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NEW YORK, Feb. 21, 2019 (GLOBE NEWSWIRE) -- The global organic light emitting diode market is anticipated to reach USD 39.85 billion by 2024. The market is likely to grow at a CAGR of 12.05% during the forecast period. Factors attributing to the market growth include; growing demand for energy efficient lighting products, rising adoption of electronic devices and gadgets, and increasing application of OLED in many end-use industries. Furthermore, the increasing demand for slimmer and lighter bodies of smart phones and smart watches with various designs is further augmenting the growth of the market.
Organic Light Emitting Diode or OLED is a light emitting technology that emits light when an electric current passes through them. They are constructed by placing thin organic films between two conductors. It generally consists of six layers, including an emissive electroluminescent layer. Unlike LCD, it contains organic molecules which illuminate vibrant colors with lesser power consumption. OLED is gaining momentum in the market, as it is light weighted, power efficient, brighter, and has thinner display module. Additionally, it provides faster response time, and vibrant colors to enhance viewing experience of end-users. Furthermore, implementation of OLED technology aids enables the creation of lighting displays and flexible displays.
Increasing demand for OLED in various application is driving the market growth
Organic light emitting diode (OLED) display offers number of advantages over conventional LEDs. It has wide range of applications in many end-use industries owing to its ability to produce greater brightness, flexibility, and better color performance. OLEDs are employed to create digital displays in devices such as computer monitors, television screens, and portable systems such as smartphones, handheld game consoles and others. The ease of operation and convenience is making OLED more popular in electronics vertical. There has been rapid Investments in OLED, as OLED displays offer the best image quality and enables future rollable and foldable displays. Its ultra thin, self emission, and light features are making OLED suitable for flexible applications. Furthermore, they are also used for numerous purposes in automobiles sector including back-window alerts, rear-view mirrors, and dashboard displays.
Key findings from the report:
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Global Organic Light Emitting Diode (OLED) Market - Regional Insight
Geographically, Asia-Pacific (APAC) is held the largest market share in 2017, due to the presence of major key players in the region, increasing capital investments, increasing adoption of advanced technology, and rapidly growing economies among others. The region is further anticipated to grow at a significant CAGR over the forecast period. Also, surging demand for cell phones is further propelling the demand for OLED in the region.
The report segments the global organic light emitting diode market on the basis of technology, application, end-use, and region.
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