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Flat Panel Display Industry Revenues Can’t Keep Pace with Semiconductors
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In 2020, the semiconductor industry was 3x the size of the display industry on terms of revenue and both industries were the beneficiaries of the growth in the consumer electronics market. As the semi industry goes, so goes displays. Between 2010 and 2014 the growth rates were similar as the industries exchanged leadership in terms of percentage growth. But after 2015 semiconductor growth accelerated and flat panel grow was flat or down.  The next figure compares the global revenue by setting the starting growth year as 2010. By 2019, semiconductor revenue was 140% of 2010, while flat panel revenue was 100% of 2010.

Figure 1: Semiconductor vs. Display Revenues—2010 to 2019