The overall OLED market was valued at USD 16.58 billion in 2016 and is expected to reach USD 48.81 billion by 2023, at a CAGR of 15.2% between 2017 and 2023. The key factors driving the growth of the market include the rapid adoption of OLED displays in smartphones and growing investments in technology and manufacturing facilities.
The market has witnessed significant technological advancements in terms of innovative product launches and expansions in terms of establishments and investments in new display panel manufacturing plants. The display market is dominated by Samsung Electronics (South Korea) and LG Display (South Korea); other prominent players in the market are AU Optronics (Taiwan), JOLED (Japan), BOE Technology (China), and Innolux Corp. (Taiwan). The lighting market is dominated by LG Display (South Korea), Acuity Brands (US), and OSRAM (Germany); other prominent players in the market are Kaneka Corporation (Japan), Universal Display (US), and OLEDWorks (US).
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Samsung Electronics is a market leader in developing OLED display technology. The company dominated the display market for smartphones, with a share of more than 90% of the market, in 2016. The company offers rigid and flexible panels for smartphones application. With strong technological background and expertise in the technology, the display business segment of the company generated ~58% of its total revenue from OLED technology in 2016. The company has established key relationships with brand product manufacturers such as Apple (US), Sony (Japan), and Panasonic (Japan), among others. In June 2017, Samsung Display expanded its business by opening 2 new OLED plants in Choenan and Asan (South Korea). These fab units would be the world’s largest plants with sixth generation flexible production line called ‘A5’ and with a production capacity of 180,000 panels per month and up to 270,000 panels per month. The total cost for the two facilities would be nearly USD 21 billion. The company is developing OLED display technology for other applications such as televisions, digital signage, PC monitors, and automotive and expects to capture higher market share. Samsung is involved in various stages of the market value chain, from material suppling to technology developing and from panel manufacturing to brand product manufacturing.
LG Display holds a major share of the large OLED display panel (9 inches or more) market. The company manufactures display panels for televisions, desktop monitors, smartphones, smartwatches, and other applications. It also offers a variety of commercial displays such as video walls, ultra-stretch displays, outdoor displays, transparent displays, and standalone signage displays, some of which are manufactured based on OLED display technology. In the lighting market, LG display offers a wide range of lighting panels, including flexible, circular, rectangular, and square-shaped panels. In July 2017, Apple announced to sign an agreement to invest USD 2.7 billion in LG’s OLED display production. LG Display is anticipating that Apple will invest in to secure OLED panels for its future smartphones. Like Samsung, LG also spends significantly on innovating OLED display technology and introducing some of the most advanced displays for consumer and industrial applications. With focus on WOLED technology, the company has successfully commercialized the world’s first OLED TV and signage display. LG Chem, a subsidiary of LG, supports the company in developing and supplying materials; LG Electronics is a leading consumer of LG Display’s panels.