhanced touch sensitivity, higher resolution, and power-efficient display devices, such as tablets, smartphones, laptops, and televisions, are on the rise, demand for IGZO displays is gaining momentum.

- IGZO's are deployed in the devices to enable high-resolution display. IGZO technology supports smartphones, tablets, and other electronic devices. Hence, with the rise in demand for smartphones, the market is expected to witness growth over the forecast period. For instance, According to the US Consumer Technology Sales and Forecast study conducted by the Consumer Technology Association (CTA), the revenue generated by smartphones was valued at USD 79.1 billion and USD 77.5 billion in 2018 and 2019, respectively.

- The gaming markets are an attractive opportunity for the IGZO market, owing to the demand for Higher-quality HMDs cost and functionality improvements to support the on-going roll-out of high-quality content. According to Intel, the AR/VR market's revenue opportunity remains strong and is estimated to exceed USD 45 billion in headset hardware sales by the year 2021.

- The electronics devices are expected to be impacted significantly by the COVID-19 outbreak, as China is one of the major suppliers for the raw materials and the finished products. The industry is facing a reduction in production, disruption in the supply chain, and price fluctuations. The sales of prominent electronic companies are expected to be affected in the near future.

Key Market Trends

Wearable Devices to Gain Significant Market Share

- With the advent of the internet of things, wearable sensing devices are gaining importance in the daily lives of applications like vital signal monitoring during sport and health diagnostics, enterprises, etc.

- Amorphous indium gallium zinc oxide (a-IGZO) thin-film transistors (TFTs) fabricated on flexible large-area substrates are an exciting platform to build wearable sensing devices due to their flexibility, conformability to the human body, and low cost. This provides material properties of superb mechanical stability, good electrical conductivity, and optical transparency. Thin film transistors (TFTs) and gas sensors are fabricated on a 1.9 µm thick PMMA, where substrate exhibits excellent transistor performances.

- Low-temperature solution-processed amorphous IGZO film can serve as a good candidate for room-temperature VOCs (volatile organic compounds) sensors for emerging wearable electronics. These are used in flexible electronic applications such as wearable electronic tags used in perishable food, etc.

- Electronic textile (e-textile) allows for high-end wearable electronic devices using indium gallium zinc oxide that provides easy access for carrying and handling the clothes that play recorded audio and video or photos when body signals including temperature, heart rate, and ECG.

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Asia-Pacific to Witness Fastest Growth

- Asia-Pacific is witnessing the fastest growth due to the high amount of penetration of consumer electronic devices such as smartphones, televisions, laptops, wearables, etc. IGZO-TFT and its applications are patented by JST (Japan Science and Technology Agency) and have been licensed to Sharp. Sharp, a Japan firm, was the first to start production of LCD panels incorporating IGZO-TFT. Sharp uses IGZO-TFT for smartphones, tablets, and 32" LCDs, which drives the market efficiently.

- In November 2019, Sharp Corporation and Japan Broadcasting Corporation (NHK) co-developed a 30-inch 4K flexible organic LED (OLED) display. The OLED display, with light-emitting elements formed onto each of the RGB subpixels (RGB light emission method) of a 30-inch-diagonal (approx. 76 cm) flexible film substrate, one of the largest display of its kind in the world. This display employs IGZO thin-film transistors (TFTs) to drive the OLED elements.

- China is one of the lucrative markets and computes high revenue rotation because of the availability of low-cost IGZO in the segment of smartphones and televisions, which drives the demand in the market.

- Reportedly, a number of China-based companies, including BOE Technology, Chongqing HKC, TCL, and AVIC International Holding, have shown interest in taking over control of CEC-Panda LCD Technology to consolidate their positions in China's LCD industry. Though BOE has stated that it would stop expanding its LCD production capacity, it is probably eyeing the CEC-Panda's IGZO technology that can drive OLED.

- Asia-Pacific was the prominent market for smartphones in 2019, and the region is expected to continue to offer the maximum growth opportunities over the forecast period. Factors such as growing disposable income, development of telecom infrastructure, the emergence of budget-centric smartphones, and a rising number of product launches contribute to the growth of the smartphone market.

Competitive Landscape

The indium gallium zinc oxide market is fragmented as the players are innovating with new technologies using indium gallium zinc oxide, which is making the market competitive. Some of the recent developments in the market are -

- April 2020 - Juhua Printing and TCL demonstrated a 31" FHD inkjet-printed rollable hybrid QD- OLED TV prototype. The display uses an IGZO (Oxide-TFT) backplane, and TCL stated that it has an aperture ratio of over 50%, brightness of 200 nits, and a 90% DCI-P3 color gamut.

- February 2020 - Sharp released a 5G smartphone, namely the Aquos R5G, in Japan. It comes with a 6.5-inch Pro IGZO screen, powered by the Qualcomm Snapdragon 865 processor, 12GB LPDDR5 memory, and 256GB UFS3.0 body storage. This handset's configuration is in line with that of the Xiaomi Mi 10.

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