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Apr 17, 2022, 18:30 ET
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VANCOUVER, BC, April 18, 2022 /PRNewswire/ — The global flexible Organic Light Emitting Diode (OLED) market size reached USD 4.48 Billion in 2021 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing need for shock absorbance is one of the major factors expected to drive market revenue growth.
Proper visibility is essential as it improves the users’ viewing experience. Flexible OLED displays provide wide viewing angle which results in better visibility. However, flexible OLED usage will raise concerns regarding power consumption as it consumes more power than LCDs. Therefore, manufacturers are investing in Research and Development (R&D) to develop flexible OLED displays with added functions and energy efficiency. Additionally, flexible OLED displays improve image quality, including better contrast, higher brightness, and wide color range along with much faster refresh rates which are expected to drive market revenue growth during the forecast period.
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However, lack of quality issues due to residual stress, thermal stress, and external stress is one of the major factors expected to hamper revenue growth. Excessive bending of flexible OLED leads to residual, thermal, and external stresses which affect durability and quality. Additionally, flexible OLEDs also have shorter life span due to organic materials’ usual degradation, prone to water damage, reduced outdoor visibility, and inaccurate color imitation affected by manufacturing configuration, which is expected to hamper market revenue growth during the forecast period.
The global flexible OLED market is expected to register a CAGR of 41.2% over the forecast period and revenue is projected to increase from USD 4.48 Billion in 2021 to USD 99.72 Billion in 2030. Increasing need for wider viewing angle is one of the major factors propelling revenue growth of the market.
COVID-19 Impact Analysis:
COVID-19 pandemic has a wide-ranging impact on flexible OLED market. Due to travel restrictions imposed by governments of various countries, that directly affect production and demand, by creating supply chain and market disruption. Additionally, stringent lockdown also affected manufacturing process of flexible OLED displays due to lack of workforce. This had a negative impact on economy of several flexible OLED manufacturers and consumer electronics industry, resulting in huge financial impacts. However, government initiatives and subsidies to promote and encourage adoption of energy-efficient displays and lightings to minimize power consumption is expected to drive market revenue growth going ahead.
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Current Trends and Innovations:
Flexible OLED display is made with an unbreakable surface and a plastic overlay window attached, making it lightweight and much more stronger than normal glass. Moreover, increasing need for displays that can absorb external pressure and are more difficult to break than glass is expected to boost demand for flexible OLED displays. Additionally, increasing need for eliminating distortion and increasing flexibility of devices are driving market revenue growth during the forecast period. Furthermore, increasing need for ultra-thin, foldable, and transparent displays to provide better quality images is expected to drive market revenue growth during the forecast period.
North America is expected to register a significantly rapid revenue growth rate during the forecast period, owing to increasing disposable incomes leading to adoption of high-end electronic products, such as curved display televisions and premium smartphones.
Major companies in the global market report include Samsung Electronics Co. Ltd., Sony Group Corporation, Koninklijke Philips N.V., DuPont de Nemours, Inc., LG Display Co. Ltd., BOE Technology Group Co. Ltd., AU Optronics Corporation, Japan Display, Inc., OSRAM GmbH, and Pioneer Corporation.
· In January 2021, LG Display Co. Ltd. announced launch of new bendable OLED screen with 4K resolution. New concept TV will feature 48-inch 4K screen that can be bent sideward by pressing a single button. The screen can also act as gaming monitor by doubling up to radius of 1,000 mm.
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Emergen Research has segmented global flexible OLED market on the basis of technology, flexibility type, application, end-use, and region:
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About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trend’s existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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