Flat panel display revenues for 2001 will fall by 5 percent compared with 2000 revenues, according to a report from DisplaySearch.

The firm says the $22.8 billion in 2001 revenues includes a 10 percent decline in thin-film transistor liquid crystal displays and an 18 percent decline in passive-matrix liquid crystal displays. Price erosion, oversupply and customer slowdowns get the blame. The company said recovery could come as soon as the fourth quarter.