OLED Display Panel Market Overview
Blaze Display Technology Co., Ltd. | Updated: Nov 27, 2018
The OLED panel market has been valued at USD 22.83 billion in 2019 and is forecast to reach USD 46.55 billion by 2025, growing at a CAGR of 12.9% during the forecast period (2020-2025). OLED panels continue to be a significant display technology trend adopted across the world, with larger screen sizes, improved 8K resolution, and relatively new form factors.
Technological advances and increasing adoption of OLED in smartphones is driving the market. Investments made by companies like LG, Philips, Sony in development of OLED in smartphone is increasing. For instance, Samsung, after working on the technology for so long, is now making dual-curved displays incorporated in their high-end smartphones, which is not the case when compared to other Android-based smartphone manufacturers. Also, LG has been working on the technology too and has set its target to ship 2.8 million OLED TV panels in 2018, which is a 64.7% increase from 2017.
Government support for the development of OLED technology in various countries is driving the market. For instance, Korean government has identified OLED as a key export item for the country and started providing significant tax incentives for purchasing equipment for OLED production from local suppliers. Also The United Kingdom, which is a pioneer in the development of polymer light emitting diode (P-OLED) technology, received government support for OLED technology, for lighting applications.
Evolution of quantum dot and micro led technology is restraining the market. Quantum Dots are extremely efficient in applications such as TV, which can be brighter while using less energy than what would be required with separate RGB LEDs or blue LEDs with a yellow phosphor.
Asia-Pacific Occupies the Largest Market Share:
Asia-Pacific is the biggest market for OLED panels as most of the key players, including Samsung, LG, AUO, Panasonic among others, have their base and major manufacturing facilities in this region. Additionally, several tablet vendors, TV manufacturers, and signage display manufacturers, and other vendors have their headquarters in the APAC region.
South Korea, despite its small size, currently has the most extensive network of academic R&D in OLED technology. The country has been witnessing huge investments, primarily from the electronics giants like Samsung and LG. Samsung has been investing an average of USD 5 billion per year for the development of OLED technology.
China is the global hub for manufacturing. The country is the largest exporter of consumer goods and is the fastest-growing consumer market in the world. China boasts of the world’s largest television market. LG is planning to collaborate with the retailers and TV makers in China to expand its OLED panel business. The sales of OLED display panels is expected to grow exponentially in this region.
OLED lighting developer Luminescence Technology Corp (Lumtec), which is a manufacturer of organic chemicals, will unveil new OLED lighting applications at the China International Automotive Interiors and Exteriors Exhibition 2019. This will effectively increase the market growth during forecasted period.
