According to analysts at Vantage Market Research, the Electroluminescent Panels Market is expected to reach USD 8,420 Million by 2028, growing at a CAGR of 8 % between 2021 to 2028. The rising demand towards computerized gadgets and machines is prompting a developing business sector for basic customers as well as defense and therapeutic sectors, as in outside promoting and signs for public correspondence. EL panels are a standard choice for minimal expense. computerized supplanting actual meters to upgrade the visibility and adaptability of data.
- The blue-green segment is projected to expand at the fastest CAGR exceeding 8.2% over the forecast period owing due to the increase in applications for flexible electroluminescent devices ranging from decorative textiles to safety clothing and fashion. Electroluminescent materials can be applied to conductive textiles to create electroluminescent textile devices is driving the growth.
- The automotive gear indicators segment held a market share of around 30% in 2020. This share is due to the rise in utilization of electroluminescent panels as they have become ubiquitous and illuminating a wide range of products, including watches, vehicle dashboards, emergency exits, automotive, and even life-saving medical equipment.
- North America is expected to expand at a CAGR of over 8.5% from 2021 to 2028. This surge is attributed to the rising demand for electroluminescent panels in developed economies such as U.S. and Canada.
In developed nations, where displays are needed to be in operation for a period, for example, advertisement boards, information of the public vehicle, and others., EL boards are ideal because of their low energy needs, the developing adoption of energy-productive gadgets is increasing due to the rising natural concern and is relied upon to help the market development.
North America is expected to record the highest CAGR, owing to the increasing demand in countries, such as the U.S., Canada, and Mexico, coupled with the growth of the region's overall electroluminescent panels market. The organizations are becoming environmentally conscious, EL panels are turning out to be more applicable due to their low energy utilization and essential similarity with solar energy sources. It's currently available in specific areas, EL panels are generally adopted in agricultural nations.
Some of the key
players in the electroluminescent panels market include Memtronik Innovations
Inc., Yi Yi Enterprise Co Ltd, Shenzhen Watson Lighting Co. Ltd., IGraphics
Precision Printing, Earlsmann, Nejilock Technology Pte Ltd, Nejilock, KGS
Electronics, GSI Technologies, Ellumiglow, Olmec Advanced Materials Ltd,
SparkFun Electronics, Adafruit Industries., among others. The market is comprised of a high degree of
competition due to the presence of numerous key players. Manufacturers are
focusing on opting for various inorganic growth strategies such as acquisitions,
mergers, and geographical expansion to leverage their market share and gain a