The iSuppli/Stanford Resources report said the market should see a compound annual growth rate of 55.6 percent from 4.36 million units in 2003.
According to the El Segundo, Calif., research firm, the most spectacular growth would be this year--a jump of 119.7 percent to 9.6 million units.
"Within four years, the landscape of the LCD panel business will be completely reshaped, making LCD TVs more than a match in terms of price/performance for competing technologies, including plasma and microdisplay-based rear projection," iSuppli researcher Sweta Dash said in a statement.
In the fourth quarter of 2003, global shipments of LCD TV sets were 1.3 million units, an increase of 23 percent over the previous quarter.
In a similar study, research firm In-Stat/MDR predicted that worldwide shipments of digital TV sets, including the ones based on LCD, would soar to 93 million units by 2008, up from a projected 17 million units this year.