Organic LED Market size See Incredible Growth during 2030

Description

The global organic LED market size is expected to grow from USD 51,474.1 million in 2020 to USD 203,069.9 million by 2027, at a CAGR of 21.7% from 2021 to 2027. OLED, also known as an organic light-emitting diode, is a flat light-emitting diode technology developed by placing thin organic films between two conductors. OLED is one of the most promising displays and lighting technologies that can offer power efficiency lighting and is superior to fluorescent tubes and incandescent bulbs. OLED technology helps the end user to create flexible displays and lighting panels.

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OLED technology is garnering more acceptance among the end-users since they are thinner, brighter, lighter in weight, more power-efficient, and offer higher contrast than LCDs. OLEDs offer wide viewing angles, higher contrast ratios, faster response time, and more saturated colors to enhance the viewing experience of end-users. OLEDs are more expensive as compared to LED and LCD products. Though, the price of these products is expected to decrease once the products get more acceptance in the market.

Various emerging and developed economies worldwide are switching to energy-efficient lighting solutions. Experts have predicted that OLED technology would meet the required performance and pricing targets in the future, facilitating a smooth transition from conventional to efficient lighting solutions. Additionally, government and industry funding for R&D is expected to boost the process of addressing the technological challenges for the OLED lighting solution.

Global Organic LED Market Dynamics

Drivers: High demand for cost-effective and energy-saving OLED Lighting

Lighting consumes around 15% of total world electricity use. Furthermore, lights account for about 5% of worldwide carbon emissions. The United Nations Environment Programme (UNEP) has issued certain energy-saving lighting standards to cut carbon emissions. The lighting sector in Europe and the Middle East is predicted to develop dramatically over the next two decades due to fast urbanization and economic expansion, leading to increased demand for OLED-based lighting. As a result, the need for more LED-based lighting to save energy and money is predicted to boost the worldwide growth of the OLED lighting market in the future years.

Restraints: High cost of the technology

OLEDs are considered expensive because of the higher initial capital cost than other lighting technologies. Circuitry and power supply are included in the price. Though this is just from the standpoint of the initial investment, the entire cost (including the OLED's lifetime) would be cheaper than traditional technologies. The total cost of ownership of OLEDs, including maintenance and energy, is lower than LED and LCD sources. Also, the high investments in the initial level restrict the initial acceptance of OLEDs. In addition, OLED is a material-intensive product; hence manufacturing of OLED displays or lighting is expensive.

Furthermore, establishing new manufacturing units necessitates a substantial sum of money and government consent. Setting up fully new manufacturing plants needs a lot of money because the technology is relatively new and demands a lot of experience. This is projected to impede the OLED market's growth to some extent. 

Opportunities: Increase in demand for the eco-friendly lighting solution

A large portion of the population is adopting green and eco-friendly products and other lighting solutions. Such consumers' initiatives can offer market players ample growth opportunities to cater to the increase in demands for eco-friendly products in the global OLED market. The number of consumers adopting eco-friendly solutions is rapidly increasing, and the effect of this trend is visible from the consumer buying pattern.

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Scope of the Report 

The study categorizes the organic LED market based on product type, technology, and end-user at the regional and global levels.

By Product Type Outlook (Thousand Units, Revenue, 2017-2027, USD Million)

• Display
• Lighting

By Technology Outlook (Thousand Units, Revenue, 2017-2027, USD Million)

• Passive-Matrix OLED (PMOLED
• Active-Matrix OLED (AMOLED)
• Transparent OLED
• Top-Emitting OLED
• Foldable OLED
• White OLED

By End-Users Outlook (Thousand Units, Revenue, 2017-2027, USD Million)

• Consumer Electronics
• Automotive
• Retail
• Industrial
• Commercial
• Aerospace & Defense
• Healthcare
• Other

By Region Outlook (Thousand Units, Revenue, 2017-2027, USD Million)

• 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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The display segment is projected to account for the largest market share, by type

By type, the global organic LED market is bifurcated into display and lighting. In 2020, the display segment accounted for the largest market share of 89.8% in the global organic LED market. As compared to LCDs, OLEDs can provide energy-efficient lighting solutions. OLEDs are bright, light in weight, and thin. OLED displays offer wide viewing angles, fast response times, high contrast ratios, and saturated colors that enhance the end user's viewing experience. OLED is an entirely different emissive imaging display technology requiring a backlight. Similarly, other factors such as contrast ratio, black levels response time, and viewing angles are the factors that drive the growth of the global OLED display market.

Samsung, a leading manufacturer and adopter of OLEDs implements OLED panels in most flagship devices such as Galaxy Note 3, Galaxy S4, and others. OLED is also used in-car audio systems, A/V players, digital cameras, and other mobile devices. Recently, companies such as Sony, Samsung, Microsoft, Dell, LG, HTC, Olympus, Panasonic, Microsoft, and ASUS have adopted and integrated OLED technology.

Asia Pacific accounts for the highest CAGR during the forecast period 

Based on the regions, the global organic LED market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 26.7% in the global organic LED market during the forecast period. OLEDs are predicted to be the next-generation display technology used in televisions, smartphones, laptops, digital cameras, and tablets. OLED displays have numerous advantages over backlit LCDs. The OLED display and lighting market in the Asia-Pacific region is expected to grow substantially in the near future. Asia-Pacific is one of the fastest-growing markets for OLED lighting solutions owing to the growing automotive industry in this region.

The majority of the OLED material and panel manufacturers are in Asia-Pacific. OLED manufacturers are concentrated in the Southeast Asian region due to a cheap labor force, easy accessibility of raw materials, and efficient manufacturing technologies. South Korea’s LG Display Co. Ltd. announced that the company plans to invest in the OLED display market while spearheading the market. LG Display plans to invest $8.47 billion into OLED display by 2018. This OLED display would be extensively used in smartphones, television, wearable, flexible displays, etc.

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Key Market Players

The organic LED market is mildly concentrated. Few global players are operating, such as Philips, OSRAM, Samsung Electronics, Panasonic Corporation, LG Electronics, AU Optronics, GE Lighting, Eaton, CREE, and Dialight PLC. To increase their market penetration, these key players have used techniques such as product portfolio growth, mergers and acquisitions, partnerships, regional expansion, and collaborations.

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