Selbyville, Delaware, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Organic Electronics Market is predicted to cross USD 500 billion by 2032, as per a recent study by Global Market Insights Inc.
According to the report, the market is experiencing substantial growth, driven by increasing demand for sustainable and energy-efficient technologies across various industries. Organic electronics offer numerous advantages such as flexibility, low manufacturing costs, and compatibility with a wide range of substrates. With the increasing focus on incorporating sustainable solutions, industries are actively seeking alternatives to conventional electronics that can reduce carbon footprints and minimize environmental impact. Organic electronics offer a compelling solution by utilizing organic compounds and polymers, which are biodegradable and have a lower carbon footprint compared to traditional electronics. The growing preference for eco-friendly technologies is stimulating the organic electronics market growth.
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Adoption of lightweight components in automotive sector
In terms of end-use, the market is divided into healthcare, automotive, energy, consumer electronics, aerospace & defense, and others. The organic electronics market size from the automotive sector is expected to witness substantial growth through 2032, owing to the rising demand for lightweight, flexible, and energy-efficient components in vehicles. Organic electronics enable integration of flexible displays, sensors, and lighting systems into automobile interiors. These components not only enhance the aesthetics of the vehicles but also contribute to improved safety and efficiency. Additionally, the product is used as energy-efficient power sources for electric and hybrid vehicles. As the automotive sector continues to prioritize sustainability and innovation, the adoption of organic electronics is poised to grow.
Rising popularity of OLEDs in lighting application
On the basis of application, the market is bifurcated into lighting, display, system components, and others. Organic electronics market share from the lighting segment is predicted to expand from 2023 to 2032, backed by the enhanced efficiency and design flexibility offered by the product. Organic light-emitting diodes (OLEDs) possess unique characteristics, such as ultra-thin form factors, wide viewing angles, and high color accuracy. OLEDs enable the creation of flexible and transparent lighting panels that can be integrated into various surfaces, including walls, windows, and even fabrics. Furthermore, OLEDs consume less energy compared to traditional lighting technologies, resulting in reduced energy costs and environmental impact. As a result, the lighting sector is witnessing a paradigm shift towards organic electronics, creating new opportunities for market growth.
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Growing technological developments in the North America region
Regionally, North America organic electronics market is expected to hold a significant revenue share by 2032, driven by technological advancements and favorable government initiatives. The region has been at the forefront of R&D in the field of organic electronics, leading to the commercialization of innovative products. Furthermore, government support in the form of funding programs and favorable regulations has encouraged the adoption of organic electronics in various sectors, including healthcare, consumer electronics, and automotive. The growing demand for energy-efficient solutions and the presence of major manufacturers further contribute to the market expansion in North America.
Some of the leading players in the global organic electronics market are AGC INC, Merck KGaA, Samsung Display (Samsung Electronics Co., Ltd.), Covestro AG, JOLED Inc., Konica Minolta, Inc., DuPont, LG DISPLAY CO., LTD., Novaled GmbH, Sony Corporation, Sumitomo Chemical Co., Ltd., Panasonic Holdings Corporation, UNIVERSAL DISPLAY, Visionox Company, and OSRAM GmbH.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
