OLED Market Estimated at $48.81 Billion by 2023

According to a new market research report by MartketsandMarkets, “OLED Market by Display Application (Smartphone, TV, Automotive, NTE), Panel Type (Rigid, Flexible), Technology, Size, Material (FMM RGB, WOLED), Lighting Application (General, Automotive), Panel Type, & Vertical, and Geography – Global Forecast to 2023,” the OLED market is expected to be valued at $48.81 billion by 2023, growing at a CAGR of 15.2% between 2017 and 2023.
 
The key factors driving the growth of the market include the rapid adoption of OLED displays in smartphones and growing investments in technology and manufacturing facilities.
 
Smartphones accounted for the highest share of 83.5% of the display market in 2016. The major factors that are boosting the use of OLED displays in smartphones include the benefits offered by these displays such as energy-efficiency, sunlight readability, and easier recycling process than LCDs. AMOLED screens have great contrast, as the light on the screen comes from each individual pixel rather than a backlight; when it needs to create a black color, it simply dims or turns off the relevant pixels, for a true, deep black, which consumes less power.
 
Rigid display panels are flat panels and are not flexible in nature. These panels are usually fabricated on a metal or glass substrate. Smartphones held the largest share of market for rigid display panels in 2016. The market for rigid display panels for smartwatches is expected to grow at a high rate between 2017 and 2023.
 
The growth of the market for AMOLED technology-based display panels between 2017 and 2023 can be attributed to the increasing adoption in smartphones, smartwatches, and TVs. Samsung is producing rigid and flexible display panels for smartphones, whereas LG is producing rigid and flexible display panels for TV and signage applications. The market for flexible display panels is expected to grow at a high rate between 2017 and 2023.
 
General lighting accounted for ~90% of the OLED lighting market in 2016; however, the lighting market for automotive applications is expected to grow at a higher rate between 2017 and 2023. In 2015, Konica Minolta shipped 15,000 flexible OLEDs to Japanese Tulips Festival. Konica develops both white and color-tunable lights. Government support for the development of general OLED lighting solutions is a key factor responsible for the higher market share of the lighting segment in 2016. The US Department of Energy (DoE) has announced 11 new solid state lighting projects grants, five of them were related to OLED technologies. European government organizations are funding various companies to carry out research on OLED lighting. Currently, more than 20 projects to develop energy-efficient and cost-effective OLED lighting solutions are being carried out in Europe.
 
APAC is one of the largest markets for display devices. The region accounted for the largest share of the market in 2016, and the same trend is expected to continue during the forecast period. APAC is a major manufacturing hub for display panels and brand products. Display panel manufacturers such as Samsung, LG, AU Optronics, Japan Display, and Sharp, among others are based in APAC and have their major manufacturing facilities in different countries in APAC.
 
In the OLED display market, Samsung (South Korea) is the leading provider of display panels for smartphones to its subsidiaries and other smartphone vendors based in China, Japan, and in other countries in Europe and North America. LG Display is another player based in South Korea that offers display panels for wearable devices and TVs. The company is also constructing new display manufacturing facilities, which would mass produce display panels for smartphones by 2018.