Rise in demand for OLED Lighting owing to ongoing developments and favourable government policies and support in terms of subsidies and grants is anticipated to boost OLED Technology market during the forecast period 2021-2026. OLED Technology market is estimated to grow at a CAGR of 10.44% during the forecast period 2021-2026 and reach $50.45 billion by 2026 from around $27.55 billion in 2020.

Lighting accounts for about 15% of overall global electricity use. Furthermore, lights account for around 5% of global carbon emissions. As a result, the United Nations Environment Programme (UNEP) has issued several energy-saving lighting recommendations in order to minimize carbon emissions. With rapid urbanization and economic growth in Europe and the Middle East, the lighting industry in these regions is expected to expand at an exponential rate over the next two decades, resulting in increased demand for OLED-based lighting. As a result, the need for more LED-based lighting to save resources and costs is expected to fuel market growth.

In contrast to traditional lighting systems, OLEDs are considered expensive due to their high initial capital cost. Circuitry and power supplies are also included in the price. However, this is just from the standpoint of the initial investment, the overall expense (considering OLED's lifetime) will be lower than traditional technologies. OLEDs have a lower overall cost of ownership, including maintenance and energy costs, than LED and LCD sources. Furthermore, since OLED is a material-intensive product, it is costly to produce an OLED display or lighting. Moreover, establishing new manufacturing plants necessitates a significant sum of money as well as government approval. Setting up brand new manufacturing plants requires a lot of money because the technology is relatively new and requires a lot of expertise. This is supposed to stifle the OLED market's growth to some degree. Device failure when exposed to direct sunlight is one of the market's main challenges. Vendors, on the other hand, are constantly working to boost OLED displays and are expected to solve this problem in the near future.

The emergence of COVID-19, which is declared a pandemic by the World Health Organisation, is having a noticeable impact on regional economic growth. According to the International Monetary Fund, the global GDP is expected to decline by 3% in 2020. According to the World Trade Organization (WTO), global trade volumes are projected to decline between 13% and 32% in 2020 as a result of the economic impact of COVID-19. COVID-19 has impacted the electronic industry as well. Companies are facing significant reduction in consumption and supply chain disruption challenges. Owing to frequent lockdowns in many parts of the world, there is a shortage of manpower. International trade, exports and imports have been affected by COVID-19 and, as a result, demand in the sector has also largely decreased. The OLED Technology businesses are trying to clear their stocks and are concentrating on holding their cash balances. Many electronic manufacturing companies in China are finding it difficult to obtain sufficient production capacity from both fabs and package suppliers as a result of the COVID-19 situation. These businesses can face bankruptcy or takeover if their production slows down for an extended period of time. The decline in production activities further negatively affected the demand of products over the short to medium terms.

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OLED Technology Market Growth Drivers:

Rising Demand for OLED Smart TVs

In today's smart TVs, OLED technology is used to create effective and beautiful lighting screens. A smart TV is a portable television that is wired to the internet. It's essentially a conventional television set with internet and digital Web 2.0 features built in. Users may use this to listen to music and watch videos, as well as search the internet to look at images. Smart TVs can provide internet TV, over-the-top content (OTT), on-demand streaming, online interactive media, and much more apart from traditional functions. According to a Cisco survey, 90 percent of internet traffic in 2019 was accounted for by online video streaming. Smart OLED TVs are redefining the definition of entertainment and changing the entertainment market as a result of these factors. Increased disposable income as a result of global economic development is expected to lead to widespread adoption of high-end goods such as curved OLED TVs.

The Major Players in this Market Include

Major players in OLED Technology include Samsung, BDE technology, Everdisplay Optronics, LG Display, Sharp, Visonox and Tianma among others. In February 2021, BOE is reportedly planning to commercially launch a MicroOLED Display in the second half of this year. This will be used to support Augmented Reality and Virtual Reality viewing.

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.