The recently released report by QY Research is titled “Global OLED Lighting Panels Market Report, History and Forecast 2014-2025.” The report evaluates the future of the global OLED lighting panels market and analyzes the competitive landscape created by the top players. The report states that the global market was worth US$71 mn in 2018 and is likely to grow at US$ 310 mn by 2025. The market will register with a robust CAGR of 23.3% throughout the projected period of 2014-2025.
Global OLED Lighting Panels Market: Trends and Opportunities
The global market for OLED lighting panels is expected to witness a significant rise over the coming years. The growing demand for commercial and consumer products such as TVs and smartphones will drive the growth of the market. OLED is a flexible, cost-effective, and thin lighting solution. The growing demand for efficient backlighting solution for consumer electronics such as smartphones and TV is expected to drive the market. Rapidly increasing demand for smartphones across the world is likely to fuel the growth of the market. This is mainly due to the development in the smartphone industry and the growing disposable income to purchase the same. In addition, the growing demand for energy efficient and affordable products are also expected to stoke the global OLED lighting panels market.
The mammoth demand for OLEDs will be driven by advantages such as faster response time, higher contrast ratios, more saturated colors, which enhances viewing experience, and wider viewing angles. Its excellent display and lighting capability as compared to incandescent bulbs or fluorescent tubes is projected to bode well for the global market.
Global OLED Lighting Panels Market: Forecast by Segments
The market is segmented into applications and product type. Based on the application, the market is segmented into automotive lighting, traditional lighting, and others. The product type segmented into a rigid panel and flexible panel.
Global OLED Lighting Panels Market: Geographical Analysis
Asia Pacific is expected to grab the largest market share in the near future. Countries such as Japan and China are likely to be the key reason for the region’s dominance as both boast a strong presence of key players. In addition, an ever-growing population base with an improving disposable income are also expected to drive the Asia Pacific OLED lighting panels market in the coming years.
Global OLED Lighting Panels Market: Key Players
Some of the major players operating in the market are Osram, LG Display, NEC Lighting, OLED Works, Konica, Sumitomo Chem, First-O-Lite, Lumiotec, and Kaneka.
Global OLED Lighting Panels Market: Competitive Landscape
Companies are adopting the product innovation as a strategy to enhance their market share and profits. Innovations are being designed to unmet the needs of the customers. For Instance, one of the prominent players, LG Display, has showcased its cutting-edge, next-generation OLED displays in the Society for Information Display (SID) conference, which was held from between May 14-16, 2019. With the premium range of OLED products, such as TV panels and automotive plastic OLED panels, LG Display will reinforce its technology leadership and will further boost the popularity of the OLED displays.
Full Report Overview@ https://www.qyresearch.com/index/detail/1076296/global-oled-lighting-panels-market