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OLED Market to Grow by USD 65.78 Billion from 2024-2028, Increasing Patents and AI Driven Market Transformation Fuel Growth- Technavio

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NEW YORK, Sept. 19, 2024 /PRNewswire/ — Report with the AI impact on market trends- The global organic light-emitting diode market size is estimated to grow by USD 65.78 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  18.52%  during the forecast period. Increasing number of patent-related activities by market vendors is driving market growth, with a trend towards increasing adoption of oled displays in automotive sector. However, availability of less expensive substitutes  poses a challenge. Key market players include AUO Corp., BOE Technology Group Co. Ltd., Futaba Corp., Innolux Corp., Japan Display Inc., Konica Minolta Inc., Kopin Corp., Kyocera Corp., LG Electronics Inc., Lumiotec Inc., Nippon Seiki Co. Ltd., OLEDWorks LLC, OSRAM Licht AG, RiTdisplay Corp., Samsung Electronics Co. Ltd., Sharp Corp., Sumitomo Chemical Co. Ltd., Tianma Microelectronics Co. Ltd., Truly International Holdings Ltd., Universal Display Corp., and Visionox Co..

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Organic Light-Emitting Diode Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 18.52%

Market growth 2024-2028

USD 65777.8 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

15.18

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 59%

Key countries

China, US, South Korea, Japan, and Taiwan

Key companies profiled

AUO Corp., BOE Technology Group Co. Ltd., Futaba Corp., Innolux Corp., Japan Display Inc., Konica Minolta Inc., Kopin Corp., Kyocera Corp., LG Electronics Inc., Lumiotec Inc., Nippon Seiki Co. Ltd., OLEDWorks LLC, OSRAM Licht AG, RiTdisplay Corp., Samsung Electronics Co. Ltd., Sharp Corp., Sumitomo Chemical Co. Ltd., Tianma Microelectronics Co. Ltd., Truly International Holdings Ltd., Universal Display Corp., and Visionox Co.

Market Driver

The automotive industry is experiencing a shift towards advanced visual technologies, with organic light-emitting diode (OLED) displays gaining significant traction. OLED technology offers vibrant colors, high contrast ratios, and exceptional color reproduction, making it an ideal choice for various in-vehicle applications. The market for OLED displays in the automotive sector is projected to grow at a CAGR of over 14% between 2019 and 2023. This growth is driven by the increasing demand for reality-based technologies and autonomous vehicles. OLED displays are revolutionizing in-vehicle infotainment systems, providing advanced features such as navigation, multimedia systems, driver assistance, connected vehicle functions, and improved communication between drivers and vehicles. Luxury car manufacturers and original equipment manufacturers (OEMs) are incorporating OLED panels into their vehicles due to the technology’s high design flexibility and energy efficiency. Renowned car companies such as Volkswagen, Jaguar Land Rover, Toyota, GM, Mercedes-Benz, and Audi are already using OLED displays in their vehicles. Automotive display manufacturers are actively exploring the potential applications of OLED displays in the automotive sector, with commercial availability of such displays expected to grow. OLED displays offer enhanced brightness, vibrant colors, and interactive functionalities, making them ideal for GPS navigation, driver assistance displays, entertainment systems, and digital dashboards. The increasing adoption of OLED displays in the automotive sector is driving a transformation in in-vehicle visual displays, offering new standards for automotive display technology. In-vehicle information systems are becoming more prevalent in automobiles, and the demand for OLED displays is expected to rise during the forecast period, supporting the growth of the global organic light-emitting diode market. 

The Organic Light-Emitting Diode (OLED) market is experiencing significant growth, surpassing Traditional display technologies like LCDs and LED. OLED technology offers several advantages, including high contrast ratio, wide viewing angles, and fast response time. This makes OLED displays ideal for various applications in consumer electronics, such as smartphones, televisions, wearables, automotive displays, lighting solutions, and more. OLED’s thinness and lightweight design provide flexibility for manufacturers to create innovative products. OLED displays offer uniform illumination, color rendering, and transparency, enhancing image quality for devices like smartwatches, tablets, automotive dashboards, infotainment systems, electric vehicles (EVs), foldable smartphones, curved TVs, rollable displays, and wearable devices. OLED lighting solutions provide energy efficiency and cost reduction, making them an attractive alternative to traditional lighting. OLED technology’s environmental considerations and sustainability are essential factors driving its adoption. OLED displays use organic molecules as emitters and conductors, ensuring bright controls and fast motion. Overall, OLED’s unique features make it a game-changer in the display industry.

