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Display panel manufacturers have shown consistent increases in fab utilization plans during Q4 2024, reaching 77% by November and rising to 79% by December's end. Plans for Q1 2025 have been further revised upward to 80% utilization, with January 2025 seeing a notable six percentage point increase.
The surge is primarily driven by increased demand for special TV panels, stimulated by China's 'Swap Old for New' subsidy program. Additionally, anticipated tariff risks under the new US administration have temporarily boosted LCD TV panel demand, with Chinese TV makers increasing inventories in Mexico for US market shipments.
Major Chinese panel makers like BOE, China Star, and HKC Display are leading this trend. Some facilities have even cancelled planned Lunar New Year holidays to maintain high utilization rates, though manufacturers remain cautious about long-term demand trends.
Omdia forecasts that micro LED display shipments will reach 34.6 million units by 2031, representing only 0.9% of the total display market. Following Apple's postponement of its micro LED watch display project in February 2024, some brands have slowed their component development, leading Omdia to revise its market projections.
The market is expected to reach 1.7 million units by 2027, primarily driven by LEDoS technology in XR devices, particularly smart-glasses designed for outdoor use. By 2031, XR devices are projected to represent 24.4% of the micro LED display market.
In 2024, manufacturers showcased new micro LED prototypes targeting automotive, public displays, and virtual studios. Display suppliers are focusing on market segments where OLED or LCD technologies face limitations in meeting specific size and performance requirements.
TechTarget (TTGT) has announced tender offers to repurchase all outstanding 0.125% Convertible Senior Notes due 2025 and 0.000% Convertible Senior Notes due 2026. This action follows the December 2, 2024 merger transactions. The company will repurchase notes at 100% of principal value, plus accrued interest for 2025 Notes. Currently, there are $3.04M in 2025 Notes and $414M in 2026 Notes outstanding.
Noteholders can convert their holdings during the Fundamental Change Conversion Period ending January 23, 2025. The conversion rates are 14.1977 units per $1,000 for 2025 Notes and 7.6043 units for 2026 Notes. Each unit equals $11.6955 cash plus one Informa TechTarget share.
Absolute Security's acquisition of Syxsense has been analyzed in a new Omdia report, highlighting strategic advantages for enterprise security. The report emphasizes how this acquisition enhances the Absolute Resilience Platform by adding automated patch and vulnerability management capabilities to its firmware-embedded platform.
According to Omdia Senior Principal Analyst Fernando Montenegro, this move, combined with Absolute's 2021 acquisition of NetMotion, positions the company to offer an integrated platform approach for visibility, control, recovery, and proactive remediation. The enhanced platform enables customers to manage risks associated with patching, misconfigurations, and unknown IT assets, particularly important given that 70 percent of breaches are traceable to known vulnerabilities.
Google's Tensor Processing Unit (TPU) AI chips are experiencing rapid growth in demand, potentially challenging NVIDIA's GPU market dominance. According to Omdia's research, based on Broadcom's Semiconductor Solutions division data, Google's TPU purchases could range between $6 billion to $9 billion this year. Broadcom, which serves as a custom chip outsourcing partner for Google, Meta, and other AI players, has revised its AI semiconductor revenue target to $12 billion for the year.
The growth in TPU shipments appears significant enough to potentially reduce NVIDIA's market share for the first time. Google Cloud Platform's increasing revenue share and improving profitability might indicate that TPU-accelerated instances and AI products are driving this growth, particularly given that accelerator instance types are high-margin products.
Foxconn is projected to become the world's largest server vendor in 2024, surpassing Dell and marking the first time a non-US company leads the market. This growth is driven by increasing demand for AI-optimized servers from major cloud providers like Microsoft, Amazon, Google, and Meta, who will represent nearly half of 2024's data center capex.
Other vendors including QCT, ZT Systems, and Super Micro have seen revenue growth exceeding 100%. The server market is highly consolidated, with 10 companies representing nearly 60% of global investment. Omdia forecasts server capex to grow 22% to over $280 billion in 2025, potentially reaching $380 billion by 2028 and approaching half a trillion dollars by 2030.
The global semiconductor market demonstrated robust growth in Q3 2024, with revenues reaching $177.8 billion, an 8.5% increase from Q2 and a 25% year-over-year growth. The industry is on track for a 24% annual expansion, primarily driven by AI-related demand. The first three quarters of 2024 saw a 26% revenue increase compared to 2023, totaling approximately $494 billion.
NVIDIA and SK Hynix have emerged as major beneficiaries of the AI surge, being the only companies among 127 analyzed to more than double their revenue. However, growth remains uneven across sectors, with the industrial segment facing a projected 16% decline in 2024. The automotive sector has stabilized, while memory markets show improvement with Samsung, SK Hynix, and Micron ranking in the top six. NVIDIA maintains the leading position with over 15% market share.
Virtual Reality (VR) market faces significant challenges as headset sales dropped 10% to 6.9 million units in 2024 from 7.7 million in 2023, according to Omdia's latest research. The number of active VR headsets declined 8% to 21.9 million, with Apple Vision Pro's launch failing to revitalize the market and Meta's Quest 3S showing underwhelming sales.
VR content spending reached $904 million in 2024, projected to grow to $1.3bn by 2029, significantly lower compared to console gaming's $37.4 billion. The market outlook remains challenging, with developer interest and declining consumer engagement. Manufacturers are now shifting focus towards lightweight AR glasses with AI integration, hoping to normalize face-based spatial computing for future mass-market VR adoption.
Quantum Computing (QC) market is expected to experience significant growth in 2025, according to Omdia's analysis. Despite having over 300 vendors, the market remains nascent with revenue primarily from experimental usage. Omdia predicts a shift from experimentation to operational implementation starting 2025, marking a important turning point in vendor revenue growth.
The report highlights four key trends for 2025: transition from experimental to production use, acceleration in neutral atom qubit innovation, emergence of additional QC app stores following IBM's September 2024 launch, and increased vendor consolidation. While achieving full 'quantum advantage' remains a long-term goal, Omdia anticipates growing adoption across various applications before reaching large-scale, fault-tolerant quantum computing capabilities.
OLED display shipments are projected to reach a historic milestone of over 1 billion units in 2025 for small to medium-sized displays (1-inch to 8-inch). This growth is driven by OLED's superior performance over LCD in color saturation, slimness, weight, flexibility, and contrast.
The technology's expansion is supported by Chinese manufacturers like BOE, ChinaStar, EverDisplay, Visionox, and Tianma, alongside Korean leaders Samsung Display and LG Display. Applications span across smartphones, game consoles, AR/VR/MR headsets, automotive displays, and smartwatches.
While OLED is expected to enjoy a 'golden era,' emerging technologies like Micro LED displays from manufacturers such as AUO and Tianma may eventually challenge its dominance in the market.
