OLED Panel Market size See Incredible Growth during 2030

Description

The global OLED market size was valued at USD 38.4 billion in 2021 and is estimated to reach USD 82.5 billion by 2027. It is expected to grow at a CAGR of 13.6% during the forecast period. Display panels provide the bridge between consumers and the information universe. Beyond traditional technologies like television, displays also feature prominently in many significant technology trends, such as automotive, virtual reality, IoT, and connectivity. OLED remains a prominent display technology trend with greater panel sizes, improved 8K (7680 x 4320 pixel) resolution, and relatively new form factors. For quite some time, companies such as Samsung and LG have experimented with flexible OLED panels. Samsung now uses curved flexible OLED displays in all of its flagship handsets.

OLED remains a prominent display technology trend with greater panel sizes, improved 8K (7680 x 4320 pixel) resolution, and relatively new form factors. For quite some time, companies such as Samsung and LG have experimented with flexible OLED panels.

Although displays in smartphones have been flexible for years, there is much more than just a screen. Though prototypes have been in demand for a long time, no company has been willing to take a risk yet and launch a smartphone with a fully flexible display. The smartphone display applications are most dynamic among other applications. With the maturity of smartphones in many significant markets, such as China, smartphone manufacturers are developing new models such as foldable phones, which have a huge potential for growth over the next few years.

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Global OLED Panel Market Dynamics

Drivers: Technological Advances and Increasing Adoption of OLEDs in Smartphones

OLED panels, known for their superior features among the close alternatives, LCDs, have had issues in terms of longevity. It has been impossible to make the production lines profitable due to high failure rates. However, the technology has drastically improved, owing to the investments made by companies like LG, Philips, Sony, among others, in the development of OLED. Efforts made by these companies were to focus on improving its affordability (although it's still much more expensive than competing technologies).

The new investment division will focus on OLED and display technology, UDC Ventures. Universal Display reported that UDC Ventures allows the company to increase its client base and its platform of global experts in IP licensing, materials development, and manufacturing. It also helps the company broaden its relationships with technology leaders.

Restraints: Wide Adoption of Close Substitutes for Display and Lighting Applications

OLED displays contain organic material, particularly susceptible to water, making rigid protection necessary. There have been some technological progress as far as the other parts are concerned. The high demand for low-end smartphones where mostly low-cost LTPS LCDs and Si LCDs are used compared to flexible OLED panels (mostly used in high-end phones) hinders the growth of OLED panels in the smartphone industry.

Additionally, cost appears to be one of the primary issues for companies like Samsung to use OLED displays, especially televisions. That is why the company switched to micro LEDs and QLED, quantum dot light-emitting diode for their television division.

Opportunities: OLED smart TVs are becoming increasingly popular.

OLED technology, which produces efficient and attractive lighting screens, is employed in smart TVs. A smart TV is a digital television that is linked to the internet. It is essentially a standard television set plus internet and interactive Web 2.0 features. Users may use this to listen to music, watch movies, and surf the internet and see images. In addition to typical television capabilities, Smart TVs can deliver internet TV, over-the-top content (OTT), on-demand streaming, online interactive media, and much more. According to a Cisco analysis, Internet video streaming accounted for 90% of internet traffic in 2019. Smart OLED TVs are altering the notion of entertainment and revolutionizing the entertainment business for these reasons. Increased disposable income due to global economic growth is projected to result in the widespread adoption of luxury items such as curved OLED TVs.

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Scope of the Report

The study categorizes the OLED panel market based on type, display address scheme, size, and product at the regional and global levels.

By Type Outlook (Sales/Revenue, USD Million, 2017-2027)

• Flexible
• Rigid
• Transparent

By Display Address Scheme Outlook (Sales/Revenue, USD Million, 2017-2027)

• PMOLED Display
• AMOLED Display

By Size Outlook (Sales/Revenue, USD Million, 2017-2027)

• Small-sized OLED Panel
• Medium-sized OLED Panel
• Large-sized OLED Panel

By Product Outlook (Sales/Revenue, USD Million, 2017-2027)

• Mobile and Tablet
• Television
• Automotive
• Wearable
• Other Products

By Region Outlook (Sales/Revenue, USD Million, 2017-2027)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

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By type, the electric segment is projected to account for the largest market share

Based on type, the global OLED panel market is divided into flexible, rigid, and transparent. The rigid segment has the largest revenue in 2020, with 90.1% of the market share. The rigid OLED panel first came to smartphones through Samsung and was chosen because they had a thinner, lighter form factor, better viewing angles, higher contrast, and faster response time than the LCDs previously used. OLED served the high-end and mid-range markets earlier with a limited market share. But the demand changed with the introduction of flexible OLED displays.

Rigid OLED smartphone display fab utilization rates are increasing, and the technology is starting to receive renewed interest in the market. Few factors have contributed to this shift, including price reductions, a lower price gap with Low-Temperature Poly Silicon LCD, availability of larger size display, new designs, a need for mid-range OLED products, and slow sales for flexible OLED displays.

Europe accounts for the highest CAGR during the forecast period

Based on the regions, the global OLED panel market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Europe is projected to hold the highest CAGR of 14.2% during the forecast period. Europe offers optimal conditions for OLED expansion, as it has a high acceptance rate for new technologies and a significant premium market portion in all industries. The European TV market has seen an actual adoption rate and expansion due to new technologies in the past years.

Many companies are focusing on launching OLED TVs in the region. For instance, HiSense, an appliance, and electronics manufacturer, decided to launch its OLED TVs in the United Kingdom and Europe in 2019. The 55" model H55O8BBUK to be launched in the United Kingdom may cost around EUR 1,599.

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Key Market Players

The OLED panel market is mildly concentrated in nature, with few numbers of global players operating in the market, such as LG Display Co. Ltd, Sony Corporation, Samsung Display Co. Ltd, Raystar Optronics Inc., Ritek Corporation, OSRAM OLED GmbH, Pioneer Corporation, WiseChip Semiconductor Inc., Winstar Display Co. Ltd, and Visionox Co. Ltd. Every company follows its business strategy to attain the maximum market share.

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