Portland, OR -- (SBWIRE) -- 07/06/2018 -- Organic LED Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $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 would supplement the growth of Organic LED market.

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The World OLED technology is witnessing a promising growth in the display and lighting market. Based on various superior features, offered by OLED technology, the adoption of this technology is increasing since the past few years. Properties such as low power consumption, enhanced efficiency, better picture quality and flexibility are some of the major advantages associated with OLED technology. In addition to the aforementioned advantages, rising awareness among users and increasing demand for eco-friendly products would lead to a rapid growth of the overall OLED market during the forecast period.

However, high cost associated with OLED products compared to other lighting and display solutions present in the market would limit the growth of OLED technology to some extent. OLED technology has witnessed great acceptance within a very short span of time, owing to soaring electricity prices coupled with huge investment in infrastructure development in various parts of the world. Hence, experts have predicted that OLED technology would cater to the required performance and pricing targets, thereby, facilitating smooth transition from conventional to efficient lighting solution.

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. OLED films are quite durable and capable of operating at higher temperature as compared to LED. OLED offers light emitting surfaces, which are lightweight and thin. OLED displays do not require shutter arrays and backlight, thus enabling the manufacturers to easily replace the heavy and breakable glass used in LED displays with a stronger and lighter plastic substrate. High cost is one of the major restraints for the OLED market. However, it is expected that with the technological advancements and increasing focus of organizations on research activities, price of OLED panels would considerably reduce in future.

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AMOLED and PMOLED are the two major OLED display technologies available in the market. Though PMOLEDs are cost effective and easy to build, they are restricted in size and resolution, which limits their adoption. On the other hand, AMOLED are expensive and material intensive, but they do not have any restriction on resolution or size. It is estimated that AMOLED technology would lead the OLED market during the forecast period to reach $32.0 billion by 2020.

The second application area of OLED is lighting, which is expected to witness a considerable growth over the forecast period. Based on end users, the report segments the global 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 would witness highest CAGR of 53.8% during the forecast period to reach $463.6 million by 2020.

Key Findings of the Organic LED Market:

- Global Organic LED market is expected to grow rapidly owing to increased adoption of OLED technology into
smartphones, television and lighting applications.

- Lighting application of OLED technology would grow at a CAGR of 45.8% during the forecast period 2015 - 2020,
owing to rapid technological advancement.

- AMOLED would generate the highest revenue throughout the forecast period, growing at a CAGR of 16.4% during - - the forecast period 2015 - 2020.

- The Asia-Pacific market would foresee tremendous growth for OLED technology. The region would account for
nearly 35.9% of the total market by 2020, growing at a CAGR of 16.8% during the forecast period.

The report also provides insight into the competitive scenario of the globalOrganic LED market and a comprehensive study of the key strategies adopted by key market players operating in the OLED market. Prominent players operating in the OLED market have adopted product launch as their key growth strategy. Some of the major companies profiled in the report include LG Electronics Inc., Koninklijke Philips N.V., OSRAM GmbH, Samsung Electronics Co., Ltd., Novaled GmbH and Universal Display Corporation among others.

The number of raw material suppliers present in the market are concentrated, hence very few options are available for the manufacturers to choose from, thereby increasing the bargaining power of suppliers. Moreover, as OLED is a relatively new technology, there are very few companies offering OLED products in the market. LED technology which is more mature as compared to OLED, can be considered as a major threat for the growth of OLED technology during the forecast period.