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Market Challenges

The Organic Light-Emitting Diode (OLED) market faces challenges due to the widespread use and production efficiency of alternative display technologies, such as Plasma, TFT-LCD, and LED displays. These displays have been in large-scale production for an extended period, resulting in economies of scale and minimal defects. In contrast, OLED production capacity is limited, and manufacturing costs are high. OLEDs encounter challenges during production, including inadequate surface tension, low-performing blue emitters, and non-uniform deposition. Furthermore, OLEDs have a shorter lifespan compared to LCDs, LEDs, and Plasma Display Panels (PDPs), with blue OLEDs lasting approximately 14,000 hours to half brightness. This is significantly lower than other display technologies. Despite these challenges, the high production capacity and mass adoption of other display technologies have hindered the market growth of OLEDs. Display manufacturers prioritize producing high-resolution displays for notebooks, smartphones, tablets, and TVs using TFT-LCD technology for a cost-effective and energy-efficient balance. The per meter square Average Selling Price (ASP) of LCDs is substantially lower than that of OLEDs, making LCDs a more attractive option for manufacturers and consumers. Technavio predicts that the high cost of manufacturing OLED displays will keep their ASPs elevated compared to other display technologies. Consequently, the availability and affordability of alternative display technologies will continue to hinder the growth of the OLED market during the forecast period.The Organic Light-Emitting Diode (OLED) market is experiencing rapid advancement in various industries, including smartwatches, tablets, automotive dashboards, infotainment systems, electric vehicles, foldable smartphones, curved TVs, rollable displays, wearable devices, and OLED lighting. Challenges for OLED technology include fast response time, image quality, uniform illumination, and color rendering. Cost reduction and sustainability are also major factors as organic molecules and conductors are used in OLED production. Thinness, lightweight, design flexibility, transparency, and high contrast are key benefits. Major industries like luxury car manufacturers are adopting OLED technology for HUDs, instrument clusters, and central stack displays. Urbanization and energy saving are driving the demand for OLED displays, which offer fast motion, bright controls, high contrast, and flexibility. Retina display technology and television are significant applications, with AMOLED displays becoming increasingly popular. However, environmental considerations and the need for sustainable production methods remain important challenges for the OLED market.

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Segment Overview 

This organic light-emitting diode market report extensively covers market segmentation by

Product 1.1 OLED display1.2 OLED lightingType 2.1 Rigid2.2 FlexibleGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 OLED display-  The Organic Light-Emitting Diode (OLED) market is witnessing a shift as prominent LCD vendors, such as Samsung Electronics and LG Electronics, transition towards OLED production due to declining profit margins in LCD panels. The oversupply of LCD panels, driven by low-cost fabs from China, has resulted in a downward trend in the average selling price (ASP) of LCD panels. OLED displays, though more expensive due to high raw material costs, offer vendors patent rights and intellectual property (IP), ensuring higher profitability. The demand for OLED displays is increasing across various end-use industries, particularly in consumer electronics. In the smartphone segment, the medium and premium segments are driving the growth of the OLED display market due to the demand for high-end features and advanced displays. Mobile PCs, including tablets and notebooks, are also integrating OLED displays for larger screens, high-resolution, and connectivity options. Wearable electronic devices, such as smartwatches and smart glasses, are increasingly using OLED displays for their thin, lightweight, and flexible properties. In the automotive industry, OLED displays are being adopted due to their flexibility, efficiency, and suitability for internal vehicle spaces. The global OLED display market for automobiles is expected to grow significantly due to the increasing adoption of autonomous and energy-efficient vehicles. Major TV manufacturers, including LG Electronics, Samsung Electronics, and Sony, are focusing on OLED TVs due to their superior picture quality, enhanced resolution, and optimal power consumption. Partnerships between OLED vendors and automotive OEMs, such as LG Electronics and Daimler AG, are driving the adoption of OLED displays in vehicles. The OLED display market is poised for growth across these industries due to the unique advantages of OLED technology.

