The global organic LED market size was US$ 51,974.1 million in 2021. The global organic LED market is forecast to grow to US$ 288,069.9 million by 2030 by registering a compound annual growth rate (CAGR) of 18.1% during the forecast period from 2022 to 2030.
The organic light-emitting diode or OLED is a flat light-emitting diode technology that is made by setting up organic sheets between two conductors. OLED is one of the most promising displays and lighting technologies, capable of providing more energy-efficient illumination than fluorescent tubes.
Factors Influencing the Market
The fact that OLEDs are more promising displays and lighting technologies than fluorescent tubes and it offers energy-efficient illumination will drive the organic LED market forward.
Furthermore, lighting contributes around 5% of global carbon emissions. To reduce carbon emissions, the United Nations Environment Program (UNEP) released a set of energy-saving lighting standards, which will benefit the Organic LED market in the coming years. Furthermore, rapid urbanization and economic expansion in Europe and the Middle East will escalate the demand for OLED-based lighting.
The high cost of the technology may act as a significant restraint in the organic LED market growth. In addition, demand for environmentally friendly lighting is on the rise,which will be lucrative for the overall market. Green and eco-friendly products and other lighting solutions are being adopted by a big percentage of the public. Consumer efforts like these can provide market players of organic LED with a plethora of potential prospects to boost revenue. As a result, it will accelerate the growth of the global organic LED market during the study period.
COVID-19 Impact Analysis
Following a disruption in panel supply caused by the COVID-19 outbreak, the global Organic LED market has taken a slower pace. Various companies had planned to invest in the technology. However, investments, accompanied by R&D activities and new launches, were completely postponed. For instance, LG Display had planned to commence mass manufacturing of its OLED panels in Guangzhou, China, but the plans dropped due to the COVID-19 pandemic. Thus, the wake of the pandemic has been a significant challenge for the global Organic LED market.
Regional Analysis
Based on the regions, the global organic LED market is forecast to record the highest growth rate in Asia-Pacific. Televisions, cellphones, laptops, digital cameras, and tablets are expected to employ OLEDs as the next-generation display technology. As the region holds one of the largest markets for consumer electronics, it will potentially strengthen the scope of the organic LED market. OLED displays have a number of advantages over LCDs with backlighting. Shortly, the Asia-Pacific OLED display and lighting industry is predicted to rise significantly due to the region's expanding automotive industry. Furthermore, the region is home to some prominent electronics companies, such as LG Display Co. Ltd. of South Korea, which will drive the market forward.
Competitors in the Market
Market Segmentation
The global organic LED market segmentation focuses on Product, Technology, End-Users, and Region.
By Product Type Outlook
By Technology Outlook
By End-Users Outlook
By Regional Outlook
