The global phosphor screen market is estimated to garner significant revenue by the end of 2031 by growing at a CAGR of ~3% over the forecast period, i.e., 2022 – 2031.
Further, the market generated a substantial amount in the year 2021. This growth in the global market is on the back of rising demand for phosphor screens in various industries such as electronics and healthcare. The increasing requirement and manufacture of electronic devices and other consumer electronics that display images with the help of phosphor screens are expected to expand the market size in the coming years. For instance, during the COVID-19 pandemic, the sales of computer and television sets crossed USD 20 Billion in the year 2021, up from about USD 160 Billion in the previous year.
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Phosphor screens find use in multiple applications such as televisions, oscilloscopes, X-ray machines, and body scanners. Additionally, the growing demand for these products, along with the upsurge in the use of intraoral phosphor screen scanners in veterinary healthcare is predicted to propel the global phosphor screen market. According to the statistics by the International Trade Center (ITC), the value of imports of oscilloscopes globally increased from USD 818399 Thousands in the year 2017 to USD 1072154 Thousands in the year 2021.
Growing Electronics Industry - Phosphor screens are used to store and display images as well as to strengthen them in image intensifiers and other electronic devices. The booming electronics industry is forecasted to drive the global phosphor screen market growth. By 2027, the sales volume of consumer electronic products is projected to cross 9000 million pieces.
Increasing Use of the Product in the Healthcare Industry – Phosphor screens are used in medical equipment such as the X-ray apparatus as they reduce the quantity of radiation that enters the body part that is being scanned. In the year 2020, X-ray equipment registered to be the 157th most traded product globally, registering a trade value of over USD 23 Billion.
Rise in Number of Medical Conditions – The increasing number of disorders and incidences of accidents around the world is predicted to increase the market size for phosphor screens used in medical diagnostic tools. According to the statistics by the Centers for Disease Control and Prevention (CDC), 51.8% adults of the United States were known to have at least 1 chronic condition in the year 2018.
Advancements in Entertainment Industry – Apart from televisions, phosphor screens are being used in laser phosphor display screens (LPD). The burgeoning entertainment industry calls for novel commercial display technologies, which is forecasted to drive the phosphor screen market. According to the statistics by the International Trade Administration (ITA), the Media and Entertainment (M&E) industry in the United States registered to be the largest in the world with a revenue of USD 660 Billion in December 2020.
Increasing Use of These Screens at Airports for Security Purposes – The surge in the number of airports being constructed as well as rising safety concerns are projected to propel the global phosphor screen market growth. The number of public and private airports in the United States reached close to 5000 and 15000 numbers respectively in the year 2020.
The global phosphor screen market is segmented and analyzed for demand and supply by application into telecommunication, healthcare electronics, consumer electronics, research & academia, scientific equipment manufacturing, and others. Of these sub-segments, the consumer electronics division is expected to exhibit rapid growth owing to the increasing demand for home electronics for private and daily use for a growing global population. Besides this, the telecommunication segment is projected to grow with a robust CAGR during the forecast period, backed by the rising spending on telecommunication services from different IT companies, which cumulatively reached about USD 1.3 Trillion in the year 2019.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global phosphor screen market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. This forecast is attributed to the growing medical diagnostics as well as consumer electronic manufacturing industries in developing countries in the region. For instance, China in Southeast Asia registered to be the leading exporter of computer devices with a value of over USD 30 Billion in the year 2019.
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The global phosphor screen market is further classified on the basis of region as follows:
Our in-depth analysis of the global phosphor screen market includes the following segments:
By Product Type
FREQUENTLY ASKED QUESTIONS
The growing electronics industry, increased use in the healthcare industry as well as a rise in the number of medical conditions are some of the factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2031.
Fluctuation in prices of phosphor screens and a lack of framework for large-scale manufacture of phosphor screens in some developing nations are some of the challenges affecting the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are General Electric Company, GIDS gmbh, Kimball Physics, Phosphor Technology Ltd, Dr. Gassler Electron Devices, Hamamatsu Photonics, K. K., Scintacor, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, application, and by region.
The consumer electronics sub-segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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