• Stacy Lawlor

Global OLED Display Market Size to grow by US$ 85.4 Bn in 2030

The OLED Display Market is projected to grow from USD 38.4 billion in 2021 to USD 85.4 billion by 2030 at a CAGR of 13.6% during the forecast period.

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OLED (Organic Light Emitting Diode) displays have more contrast, are brighter, have wider viewing angles, have faster response times, and use less electricity than standard LED, VFD, or LCD displays. Because of their organic substance, OLED displays are self-illuminating and do not require a backlight for optimal visibility in all conditions. Through 2027, advancements in OLED technology are expected to boost total market growth. Different companies have been working tirelessly to develop these technology and goods.

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Due to COVID 19, a reduced number of workers are returning to work, and there is a smaller workforce available to complete tasks, limiting market growth. The COVID 19 epidemic is expected to stifle market growth, since many OLED manufacturing companies are finding it difficult to produce OLED displays due to the statewide lockdown. Further, due to COVID 19, less workers returning to work, which results in less workforce available for completion of activities, also plays a critical part in restraining the market growth.


Smart TVs currently use OLED technology, which provides efficient and stunning lighting panels. A smart TV is a digital television that is connected to the internet. It's essentially a standard television set with internet and interactive Web 2.0 elements built in. Users can listen to music and watch videos while browsing the internet and looking at images. Smart TVs can deliver internet TV, on-demand streaming, over-the-top content (OTT), online interactive media, and much more, in addition to the usual features of television sets. Online video streaming accounted for 90% of internet traffic in 2019, according to a Cisco study. Smart OLED TVs are altering the concept of entertainment and transforming the entertainment business for these reasons.The rising disposable income due to global economic growth, premium products such as curved OLED TVs are projected to be widely adopted.


OLEDs have gotten a lot of interest from the scientific and industrial communities throughout the world over the years. A wide range of OLEDs have reached the market, with an emphasis on passive and active matrix solutions, with applications in a variety of industries. The advancement of white OLEDs with a long shelf life of more than 15,000 hours at a brightness level of 1,000 cd/m2 is a prominent topic of research in the OLED market. Additionally, bendable, lightweight, and indestructible gadgets have been built using flexible OLEDs with greater portability. OLED displays are constructed of organic light-emitting materials and do not require any of the backlighting or filtering mechanisms seen in LCDs. In addition, OLED displays' high brightness, low power consumption, and higher contrast ratio are driving factors in their adoption in numerous applications.


North America is expected to have the biggest market share in the OLED Display market due to rising demand for TV display panels, as well as the use of OLED displays in smartphones, digital signage, and the automotive industries, all of which contribute to the industry's growth.


Asia pacific is projected to see highest CAGR in OLED display market due to major vendors, such as LG and Samsung, have manufacturing facilities in Asia Pacific. Furthermore, signage displays manufacturers, TV manufacturers, and other vendors with headquarters in the region like Samsung Electronics, the world's largest manufacturer of OLED displays. Furthermore, China is the world's largest OLED production hub and the fastest-growing consumer goods market, both of which are likely to drive demand for OLED displays and accelerate market expansion.


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KEY INDUSTRY DEVELOPMENTS:


August 2019, AU Optronics, 17.3-inch OLED display with 120 Hz refresh rate, 12.1-inch full colour TFT driven Micro LED car display with UHD 4K image quality, 5.6-inch AMOLED display, and optical in cell fingerprint LTPS LCD are among the new products.


In June 2019, LG Display Corporation Ltd launched a transparent OLED display in the United States. It is a slender display that is intended to provide a unique business experience.


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