The 8K technology market is projected to reach USD 26.8 billion by 2024 from USD 2.9 billion in 2019 growing at a CAGR of 55.5%.
The growth of the 8K technology market is driven by the features it offers such as enhanced picture quality, high-quality photography and videography, and other factors such as increased demand for larger-sized TVs with higher resolution; advancements in display technology, financial assistance by governments, and expansion of production capabilities for 8K UHD display panels; and availability of various products for the creation and delivery of 8K content.
8K broadcast in sports and entertainment; proliferation of 5G and increasing on-demand content; growth potential in digital signage space; and strong demand for 8K technology from several APAC countries are likely to create opportunities for 8K product manufacturers in the near future.
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Key strategies implemented by major players include product launches and developments, partnerships and collaborations, and acquisitions. Samsung Electronics (South Korea), LG Electronics (South Korea), Sony (Japan), and Sharp (Foxconn) (Japan) are among a few prominent players who adopted the strategy of product launches and developments. For instance, in January 2019, Samsung Electronics showcased a 98-inch QLED 8K TV at CES 2019. It has a resolution of 7680Hx4320, high light output, and full-array local dimming.
Samsung’s vision is to explore new markets and gain more customers by introducing innovative technologies. The company has a broad product portfolio that includes smartphones, tablets, laptops, LCD and QLED TVs, and cameras that can be very well integrated with the 8K technology in the coming years. Product development and acquisitions are the key strategies adopted by Samsung. In December 2018, Samsung unveiled the largest onyx cinema LED screen in the world at Beijing Capital Cinema. It featured 4K resolution, HDR picture quality, and peak brightness level of 88fL—nearly 6 times greater than standard projector technologies.
LG has been instrumental in introducing the latest trends and technologies in consumer electronics. The company launched several 3D, UHD, and OLED TVs. LG believes in remaining up-to-date with the latest technology; hence, it introduced 8K TVs and is committed to lead the ultra-premium market with its 8K OLED TV technology. The company invests a significant portion of its revenue in R&D activities, which has helped it to maintain its leading position in the market. LG is one of the leading providers of electronic appliances, with strong global presence and a wide customer base particularly in Korea. In August 2018, LG introduced the world’s first 8K OLED TV at IFA 2018, featuring over 33 million self-emitting pixels.
Sony is engaged in the development and production of various kinds of electronic equipment, instruments, and devices for consumers, professionals, and industrial markets such as network services, hardware and software for gaming platforms, televisions, audio and video recorders and players, still and video cameras, mobile phones, and semiconductors. It focuses on product launches and developments to strengthen its product portfolio. In the recent past, the company launched its 8K TV at CES 2019. Sony claims that it has come up with a proprietary algorithm for upscaling 4K content to near-8K quality. Its system uses an 8K database for even more precise, detailed upscaling.
Sharp develops LCD modules for a variety of display devices and was acquired by Foxconn Technology Group (Taiwan) in August 2016. In the recent past, Sharp published its 2017–2019 mid-term management plan, defined its business vision for changing the world with 8K and IOT. With this vision, the company intends to grow, using 8K UHD technology and IoT. The company has been working independently and in collaboration with other companies to facilitate the development and adoption of 8K technology. Sharp is accelerating the growth of the market for 8K technology-based products such as 8K TVs, displays, and cameras. The company is also combining 8K with 5G and AI technologies to work with partners in broadcasting, medical, security, industry, education, art, infrastructure maintenance, and entertainment applications by creating 8K technology-based solutions. In August 2017, Sharp launched the AQUOS 8K Series of 8K-compatible TVs and displays. These displays offer ultra-high-definition images with 16 times the resolution of full HD.
8K Technology Market by Product (Television (OLED, LED-LCD, QD-LCD, Micro-LED), Monitor & Notebook, Professional Camera, Projector), End User (Consumer, Sports & Entertainment, Medical), and Geography - Global Forecast to 2024
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