According to a new report published by Allied Market Research titled, “World Organic LED Market – Opportunities and Forecasts, 2014 – 2020,” the world Organic LED market is estimated to generate revenue of $37.2 billion by 2020, registering a CAGR of 18.3% during the forecast period 2015 -2020. Enhanced picture quality, high energy efficiency, increasing demand for eco-friendly products and growing government regulations would supplement the growth of Organic LED market.
Display is one of the major application areas of OLED technology and accounted for approximately 96.9% market share of the total OLED market in terms of revenue in 2014. OLED films are quite durable and capable of operating at higher temperature as compared to LED. OLED offers light emitting surfaces, which are lightweight and thin. OLED displays do not require shutter arrays and backlight, thus enabling the manufacturers to easily replace the heavy and breakable glass used in LED displays with a stronger and lighter plastic substrate. High cost is one of the major restraints for the OLED market. However, it is expected that with the technological advancements and increasing focus of organizations on research activities, price of OLED panels would considerably reduce in future.
AMOLED and PMOLED are the two major OLED display technologies available in the market. Though PMOLEDs are cost effective and easy to build, they are restricted in size and resolution, which limits their adoption. On the other hand, AMOLED are expensive and material intensive, but they do not have any restriction on resolution or size. It is estimated that AMOLED technology would lead the world OLED market during the forecast period to reach $32.0 billion by 2020.
The second application area of OLED is lighting, which is expected to witness a considerable growth over the forecast period. Based on end users, the report segments the World OLED lighting market into commercial, residential and industrial sector. Among all, commercial segment was the highest revenue generating end user segment, accounting for $245.4 million in 2014. However, Industrial OLED lighting end-user application segment would witness highest CAGR of 53.8% during the forecast period to reach $463.6 million by 2020.
Key findings of the study
World Organic LED market is expected to grow rapidly owing to increased adoption of OLED technology into smartphones, television and lighting applications
Lighting application of OLED technology would grow at a CAGR of 45.8% during the forecast period 2015-2020, owing to rapid technological advancement
AMOLED would generate the highest revenue throughout the forecast period, growing at a CAGR of 16.4% during the forecast period 2015 – 2020
The Asia-Pacific market would foresee tremendous growth for OLED technology. The region would account for nearly 35.9% of the total market by 2020, growing at a CAGR of 16.8% during the forecast period
The report also provides insight into the competitive scenario of the world Organic LED market and a comprehensive study of the key strategies adopted by key market players operating in the world OLED market. Prominent players operating in the OLED market have adopted product launch as their key growth strategy. Some of the major companies profiled in the report include LG Electronics Inc., Koninklijke Philips N.V., OSRAM GmbH, Samsung Electronics Co., Ltd., Novaled GmbH and Universal Display Corporation among others.
(Source: Allied Market Research, PRNewswire)