We share our customers’ objective of longer-lived products that are more energy efficient and consume less power, which is a core aspect of our product demand. This demand is amplified by regulatory reforms and initiatives, such as renewable energy mandates, emissions reduction targets, and policies promoting energy efficiency, which incentivize customers to reduce their environmental footprint.
In FY2023, the combined revenues from our Power Solutions and Display Solutions businesses represented 85% of the total revenues.
Our Power Solutions business, covers a wide range of power applications. With significantly improved heat dissipation and reduced energy use, our solutions boost system stability, while not compromising on performance or cost efficiency – a valuable benefit for our customers and the environment.
For the Display Solutions business, our product development efforts are currently focused on OLED: a leading-edge display technology that is lightweight, energy efficient and enables exceptionally high image quality. As part of this, our sophisticated OLED display driver integrated circuit (DDIC) technology enables thinner, more flexible bezel-less displays.
While industry demand is cyclical and subject to fluctuations, the market demand for improved energy efficiency remains a key demand driver. We set an annual revenue target for new products, and our new product development seeks to improve energy efficiency as this is an important focus for customers. We also see new opportunities within end markets positively exposed to the energy transition such as solar, on-board chargers, energy storage systems, and both hybrid and battery electric vehicles.
