According to Stratistics MRC, the Global Organic Light-Emitting Diode (OLED) Market is accounted for $19.45 billion in 2017 and is expected to reach $81.76 billion by 2026 growing at a CAGR of 17.3% during the forecast period. Some of the key factors influencing the market growth include increased demand for energy efficient and eco-friendly lighting products, rising adoption of electronic devices and gadgets, and increasing application of OLED in many end-use industries. However, low market acceptance of OLED lighting fixtures compared with led fixtures is restricting the market growth.
An organic light-emitting diode is a light-emitting diode wherein an emissive electroluminescent layer is made up of an organic compound, which emits light by the influence of electric current.
This organic layer lies between two electrodes. OLEDs are extensively used in the development of digital displays in electronic devices such as computer monitors, handheld gaming consoles, PDAs, television screens, and mobile phone screens.
Based on the Panel Type, flexible panel OLED is expected to grow at a significant rate during the forecast period.
With the increasing use of flexible display panels in smartphones and smart wearable devices, and their potential use in other applications such as TVs, signage displays, and vehicles, flexible displays are expected to drive the growth of the market.
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By Geography, The Asia Pacific OLED market is anticipated to exhibit the considerable growth owing to the presence of key players such as Samsung and LG Corporation.
Additionally, rapid industrialization has aided in the increase in the economic conditions of countries in the region, allowing consumers to increase their spending on luxury products and high-end technologies.
Some of the key players in global Organic Light-Emitting Diode (OLED) market are DLC Display Co., Limited, Panasonic, Cambridge Display Technology Limited, E. I. du Pont de Nemours and Company, Universal Display Corporation, Pioneer Corporation, Koninklijke Philips N.V., Acuity Brands Lighting Inc., Novaled GmbH, Samsung Electronics Co., Ltd., LG Electronics Inc., SEIKO EPSON Corporation, Sony Corporation, Osram GmbH and FUTABA Corporation.
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