BANGALORE, India, Nov. 10, 2020
BANGALORE, India, Nov. 10, 2020 /PRNewswire/ -- A new Organic LED Market Research Report published on Valuates Reports in Electronics & Electrical Category. The report contains segmentation by Product Type - Display and Lighting, by Technology - PMOLED, AMOLED, Transparent OLED, Top-Emitting OLED, Foldable OLED, and White OLED and by End Use - Consumer Electronics, Automotive, Retail, Industrial, Commercial, Aerospace & Defense, Healthcare, and Others. It also covers Global Opportunity Analysis and Industry Forecast to 2027.
The global organic LED (OLED) market size was valued at USD 32,463.5 Million in 2019 and is projected to reach USD 203,069.9 Million by 2027, registering a CAGR of 21.7% from 2020 to 2027.
Major factors driving OLED market size growth are high demand for cost-effective and energy-saving OLED lighting, increased government initiatives to adopt OLED, and growth in the market for display and large screen backlights.
This study includes the analytical depiction of the OLED market size forecast and the current trends and future estimations to determine the imminent investment pockets. The report presents information regarding the key drivers, restraints, and opportunities in the OLED market.
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TRENDS INFLUENCING THE OLED MARKET SIZE
The increasing investments from government and private organizations for R&D are expected to drive the OLED market size. Various emerging and developed economies around the world are working on switching to lighting solutions that are energy efficient. Experts have predicted that due to the continuous R&D, the OLED technology will meet the required performance and pricing targets, facilitating the smooth transition from conventional to efficient lighting solutions.
The increasing use of PMOLED displays in smartwatches, music players, automobiles, digital healthcare devices and others is expected to propel the OLED market size.
Also, an increase in demand for eco-friendly lighting solutions and an increase in the adoption of smart lighting systems are expected to offer lucrative opportunities for OLED market size growth.
However, the high costs associated with the OLED market and various technical constraints serve as the key obstacles to early adoption, hampering market development.
With rapid urbanization and rapid economic growth in Europe and the Middle East regions, the demand for OLED-based lighting is expected to increase rapidly in the forecast period. The need for more LED-based lighting for efficient energy savings and cost savings in the Europe and Middle-East region is expected to increase the OLED market size.
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OLED MARKET SHARE ANALYSIS
Asia-Pacific region is expected to exhibit the highest CAGR of 26.7% during 2019-2026. A large portion of the budget planned by the Chinese government is percolating into the display industry due to the trade war between the United States and China. On the other hand, South Korea is investing in academic R&D for OLED technology. South Korea is witnessing massive investments from giants in electronics, such as LG and Samsung.
North America is expected to hold a significant OLED market share. This is due to the flexible display market's growth, increased demand for large TV display panels, increased demand for automotive and digital signage, and implementation of OLED displays in smartphones in the region.
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TOP COMPANIES IN THE OLED MARKET
More and more product manufacturers are embracing flexible OLEDs, as these displays, in addition to being lighter and more robust than rigid glass-based displays, give design freedom. Companies began shipping foldable displays in 2019, adopted in wearables, smartphones and laptops.
Because of the involvement of many players conducting business on a national and international scale, the OLED market is highly fragmented and competitive. OLED manufacturers also invest in alternative technology for different players, showing an intense competition between the players.
Some of the top companies in the OLED market include, LG Electronics, Philips, OSRAM, Samsung Electronics, Panasonic Corporation, AU Optronics, CREE, GE Lighting, Eaton, and Universal Display Corporation.
GLOBAL OLED MARKET SEGMENTATION
BY PRODUCT TYPE
BY END USE
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