Industrial IoT Display Market By Technology (TFT-LCD, LED, OLED), Application (HMI, Remote Monitoring), End-use Industry (Manufacturing, Energy & Power), & Region for 2024-2031
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndustrial IoT Display Market By Technology (TFT-LCD, LED, OLED), Application (HMI, Remote Monitoring), End-use Industry (Manufacturing, Energy & Power), & Region for 2024-2031
Industrial IoT Display Market Valuation – 2024-2031
The rising availability of affordable processors and sensors that can provide real-time access to information is propelling the adoption of industrial IoT displays. Growing need to improve operational competence is driving the market size to surpass USD 1.02 Billion in 2024 to reach a valuation of around USD 2.81 Billion by 2031.
In addition to this, growing advancements in technology along with considerable collaboration between the key companies are spurring up the adoption of industrial IoT displays. The rising adoption of several techniques is also being developed to create a united digital-human workforce enabling the market to grow at a CAGR of 13.50% from 2024 to 2031.
Industrial IoT Display MarketDefinition/Overview
Industrial IoT displays integrate display technologies with IoT systems in industrial settings for real-time monitoring, visualization, and control of manufacturing processes. They receive data from sensors, machinery, and IoT devices, enabling informed decision-making and optimizing production efficiency, quality, and safety for operators, engineers, and managers.
Industrial IoT displays facilitate predictive maintenance by visualizing equipment health and performance metrics in real-time. By analyzing sensor data and trends, maintenance teams can anticipate potential equipment failures, schedule proactive maintenance activities, and minimize unplanned downtime. In logistics and supply chain management, IoT displays enable real-time tracking and monitoring of inventory, shipments, and fleet operations. They provide visibility into the movement of goods, delivery statuses, and environmental conditions, helping organizations optimize logistics processes, enhance efficiency, and ensure timely deliveries. Industrial IoT displays play a crucial role in energy management by visualizing energy consumption, production, and efficiency metrics in industrial facilities. They enable energy managers to identify energy-saving opportunities, monitor power usage in real time, and implement strategies to reduce energy costs and environmental impact.
Also, AR and VR technologies will enhance the capabilities of industrial IoT displays by providing immersive visualization experiences, enabling operators to overlay digital information onto the physical environment, troubleshoot problems, and receive contextual guidance in real-time.
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How will the Rising Adoption of Industry 4.0 and Smart Manufacturing Increase the Adoption of Industrial IoT Display?
The increasing adoption of Industry 4.0 initiatives and smart manufacturing practices is driving the demand for industrial IoT displays. These displays serve as essential components for real-time monitoring, visualization, and control of automated manufacturing processes and machinery, enabling organizations to optimize production efficiency, quality, and flexibility.
Also, industrial IoT displays facilitate remote monitoring and control of industrial equipment and processes, allowing operators and engineers to access critical data and insights from anywhere with an internet connection. With the proliferation of distributed and geographically dispersed industrial operations, the demand for remote monitoring capabilities is on the rise, fueling the adoption of IoT-enabled display solutions.
In addition to this, industrial organizations are increasingly focusing on enhancing operational efficiency, productivity, and cost optimization to remain competitive in the global market. Industrial IoT displays enable organizations to monitor key performance indicators (KPIs), identify inefficiencies, and implement continuous improvement initiatives to streamline operations, reduce downtime, and minimize resource wastage.
Furthermore, the emergence of edge computing and artificial intelligence (AI) technologies is transforming the capabilities of industrial IoT displays. Edge computing enables real-time processing and analysis of IoT data at the network edge, reducing latency and enhancing responsiveness, while AI algorithms enable predictive analytics, anomaly detection, and autonomous decision-making, further enhancing the value proposition of industrial IoT display solutions.
Will the Complexity of Implementation and Management of Industrial IoT Display Restrain Its Application?
Deploying and managing industrial IoT display solutions involves complex processes, including system integration, configuration, calibration, and ongoing maintenance and support. Organizations may face challenges in finding skilled personnel with the necessary expertise to implement and manage IoT display systems effectively, which can hinder adoption and utilization.
