OLED market expected to reach $ 37.2 billion by 2020: Allied Market Research
November 27, 2015 | By Renée Francoeur
November 27, 2015 – According to a new report published by Allied Market Research, the global organic LED (OLED) market is estimated to generate revenue of $37.2 billion by 2020, registering a CAGR (compound annual growth rate) of 18.3% during the forecast period 2015-2020. Enhanced picture quality, high energy efficiency, increasing demand for eco-friendly products and growing government regulations would supplement the growth of the OLED market, the report found.
World Organic LED Market – Opportunities and Forecasts, 2014-2020 states the market is expected to grow rapidly, owing to increased adoption of OLED technology into smartphones, television and lighting applications. It also said lighting application of OLED technology would grow at a CAGR of 45.8% during the forecast period 2015-2020, owing to “rapid technological advancement”.
High cost is one of the major restraints for the OLED market, Allied noted, but it is expected that “with the technological advancements and increasing focus of organizations on research activities, price of OLED panels would considerably reduce in future”.
AMOLED and PMOLED are the two major OLED display technologies available in the market, Allied explains. Though PMOLEDs are more cost-effective and easy to build, they are restricted in size and resolution, which limits their adoption, the research firm said. On the other hand, AMOLED are expensive and material-intensive, but they do not have any restriction on resolution or size. It is estimated that AMOLED technology would lead the world OLED market during the forecast period to reach $32.0 billion by 2020, the report claimed.
The report also provides insight into the competitive scenario of the world OLED market. Some of the major companies profiled in the report include LG Electronics Inc., Koninklijke Philips N.V., Osram GmbH, Samsung Electronics Co., Novaled GmbH and Universal Display Corp., among others.
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