According to a recent report published by Allied Market Research, titled, “Organic LED Market by Product Type,Technology, and End Use: Opportunity Analysis and Industry Forecast, 2020-2027,”the global organic LED market size was valued at $32,463.5 million in 2019, and is projected to reach $203,069.9 million by 2027, registering a CAGR of 21.7% from 2020 to 2027.
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OLED, also known as organic light emitting diode is a flat light emitting diode technology which is developed by placing thin organic films between two conductors. OLED is one of the most promising display and lighting technologies that has the capability of offering power efficiency lighting and is superior compared to the fluorescent tubes and incandescent bulbs. OLED technology helps the end user to create flexible display and lighting panels.
As per organic LED market forecast, OLED technology is witnessing wide acceptance and would expand its growth in the display and lighting market in future. Currently OLED technology is in its growing stage; however, with the technological developments taking place it will soon have a major position in the market. Based on features offered by the OLED technology, it is increasingly becoming popular among the end users. Low power consumption, enhanced efficiency, better picture quality, and flexibility are some of the advantages associated with the OLED technology. In addition, rise in awareness among users and increase in demand for eco-friendly lighting products would lead to rapid growth of the overall OLED market during the forecast period. However, the high price of OLED technology acts as a major limiting factor for the growth of this technology. Advancement in technology would help the OLED light manufacturing companies to reduce the overall cost of production of OLED.
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The global organic LED market is predicted to show a promising growth during the forecast period owing to the increased demand for energy efficient and eco-friendly lighting products that would consume less energy. This is the major factor driving the global OLED market. OLEDs are primarily used for display and lighting functions. Based on the rapid technological developments taking place, OLED technology has shown drastic improvement in the past few years.
According to organic LED market trends, governments from various countries have focused on deploying OLED technology-based lights to curb cost and pollution. The positive attitude of various countries toward the adoption of OLED lighting technology propels the growth of the global market. For instance, the German Government provides subsidies to municipalities to replace lightings in publicly owned facilities such as old street lighting with new OLED technology.
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Furthermore, Middle East countries has the presence of “The Middle East Lighting Association (MELA)” , which is an international non-profit association formed by the partnership of Gulf Advanced Lighting, GE Lighting, Osram, Philips Lighting and Tridonic. MELA principle aims to represent the interests of the leading lighting product manufacturers in their support to legislators across the region in drafting and implementing policy, standards, and regulations for lighting related products and services across the Middle East region. In addition, the association is dedicated toward promoting energy efficient lighting practice for the benefit of global environment, human comfort, and health & safety of consumers. Therefore, all these increasing government mandates and initiatives toward the adoption of OLED lighting system significantly fuel the organic LED market growth globally.
OLED display and lighting in automotive segment is mostly used for heads up display, dashboard displays, and digital rear-view and internal mirrors, internal lightings, and other external lightings. During the current scenes, several car models uses PMOLED displays in its dashboard. In 2016 Audi unveiled the 2016 TT RS, which sports optional OLED taillights, and the first commercial car to sport the new lighting technology. In addition, in 2017 Audi started using OLED taillights and OLED displays in all its cars.
Key Findings Of The Study
By product type, the display segment generated the highest revenue in theglobal organic LEDmarket size in 2019.
By technology, the PMOLED segment generated the highest revenue in the global organic LED market in 2019
By end use, the consumer electronics segment generated the highest revenue in the global organic LED market share in 2019.
The key organic LED market leaders profiled in the report include LG Electronics, Philips, OSRAM, Samsung Electronics, Panasonic Corporation, AU Optronics, CREE, GE Lighting, Eaton, and Dialight PLC. These key players have adopted strategies, such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations, to enhance their market.
Report Overview: https://www.alliedmarketresearch.com/organic-oled-market
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