Also, the lack of standardized protocols and interoperability among IoT devices and systems can hinder seamless integration and data exchange between different components of the industrial IoT ecosystem, including sensors, controllers, gateways, and displays. Incompatibility issues may arise when deploying IoT display solutions from different vendors or across heterogeneous environments, complicating deployment and limiting scalability.
In addition to this, implementing industrial IoT display solutions involves significant upfront investment costs, including the purchase of hardware, software licenses, integration expenses, and deployment and maintenance fees. For small and medium-sized enterprises (SMEs) with limited capital resources, these costs can act as a barrier to adoption, slowing down market growth.
Furthermore, industrial IoT display solutions must demonstrate high reliability, availability, and performance to meet the demanding requirements of industrial applications. Any downtime or performance degradation in IoT display systems can disrupt operations, affect productivity, and incur financial losses for industrial organizations, leading to hesitancy in adoption and deployment.
Category-Wise Acumens
Will the Rise in Sale of TFT-LCD Drive the Industrial IoT Display Market?
The TFT-LCD segment is anticipated to hold a major share in the Industrial IoT Display market. TFT-LCD technology has been around for decades and has a mature and well-established supply chain. Manufacturers have optimized production processes and achieved economies of scale, resulting in lower production costs and consistent quality.
Also, TFT-LCD displays are known for their reliability and durability, making them suitable for use in harsh industrial environments. They can withstand wide temperature ranges, high humidity, mechanical vibrations, and other challenging conditions commonly encountered in industrial settings.
In addition to this, TFT-LCD displays consume relatively low power compared to other display technologies, making them suitable for battery-powered or energy-efficient IoT devices and applications. This is particularly important for portable or remote IoT devices deployed in industrial settings.
Furthermore, TFT-LCD technology offers scalability and customization options to meet specific application requirements. Manufacturers can produce displays with different features such as touch functionality, protective coatings, sunlight readability, and wide viewing angles to address the needs of various industrial IoT applications.
Which Factors Enhance the Use of Industrial IoT Display in the Manufacturing Sector?
The manufacturing segment is anticipated to hold a major share in the Industrial IoT Display market. Manufacturing encompasses a broad spectrum of industries, including automotive, electronics, aerospace, consumer goods, and more. Industrial IoT displays are used across various manufacturing processes for real-time monitoring, control, and optimization, making it a significant market for display solutions.
Also, the manufacturing sector has been at the forefront of adopting Industry 4.0 principles, which emphasize the integration of digital technologies, automation, and data analytics into manufacturing operations. Industrial IoT displays play a crucial role in enabling smart factories and digital manufacturing initiatives by providing operators and managers with real-time insights into production processes, equipment status, and performance metrics.
In addition to this, manufacturing processes can be highly complex and involve multiple interconnected systems, machines, and components. Industrial IoT displays provide a centralized interface for monitoring and controlling these processes, enabling operators to identify bottlenecks, troubleshoot issues, and implement corrective actions in real-time.
Furthermore, manufacturers are constantly seeking ways to improve operational efficiency, productivity, and quality while reducing costs and downtime. Industrial IoT displays help manufacturers achieve these objectives by visualizing key performance indicators, facilitating predictive maintenance, optimizing resource utilization, and supporting agile decision-making.
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Country/Region-wise Acumens
Will Emerging Markets in Asia Pacific Enhance Adoption of Industrial IoT Display?
Emerging markets in Asia-Pacific, such as India, Southeast Asia, and parts of South Asia, present significant growth opportunities for industrial IoT display vendors. These markets are witnessing rapid industrial development, infrastructure expansion, and technological adoption, creating a growing demand for IoT-enabled display solutions to modernize industrial operations and enhance competitiveness.
Also, governments in the Asia-Pacific region are actively promoting the adoption of IoT technologies to drive economic growth, innovation, and competitiveness. Initiatives such as China’s Made in China 2025, India’s Digital India program, and Japan’s Society 5.0 vision focus on leveraging Io53T and related technologies to transform industries and improve productivity. This encourages investments in industrial IoT display solutions to support these initiatives.
