The global transparent display market value stood at $524.7 million in 2018, and it is expected to surge to $4,933.6 million by 2024. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 46.2% from 2019 to 2024 (forecast period). The soaring requirement for transparent displays in the advertising sector and the burgeoning need for smart glass are the major factors fueling the expansion of the market across the world.

The transparent display market is witnessing a massive rise in the requirement for transparent displays for various outdoor advertisement applications, as these displays improve the aesthetic appeal of advertisements. Businesses are rapidly adopting transparent displays for promoting their products via digital signage. The increasing transparent digital signage popularity can be credited to the booming out-of-home (OOH) advertisement industry, which is being driven by the emergence of advanced technology-based retail outlets.

In addition, the overall expenditure in the advertisement industry is surging sharply, because of the growing competition among the players operating in the retail industry. This is subsequently pushing up the requirement for transparent displays, that display information regarding services, offers, discounts, and products in a highly aesthetic way. Besides, the rapid technological advancements being made in the healthcare sector are also creating lucrative growth opportunities for the players operating in the transparent display market.

This is because these displays are being increasingly required in applications, such as patient checkup and surgery. Additionally, these displays are also being adopted for assisting surgeons during critical procedures, as they display the vital signs of patients, such as blood pressure, oxygen levels, and heartbeats. Depending on application, the transparent display market is divided into digital signage, smart appliance, head mounted display (HMD), and heads up display (HUD) categories. Out of these, the digital signage category contributed the highest revenue to the market in the past.

This was because of the surging adoption of digital signage by end users, such as transportation, retail, education, and healthcare industries. Moreover, the retail sector is currently the largest procurer of transparent digital signage. The transparent display market is expected to boom in the Asia-Pacific (APAC) and North American regions in the coming years, mainly because of the soaring research and development (R&D) expenditure on technology innovation and development. The total R&D expenditure on technology innovation and development in the U.S. surged to $553 billion in 2018 from $538 billion in 2017.

The APAC region is expected to be the fastest-growing region in the market throughout the forecast period. This will be because of the ballooning requirement for transparent displays in developing nations, such as Japan, India, and China. China dominated the regional market in 2018, because of the presence of a large number of local transparent display manufacturing companies in the country. These companies are manufacturing these displays at lower prices, thereby facilitating the expansion of the market in the country.

Hence, the market will grow substantially in the coming years, mainly because of the rising demand for transparent displays in the advertising sector.