LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global organic light-emitting diode (OLED) lighting market is expected to grow at an astounding CAGR of almost 91% from 2017-2021.
This research report titled ‘Global OLED Lighting Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
As of 2016, OLED lighting was largely adopted by the architectural, hospitality, and the automotive sectors due to its design flexibility advantages. The emergence of flexible, transparent, and color-tunable panels is expected to boost the market growth during the forecast period.
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Technavio’s analysts categorize the global OLED lighting market into six major segments by end-users. They are:
The top three revenue-generating end-user segments for the global OLED lighting market are discussed below:
Global OLED lighting market for architectural sector
The global OLED lighting market for the architectural sector is expected to grow at a CAGR of over 78% during the forecast period. OLEDs are mainly used for decoration due to their small-scale and limited uptake. In this segment, OLEDs are used for the illumination of building structures with the artistic integration of light sources and architectural elements such as signage.
According to Chetan Mohan, a lead lighting research analyst from Technavio, “The increasing use of OLEDs in artistic buildings, due to their better efficacy and energy, is likely to contribute to the market growth during the forecast period. OLED panels have changed the ways lighting can be implemented for different architectural designs.”
Global OLED lighting market for hospitality sector
This segment includes lighting for hotels, bars, and restaurants. It uses OLEDs for decorative lighting, which ranges from mood lighting to orientation lighting. The growing trend of these types of lighting and various color combinations in metro cities is expected to drive the OLED lighting market during the forecast period.
“Appropriate lighting plays an important role in hotels and restaurants for enhancing the atmosphere. A mix of lighting technologies is used to create a balance between energy efficiency, functionality, simplicity, and style. Due to the numerous design advantages and flexibility of OLED lighting panels, high-end hotels and restaurants are switching from CFLs, LEDs, and HIDs to OLED lighting,” says Chetan.
Global OLED lighting market for commercial sector
This segment includes lighting for office buildings, healthcare institutions, educational institutions, and other buildings utilized for public or commercial purposes, such as meeting rooms, workspaces, reception areas, hallways or corridors, staircases, restrooms, and basements.
Due to the high costs of installation associated with OLED lighting panels, OLED lighting was largely adopted in high-end stores and luxury office and commercial spaces across the globe, as of 2016. However, with the increasing adoption of OLED lighting in other sectors such as the hospitality and architectural, the technology will be adopted by the commercial sector as well during the forecast period.
The top vendors highlighted by Technavio’s research analysts in this report are:
- LG Display
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