In addition to this, Asia-Pacific is experiencing rapid industrialization and urbanization, leading to increased demand for industrial automation and IoT technologies across various industries. As industries modernize and adopt Industry 4.0 principles, there is a growing need for advanced display solutions to visualize and analyze real-time data from sensors, machines, and other IoT devices.
Will the Increasing Adoption of IoT in Healthcare in North America Mature the Industrial IoT Display Market?
The healthcare industry in North America is increasingly adopting IoT technologies to improve patient care, enhance operational efficiency, and optimize resource utilization. IoT-enabled medical devices, wearable health monitors, and remote patient monitoring systems generate vast amounts of data that need to be visualized, analyzed, and acted upon in real-time, driving the demand for advanced display solutions.
Also, industrial IoT displays are increasingly integrated with electronic health records (EHR) systems and medical imaging platforms to provide clinicians and healthcare staff with comprehensive patient information and diagnostic imaging results in a centralized dashboard interface. This integration streamlines workflow processes, improves clinical decision-making, and enhances patient outcomes.
In addition to this, healthcare organizations in North America are investing in data visualization and analytics tools to derive actionable insights from the vast amount of healthcare data generated by IoT devices, medical equipment, and patient records. Industrial IoT displays with advanced visualization capabilities enable healthcare professionals to visualize trends, patterns, and anomalies in real-time data streams, facilitating data-driven decision-making and personalized patient care.
Competitive Landscape
The competitive landscape of the industrial IoT display market is characterized by the presence of several key players striving to gain a significant market share through strategies such as product innovation, partnerships, mergers and acquisitions, and geographical expansion. Additionally, emerging players and start-ups are entering the market with innovative display technologies, software platforms, and services, driving competition and fostering innovation. Regional players also play a crucial role, catering to local market demands and providing specialized solutions and services. Overall, the industrial IoT display market is highly competitive, with companies vying to differentiate themselves through technological advancements, customer-centric solutions, and strategic partnerships to capitalize on the growing demand for IoT-enabled display solutions in industrial applications. Some of the prominent players operating in the industrial IoT display market include
- Siemens AG
- Advantech Co., Ltd.
- Rockwell Automation, Inc.
- Schneider Electric SE
- Honeywell International, Inc.
- ABB Ltd.
- Mitsubishi Electric Corporation
- General Electric Company
- Emerson Electric Co.
- Bosch Rexroth AG
- Eaton Corporation plc
- Panasonic Corporation
- Texas Instruments Incorporated
- Phoenix Contact GmbH & Co. KG
- Yokogawa Electric Corporation
- L&T Technology Services Limited
- Pepperl+Fuchs SE
- NEC Display Solutions
- Beckhoff Automation GmbH & Co. KG
- LG Electronics, Inc.
Latest Developments
- In September 2022, Advantech Co. Ltd. introduced two new UTC-500 series products, the UTC-5151 and 5201. These all-in-one touch PCs feature 15 6-inch and 21 5-inch screens, improved platform technology, and fanless cooling architecture. They also have an IP65-certified front panel for protection against water and dust.
- In September 2022, Planar introduced the Planar Luminate Ultra Series LED video wall display, which offers high brightness and robustness, making it ideal for close-up viewing in high ambient light conditions.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2021-2031 |
| Growth Rate | CAGR of ~13.50%from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| HISTORICAL PERIOD | 2021-2023 |
| FORECAST PERIOD | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | Siemens AG, Advantech Co., Ltd., Rockwell Automation, Inc., Schneider Electric SE, Honeywell International Inc., ABB Ltd., Mitsubishi Electric Corporation, General Electric Company, Emerson Electric Co., Bosch Rexroth AG, Eaton Corporation plc, Panasonic Corporation, Texas Instruments Incorporated, Phoenix Contact GmbH & Co. KG, Yokogawa Electric Corporation, L&T Technology Services Limited, Pepperl+Fuchs SE, NEC Display Solutions, Beckhoff Automation GmbH & Co. KG, LG Electronics Inc. |
| Customization | Report customization along with purchase available upon request |
Industrial IoT Display Market, By Category
Technology
- TFT-LCD
- LED
- OLED
- E-Paper Display
Application
- Manufacturing
- Healthcare
- Energy & Power
- Transportation
- Others
Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Market Research
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