According to a new report published by Allied Market Research titled, World Organic LED Market – Opportunities and Forecasts, 2014 – 2020, the world OLED market is estimated to generate revenue of $37.2 billion by 2020, registering a CAGR 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 will support this growth.
Display is one of the major application areas of OLED technology and accounted for approximately 96.9% market share of the total OLED market in terms of revenue in 2014. The second application area of OLED is general lighting, which is expected to witness a considerable growth over the forecast period. The report segments the World OLED lighting market into commercial, residential and industrial sector. Among all, commercial segment was the highest revenue generating end user segment, accounting for $245.4 million in 2014. However, industrial OLED lighting end-user application segment is forecasted to see the highest CAGR of 53.8% during the forecast period and reach $463.6 million by 2020.
Key findings:
* World OLED market is expected to grow rapidly owing to increased adoption of OLED technology into smartphones, television and lighting applications.
* Lighting application of OLED technology expected to grow at a CAGR of 45.8% during the forecast period 2015-2020, owing to rapid technological advancement.
* The Asia-Pacific market is expected to see tremendous growth for OLED technology. The region will account for nearly 35.9% of the total market by 2020, growing at a CAGR of 16.8% during the forecast period.
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