OLED Market worth 48.81 Bn USD by 2023

Monday 20 November 2017, Amsterdam

According to a new market research report it is now available on ASDreports, "OLED Market by Display Application (Smartphone, TV, Automotive, NTE), Panel Type (Rigid, Flexible), Technology, Size, Material (FMM RGB, WOLED), Lighting Application (General, Automotive), Panel Type, & Vertical, and Geography - Global Forecast to 2023", the OLED market is expected to be valued at USD 48.81 Billion by 2023, growing at a CAGR of 15.2% between 2017 and 2023. The key factors driving the growth of the market include the rapid adoption of OLED displays in smartphones and growing investments in technology and manufacturing facilities.

Smartphones held the largest size of the OLED display market in 2016
Smartphones accounted for the highest share of 83.5% of the display market in 2016. The major factors that are boosting the use of OLED displays in smartphones include the benefits offered by these displays such as energy-efficiency, sunlight readability, and easier recycling process than LCDs. AMOLED screens have great contrast, as the light on the screen comes from each individual pixel rather than a backlight; when it needs to create a black color, it simply dims or turns off the relevant pixels, for a true, deep black, which consumes less power.

Rigid display panels accounted for the largest share of the OLED display market in 2016
Rigid display panels are flat panels and are not flexible in nature. These panels are usually fabricated on a metal or glass substrate. Smartphones held the largest share of market for rigid display panels in 2016. The market for rigid display panels for smartwatches is expected to grow at a high rate between 2017 and 2023. The growth of the market for AMOLED technology-based display panels between 2017 and 2023 can be attributed to the increasing adoption in smartphones, smartwatches, and TVs. Samsung is producing rigid and flexible display panels for smartphones, whereas LG is producing rigid and flexible display panels for TV and signage applications. The market for flexible display panels is expected to grow at a high rate between 2017 and 2023.

Commercial vertical accounted for the largest share of the market for general OLED lighting in 2016
General lighting accounted for ~90% of the OLED lighting market in 2016; however, the lighting market for automotive applications is expected to grow at a higher rate between 2017 and 2023y 2023. In 2015, Konica Minolta shipped 15,000 flexible OLEDs to Japanese Tulips Festival. Konica develops both white and color-tunable lights. Government support for the development of general OLED lighting solutions is a key factor responsible for the higher market share of the lighting segment in 2016. The US Department of Energy (DoE) has announced 11 new solid state lighting projects grants, 5 of them were related to OLED technologies. European government organizations are funding various companies to carry out research on OLED lighting. Currently, more than 20 projects to develop energy-efficient and cost-effective OLED lighting solutions are being carried out in Europe.

APAC held the largest share of the OLED market in 2016
APAC is one of the largest markets for display devices. The region accounted for the largest share of the market in 2016, and the same trend is expected to continue during the forecast period. APAC is a major manufacturing hub for display panels and brand products. Display panel manufacturers such as Samsung, LG, AU Optronics, Japan Display, and Sharp, among others are based in APAC and have their major manufacturing facilities in different countries in APAC. Several smartphone and tablet vendors, TV and signage display manufacturers, NTE device vendors, and other vendors have their headquarters in APAC. In the OLED display market, Samsung (South Korea) is the leading provider of display panels for smartphones to its subsidiaries and other smartphone vendors based in China, Japan, and in other countries in Europe and North America. LG Display is another player based in South Korea that offers display panels for wearable devices and TVs. The company is also constructing new display manufacturing facilities, which would mass produce display panels for smartphones by 2018. Some of the key emerging trends in this region include the growing number of OLED display panel manufacturing plants, rising number of brand customers, and increased adoption of OLED technology for different applications.

The report profiles top players operating in the OLED market; some of the leading players in the market are Samsung Electronics (South Korea), LG Display (South Korea), AU Optronics Corp. (Taiwan), Universal Display Corp. (US), BOE Technology (China), Acuity Brands (US), OLEDWorks (US), Tianma Microelectronics (China), and Konica Minolta Pioneer OLED (Japan). The report also analyzes the trends in the market for each segment and their respective growth rates.