Global OLED Display Market to Grow at a CAGR of 22% Through 2021, Reports Technavio

Technavio has announced the release of their 'Global OLED Display Market 2017-2021' report. (Graphic: Business Wire)

LONDON--()--Technavio market research analysts forecast the global OLED display market to grow at a CAGR of close to 22% during the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the global OLED display market for 2017-2021. The report also lists mobile devices, TVs, and wearables as the three main application segments, of which the mobile devices segment accounted for more than 86% of the market share in 2016.

“Electronic device manufacturers, are exhibiting high demand for OLEDs because of their benefits such as low power consumption extending the battery's energy retention levels and increasing popularity of slimmer electronic devices. Therefore, prominent vendors in the market are shifting to OLED production due to the falling profitably levels in the LCD market,” says Chetan Mohan, a lead analyst at Technavio for displays research.

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Technavio hardware and semiconductor analysts highlight the following three market drivers that are contributing to the growth of the global OLED display market:

  • Reducing profitability of LCD displays
  • Technological advances and vast creation of intellectual property rights
  • Increasing demand for thin displays

Reducing profitability of LCD displays

Low and continuously falling profit margins on LCD displays have resulted in leading manufacturers such as Samsung Display and Panasonic to shut down their LCD production lines. These display manufacturers are expected to shift focus on OLED displays due to the growing demand from end-users, such as Apple.

“The end-users are demanding better displays, because of which OLED displays are expected to penetrate the display market during the forecast period,” says Chetan.

Technological advances and vast creation of intellectual property rights

Some of the leading vendors in the market have come up with technological advances in OLED displays for application-specific uses. Samsung Display’s super AMOLED displays for mobile screens is one among them. LG has already initiated to capitalize on Kodak’s white OLED (WOLED) technology by applying the technology in its TV displays. The WOLED technology was mainly developed for the large area displays due to the short comings of red, green, and blue OLED (RGB OLED).

WOLED display technology involves the use of dedicated white pixels to make a white screen, whereas RGB technology requires all the RGB pixels to make a white screen. This results in greater optimization levels and enhances the picture quality as the RGB pixels left in the WOLED display can form colors without being cramped up for white light pigmentation.

Increasing demand for thin displays

The growing demand for thin displays is predominantly seen in the smartphone and TV application segments, which constitute the largest share of market. This consumer behavior is driving the sales for OLED display panels. Unlike the LCD panels, OLED does not require a backlight, resulting in thinner displays. This helps the TV and smartphone manufacturers to develop thin display devices that are popular in the market.

The demand for thin display devices is mainly seen in portable and wearable devices such as smartphones and smartwatches. The increase in the demand for large display smartphones that began with the introduction of tablets have raised the need for thin and convenient display devices. Thus, penetration of OLED displays is expected to grow significantly during the forecast period.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com