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Research Analysis

The Organic Light-Emitting Diode (OLED) market represents a significant advancement in display technology, offering several advantages over traditional LCDs and LEDs. OLED displays use organic materials to emit light, resulting in high contrast ratio, wide viewing angles, fast motion, and bright controls. These displays are finding widespread adoption in various industries, including consumer electronics, particularly in smartphones and televisions, wearables, automotive displays, and lighting solutions. OLED technology offers flexibility and transparency, making it a major factor in the development of retina display technology. The market for OLED displays is experiencing rapid advancement, with AMOLED displays becoming increasingly popular due to their improved image quality and energy efficiency. The major factors driving the growth of the OLED market include the increasing demand for high-quality displays in various applications and the continuous innovation in OLED technology.

Market Research Overview

The Organic Light-Emitting Diode (OLED) market is experiencing rapid advancement in various industries due to its unique features compared to Traditional display technologies like LCDs and LED. OLED displays offer high contrast ratio, wide viewing angles, and fast response time, making them ideal for use in consumer electronics such as smartphones, televisions, wearables, and automotive displays. OLED technology utilizes organic molecules and conductors to produce light, providing uniform illumination, flexibility, transparency, and design flexibility. In consumer electronics, OLED displays offer major advantages in image quality, fast motion, and bright controls for devices like smartwatches, tablets, automotive dashboards, infotainment systems, electric vehicles (EVs), foldable smartphones, curved TVs, rollable displays, and wearable devices. OLED lighting solutions provide energy savings, thinness, and lightweight properties, making them a popular choice for various applications. Cost reduction and environmental considerations are also driving the growth of the OLED market, with sustainability being a major factor. Luxury car manufacturers are increasingly using OLED displays for HUDs, instrument clusters, central stack displays, and other applications, while urbanization and the shift towards LED-based lighting are also contributing to the market’s growth. The OLED market is expected to continue its expansion in the coming years due to its numerous benefits and the ongoing technological innovations in this field.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductOLED DisplayOLED LightingTypeRigidFlexibleGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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Technology

BASX Hosts Ribbon-Cutting Ceremony for New State-of-the-Art Weld Shop

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44 mins ago

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September 19, 2024

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REDMOND, Ore., Sept. 19, 2024 /PRNewswire/ — BASX (“BASX” or the “Company”), a leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, and custom HVAC systems, is proud to announce the official ribbon-cutting ceremony for its newly completed 36,000-square-foot weld shop. The Redmond Chamber of Commerce performed the ribbon cutting on September 18th, 2024, at BASX headquarters.

The weld shop will create significant job opportunities in the Central Oregon region, with the capacity to fill an additional 30 welding positions. Positions range from entry-level to experienced roles, with professional opportunities in various growing departments within the Company.

“This new facility is a major investment not just in our company, but in the future of Central Oregon,” said Dave Benson, AAON VP and BASX President. “We can now deliver even higher levels of quality and efficiency while providing more job opportunities for the community. We’re proud to support local manufacturing growth and look forward to seeing the impact this expansion will have on both BASX and the region.”

The new shop marks a major expansion in the Company’s production capabilities, introducing state-of-the-art welding technology within a climate-controlled environment. Equipped with advanced air filtration systems, including an AAON make-up air unit and multiple air scrubbers, the shop ensures exceptional air quality for its workers. The space also features two 5-ton overhead cranes and six ½-ton cantilever jib cranes, allowing for efficient movement of materials across the facility.

A key highlight of the facility is its cutting-edge tube laser, capable of precision cutting and profiling round and square tubes, as well as C-channel and I-beam profiles up to 27 feet in length. Additionally, a 75-foot-long dual-zone robotic welding cell is scheduled to be installed and operational in early 2025, enabling the welding of large subassemblies up to 10 tons.

