The global OLED lighting panel market is expected to rapidly grow year after year, to reach US$1.6 billion (1.8 trillion won) by 2020, with LG Display estimated to occupy 53 percent of the market
According to the 2016 OLED Lighting Annual Report released by UBI Research, the global OLED lighting panel market will amount to US$114 million (approximately 126.6 billion won) in 2016 and is expected to grow at an annual rate of 66 percent from 2017 to 2025.
OLED lighting has been under spotlight for its advantages such as high energy efficiency and availability in application fields. Heightened regulations for the use of incandescent light bulbs serve as another boost to the growing spotlight. In line with the trend, the global market for OLED lighting panels is forecast to continuously grow to US$1.6 billion by 2020.
LG Display is the only company to have a technology of mass production of OLED lighting panels while investing in the sector. Early in 2016, the OLED lighting business of LG Chem was transferred to LG Display.
The world’s leading maker of display panels is making full-scale efforts to expand the business after it made a decision to invest in the mass production line with a monthly capacity of 15,000 sheets for the 5th generation OLED lighting panels in March. The efforts will push its sales to 53 percent of the global market, or US$ 848 million (about 94 million won) by 2020.
By application sector, general interior lighting (downlight) and automotive lighting sectors are forecast to rapidly grow to represent the largest part of the OLED lighting market. In addition, OLED lighting is expanding its presence into a variety of fields including outdoor activity, medicine, and exhibition.
Meanwhile, the OLED panel markets for automotive lighting and downlight will reach US$2,786 million and US$3,409 million respectively by 2025, according to the forecast by UBI Research.