NEW YORK, Feb. 21, 2019 (GLOBE NEWSWIRE) -- The global organic light emitting diode market is anticipated to reach USD 39.85 billion by 2024. The market is likely to grow at a CAGR of 12.05% during the forecast period. Factors attributing to the market growth include; growing demand for energy efficient lighting products, rising adoption of electronic devices and gadgets, and increasing application of OLED in many end-use industries. Furthermore, the increasing demand for slimmer and lighter bodies of smart phones and smart watches with various designs is further augmenting the growth of the market.
Organic Light Emitting Diode or OLED is a light emitting technology that emits light when an electric current passes through them. They are constructed by placing thin organic films between two conductors. It generally consists of six layers, including an emissive electroluminescent layer. Unlike LCD, it contains organic molecules which illuminate vibrant colors with lesser power consumption. OLED is gaining momentum in the market, as it is light weighted, power efficient, brighter, and has thinner display module. Additionally, it provides faster response time, and vibrant colors to enhance viewing experience of end-users. Furthermore, implementation of OLED technology aids enables the creation of lighting displays and flexible displays.
Increasing demand for OLED in various application is driving the market growth
Organic light emitting diode (OLED) display offers number of advantages over conventional LEDs. It has wide range of applications in many end-use industries owing to its ability to produce greater brightness, flexibility, and better color performance. OLEDs are employed to create digital displays in devices such as computer monitors, television screens, and portable systems such as smartphones, handheld game consoles and others. The ease of operation and convenience is making OLED more popular in electronics vertical. There has been rapid Investments in OLED, as OLED displays offer the best image quality and enables future rollable and foldable displays. Its ultra thin, self emission, and light features are making OLED suitable for flexible applications. Furthermore, they are also used for numerous purposes in automobiles sector including back-window alerts, rear-view mirrors, and dashboard displays.
Key findings from the report:
- On the basis of Technology, Active-Matrix Organic Light Emitting Diode (AMOLED) segment is accounted to hold the largest market share in 2017, owing the rising adoption of smartphones, monitors, and TVs. Furthermore, the aforementioned segment is likely to register the highest CAGR during the forecast period.
- Based on Application, smartphones & tablets segment is dominating the market in 2017, and is anticipated to retain its dominance over the forecast period. The growth in the segment is attributed to the increasing demand for thinner display modules.
- On the basis of end-use, consumer electronics segment is anticipated to dominate the global OLED market and likely to emerge as the fastest growing segment during 2018-2024. The growth is primarily driven by its wide application in consumer electronics products such as monitors, TV display screen, tablets, laptops, smart watches, smart phones and others.
- Major players operating in the global organic light emitting diode (OLED) market include Universal Display; LG Electronics; SAMSUNG SDI Co., Ltd.; AU Optronics Corp.; Samsung Electronics Co., Ltd.; OLEDWorks; Acuity Brands; LG Display Co., Ltd.; Novaled GmbH; OSRAM GmbH; and DLC Display Co., Limited among others.
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Global Organic Light Emitting Diode (OLED) Market - Regional Insight
Geographically, Asia-Pacific (APAC) is held the largest market share in 2017, due to the presence of major key players in the region, increasing capital investments, increasing adoption of advanced technology, and rapidly growing economies among others. The region is further anticipated to grow at a significant CAGR over the forecast period. Also, surging demand for cell phones is further propelling the demand for OLED in the region.
The report segments the global organic light emitting diode market on the basis of technology, application, end-use, and region.
- By Technology
- Passive Matrix OLED (PMOLED)
- Active Matrix OLED (AMOLED)
- By Application
- Smart phones & Tablets
- Television, Laptop, and PC Display
- Cameras
- Residential and Commercial Lighting
- Others
- By End-use
- Consumer Electronics
- Healthcare
- Automobile
- Defense
- Others
- By Region:
- North America
- U.S
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Spain
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- South America
- Middle East and Africa
- North America
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