OLED Technology Market Size to Grow at a CAGR of 10.44% During the Forecast Period 2021-2026

OLED Technology Market Size to Grow at a CAGR of 10.44% During the Forecast Period 2021-2026

“OLED Technology Market”
The Global Market Is Growing Owing to the Optimistic Attitude of Various Countries Toward the Adoption of OLED Lighting Technology.

The global OLED Technology Market is estimated to grow at a CAGR of 10.44% during the forecast period 2021-2026 and reach $50.45 billion by 2026, from around $27.55 billion in 2020. Rapid adoption of the OLED in the smartphones is analyzed to be the major driving factor for the OLED market. Adding to this, the rising investments and the expansions in the OLED technologies with the growing demand from automotive sector is contributing to the market growth rate. In August 2019, DENSO Corporation announced an investment of $270 million in JOLED Inc., a developer of printed organic light-emitting diode (OLED) displays. Organic light emitting diodes (OLEDs) are monolithic, solid-state devices that typically consist of a series of organic thin films sandwiched between two thin-film conductive electrodes. The significant growth in the adoption of smartphones and increasing number of applications and adoption in AR/ VR headsets is set to boost the market growth rate.

OLED Technology Market Segment Analysis – By Application

Display and lighting dominated the OLED Technology market with a value share of approximately 92% in 2020, owning to widespread applications in the industry. Automotive sector is analysed to grow at highest CAGR of 13.59% during the forecast period 2021-2026. The significant usage of OLED technology in the smartphones, television is set to boost the demand for OLED market. In Xiaomi launched Mi TV LUX transparent with 55 inch OLED panel. Sport clubs and companies that own sports infrastructures use OLED perimeter boards to mount in both outdoor and indoor stadiums. Stadiums, sporting centers, racetracks, multi-purpose sports facilities, and other professional sports applications are popular uses. OLED Perimeter Advertisement Systems allow for vibrant and incredibly bright moving images to be shown as pitch side advertising, bringing sports stadiums and arenas into the twenty-first century. These displays are a clear improvement from the conventional static perimeter systems, allowing to deploy dynamic and efficient ads in stadium using the latest OLED screen technology, allowing to get more out of advertising dollars.

OLED Technology Market Segment Analysis – By Product Type

OLED (Organic Light Emitting Diode) is a light emitting technology, made by placing a series of organic thin films between two conductors. When electric current is applied, a bright light is emitted. OLEDs are emissive displays that do not require a backlight and so are thinner and more efficient than LCD displays. Moreover, OLED display offers various advantages such as improved image quality, lower power consumption, simpler design that enables ultra-thin, flexible, foldable and transparent displays and offers better durability and can operate in a broader temperature range. Apart from this, the recent developments by the major players is expected to drive its market growth in the future. For instance, in January 2021, Samsung Display Company announced a new low-power OLED display for smartphones that reduces power consumption up to 16 percent. OLED Display segment of OLED Technology Market generated a revenue of $23.98Bn in 2020 and is projected to reach a revenue of $42.81Bn by 2026 growing at a CAGR of 9.96% during 2021-2026.

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OLED Technology Market Segment Analysis – By Geography 

APAC dominated the OLED Technology market with a value share of approximately 44% in 2020, owning to significant adoption of smartphones in countries such as China, India, Taiwan and Japan. The growing expansions in the manufacturing sectors in display units is set to further escalate the market growth rate. In march 2021, Xiaomi announced to invest $13.36M in expanding its manufacturing facility in India. In June 2019, LG Display launched transparent OLED commercial display in the United States which is a razor-thin see-through display designed to deliver a special customer experience in commercial applications that is rising the growth of this market. In 7 May 2019, OSRAM launched new flexible OLEDs for vehicle lighting in the U.S. that provides new design options for light sources which are generating huge interest in the automotive industry that are rising the growth of this market. U.S. segment of OLED Technology Market generated a revenue of $5.58Bn in 2020 and is projected to reach a revenue of $10.31Bn by 2026 growing at a CAGR of 10.61% during 2021-2026.

