The global OLED technology market is projected to grow at a CAGR of 11.88% to reach US$71.908 billion by 2026 from US$32.783 billion in 2019.
Organic Light Emitting Diode is Light Emitting Diode is a film of organic compound that emits light when an electric current passes. The organic layer is centered between two electrodes. They are used to create digital displays on television screens, computers, smartphones, and games. OLEDs are Made up of small molecules or polymers. It works without a black light and hence had the ability to display deep black levels and is thinner and lighter than LCD.
A major reason for the growth of this market is the increase in the number of smartphone users and the innovation of foldable phones.
The countries are witnessing substantial growth in the adoption of smartphones and wearable devices. North America constitutes the highest penetration of smartphones. The number of smartphone users is increasing in the Asia Pacific region. The region is also investing heavily in the electronic device industry. OLED Is extensively used in smartphones. The growth in smartphone users is expected to drive the market of OLED. Japan, China, and South Korea are expected to constitute the highest portion of the organic light-emitting diode market in the Asia Pacific region. Also, many companies have launched their foldable smartphones which uses flexible OLED Panel. Moreover, many companies are expected to launch such foldable smartphones in the near future.
The rise in investment is expected to drive the demand for this market in the forecast period.
The OLED market has witnessed huge investment due to its convenient usability, its superior image quality, and roll-able displays. It is extra thin, enables self-emission, and is light in weight. Moreover, it's made up of hydrogen and carbon, which makes it organic. These qualities and rapidly increasing investment are expected to fuel the growth of the OLED market.
The inputs available at low prices in the Asia Pacific region and urbanization in Europe are anticipated to fuel the growth of this market.
The cheap labor and lesser price of raw materials available in the Asia Pacific region are projected to contribute towards the efficient production of OLED's. It is further expected to raise the competition in the global market. Market participants are undergoing partnerships to increase productivity and offer cost-efficient solutions. Also, with growing urbanization in the European countries, the lighting industry is expected to witness growth. This in turn would drive the growth of OLED in the global market.
The rising need for energy-saving alternatives is also projected to positively impact the sales of OLED.
The OLED’s are highly cost-efficient and energy-saving OLED emits light themselves, the intensity of each pixel used can be transformed by simply changing the power output. As a result, the darker portion of the image displayed consumes less power as compared to the brighter one. Due to its features, the OLED market is projected to expand.
The various initiatives undertaken by government across the globe is also expected to affect this market.
In order to promote and develop OLED’s in the electronics sector, several initiatives have been taken by the government. For instance, the Indian government has undertaken many incentive schemes in order to set up display fabs in India. In Germany, the government provides subsidies to municipalities file replacing the lightings of public-owned places with OLED technology. Also, the Middle East countries have an association namely, 'The Middle East lighting association'. It works to promote energy-efficient lighting practices. Similarly, government across the world has taken many initiatives to promote the use of OLED with a motive to curb cost and pollution.
The eco-friendly nature of OLED and an increase in its life expectancy is also bolstering the demand for this market
The lifetime of OLED panels has improved notably. The expected lifetime ranges over 30,000-50,000 hours of use before the light output decreased to 70 percent of the starting value. Moreover, OLED is considered to be very eco-friendly. These advances act as one of the major growth drivers of the global OLED market.
The impact of the COVID-19 pandemic
Although the COVID-19 Pandemic has slumped the growth of most of the industries due to strict government norms, the market for OLED is still expected to remain constant. The growing acceptance of the work from the home norm and the growing automotive display industry have created a demand for high-end technology-driven display products. This has led to an increase in the adoption of OLED displays.
|Market size value in 2019||US$32.783 billion|
|Market size value in 2026||US$71.908 billion|
|Growth Rate||CAGR of 11.88% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Application, Display Technology, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Samsung Technology, LG Electronics, OSRAM GmbH, Acuity Brands Lighting Inc., Novaled GmbH, Koninkijke Philips N.V., Panasonic, AU Optronics Corp., Apple Inc., Google|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of global OLED technology market?
A1. OLED Technology Market was valued at US$32.783 billion in 2019.
Q2. What will be the OLED technology market size by 2026?
A2. The global OLED technology market is projected to reach a total market size of US$71.908 billion by 2026.
Q3. What are the growth prospects for the OLED technology market?
A3. The OLED technology market is projected to grow at a CAGR of 11.88% during the forecast period.
Q4. What factors are anticipated to drive the OLED technology market growth?
A4. A major reason for the growth of the OLED technology market is the increase in the number of smartphone users and the innovation of foldable phones.
Q5. How is the global OLED technology market segmented?
A5. The global OLED technology market has been segmented based on application, display technology, and geography.