OLED Technology Market Drivers

Government Efforts to Promote OLED Technology

The global market is growing owing to the optimistic attitude of various countries toward the adoption of OLED lighting technology. Various governments have concentrated on installing OLED technology-based lights in order to reduce costs and emissions The German government, for instance, offers municipalities grants to replace lighting in publicly owned buildings such as old street lighting with modern OLED technology. Furthermore, “The Middle East Lighting Association (MELA),” an international non-profit organization founded by Gulf Advanced Lighting, GE Lighting, Osram, Philips Lighting, and Tridonic, is present in the Middle East countries. MELA’s mission is to represent the interests of the region’s leading lighting product manufacturers in the drafting and implementation of legislation, standards, and regulations for lighting-related goods and services throughout the Middle East. Furthermore, the organization is committed to promoting energy-efficient lighting practices for the good of the global climate, human comfort, and customer health and safety. As a result, all of these rising government mandates and initiatives to implement OLED lighting systems have a direct impact on the global OLED industry.

High-demand For Cost-effective And Energy-efficient OLED Lighting

Lighting accounts for about 15% of overall global electricity use. Furthermore, lights account for around 5% of global carbon emissions. As a result, the United Nations Environment Programme (UNEP) has issued several energy-saving lighting recommendations in order to minimize carbon emissions. With rapid urbanization and economic growth in Europe and the Middle East, the lighting industry in these regions is expected to expand at an exponential rate over the next two decades, resulting in increased demand for OLED-based lighting. As a result, the need for more LED-based lighting to save resources and costs is expected to fuel market growth.

OLED Technology Market Challenges

Increase In Manufacturing Complexity Coupled with Large-Scale Investments

By installing new equipment, the latest LTPS-LCD production plants can be converted to OLED. This, however, necessitates a sizable initial investment. Furthermore, the TFT-LCD industry is currently experiencing losses due to panel oversupply. LG Display, Japan Display, and AU Optronics are predicted to be the first to lose a significant amount of money on their initial investment before making a profit on OLED. Furthermore, producing an AMOLED panel also necessitates more advanced technology than producing an LCD panel. The supply chain is further complicated by the dynamic value chain and various suppliers restrains the market development.

OLED Technology Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the OLED Technology market. The market for OLED technology is dominated by Samsung with 73% of the total market share. It is followed by BDE technology, Everdisplay Optronics, LG Display, Sharp, Visonox and Tianma among others

Acquisitions/Product Launches

In February 2021, BOE is reportedly planning to commercially launch a MicroOLED Display in the second half of this year. This will be used to support Augmented Reality and Virtual Reality viewing.

In November 2020, Panasonic launches transparent OLED display which includes TP-55ZT110 and TP-55ZT100 transparent OLED. It feature a 55 inch panel with a FHD resolution of 1920 x 1080px and a weight of just 1.75 kilograms which improves the image quality displayed on the screen by increasing the contrast.

Key Takeaways

The growing developments in the manufacturing firms for the development of the new OLED technologies is analyzed to contribute in the establishment of strong market position. In April 2021, Universal Display Corporation and LG announced the extension of their long-term agreements with the signing of new OLED Technology License and Material Purchase Agreements.

OLED Technology market follow indirect distribution channels. Most of the sales done in this industry are through their own distribution or indirect networks, with many companies having their standard and licensed distributors.

OLED Work panels last over 30 times longer than inefficient incandescent light bulbs. In addition, recent studies have shown that OLED lightning will become about as efficient as LEDs already are. These provides upto 80 percent better efficiency, making clearly the energy-savings with OLED lightning compared to the traditional light bulb.

Related Reports:

A. AMOLED Displays Marke

https://www.industryarc.com/Report/15337/amoled-displays-market.html

B. Microdisplays Market 

https://www.industryarc.com/Report/16200/microdisplays-market.html

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