The shop’s innovative capabilities will support the Company’s growth and solidify its position for ongoing expansion. In addition to the 30 new welding jobs, BASX is actively hiring across various departments to support its continued success. To learn more about available positions and apply, visit the BASX careers page at www.basxsolutions.com/careers.

About BASX
Founded in 2014 in Central Oregon, BASX is an industry leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems, and modular solutions. Acquired by AAON in 2021, BASX continues to focus on quality, innovation, and state-of-the-art technology. The Company is proud to display the Made-in-America emblem on all its products. For more information, please visit www.basx.com.

Contact Information
Christina Lattanzio
Marketing Manager
(918) 508-9272
Email: Marketing@basx.com

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SOURCE AAON

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NASA Sets Coverage for Astronaut Tracy C. Dyson, Crewmates Return

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44 mins ago

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September 19, 2024

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WASHINGTON, Sept. 19, 2024 /PRNewswire/ — NASA astronaut Tracy C. Dyson, accompanied by Roscosmos cosmonauts Nikolai Chub and Oleg Kononenko, will depart from the International Space Station aboard the Soyuz MS-25 spacecraft, and return to Earth.

Dyson, Chub, and Kononenko will undock from the orbiting laboratory’s Prichal module at 4:37 a.m. EDT Monday, Sept. 23, heading for a parachute-assisted landing at 8 a.m. (5 p.m. Kazakhstan time) on the steppe of Kazakhstan, southeast of the town of Dzhezkazgan.

NASA’s live coverage of return and related activities will stream on NASA+ and the agency’s website. Learn how to stream NASA content through a variety of platforms, including social media.

A change of command ceremony also will stream on NASA platforms at 10:15 a.m. Sunday, Sept. 22. Kononenko will hand over station command to NASA astronaut Suni Williams for Expedition 72, which begins at the time of undocking.

Spanning 184 days in space, Dyson’s mission includes covering 2,944 orbits of the Earth and a journey of 78 million miles. The Soyuz MS-25 spacecraft launched March 23, and arrived at the station March 25, with Dyson, Roscosmos cosmonaut Oleg Novitskiy, and spaceflight participant Marina Vasilevskaya of Belarus. Novitskiy and Vasilevskaya were aboard the station for 12 days before returning home with NASA astronaut Loral O’Hara on April 6.

Kononenko and Chub, who launched with O’Hara to the station on the Soyuz MS-24 spacecraft last September, will return after 374 days in space and a trip of 158.6 million miles, spanning 5,984 orbits.

Dyson spent her fourth spaceflight aboard the station as an Expedition 70 and 71 flight engineer, and departs with Kononenko, completing his fifth flight into space and accruing an all-time record 1,111 days in orbit, and Chub, who completed his first spaceflight.

After returning to Earth, the three crew members will fly on a helicopter from the landing site to the recovery staging city of Karaganda, Kazakhstan. Dyson will board a NASA plane and return to Houston, while Kononenko and Chub will depart for a training base in Star City, Russia.

NASA’s coverage is as follows (all times Eastern and subject to change based on real-time operations):

Sunday, Sept. 22
10:15 a.m. – Expedition 71/72 change of command ceremony begins on NASA+ and the agency’s website.

Monday, Sept. 23
12:45 a.m. – Hatch closing coverage begins on NASA+ and the agency’s website.

1:05 a.m. – Hatch closing

4 a.m. – Undocking coverage begins on NASA+ and the agency’s website.

4:37 a.m. – Undocking

6:45 a.m. – Coverage begins for deorbit burn, entry, and landing on NASA+ and the agency’s website.

7:05 a.m. – Deorbit burn

8 a.m. – Landing

For more than two decades, people have lived and worked continuously aboard the International Space Station, advancing scientific knowledge, and making research breakthroughs that are not possible on Earth. The station is a critical testbed for NASA to understand and overcome the challenges of long-duration spaceflight and to expand commercial opportunities in low Earth orbit. As commercial companies focus on providing human space transportation services and destinations as part of a robust low Earth orbit economy, NASA is focusing more resources on deep space missions to the Moon as part of Artemis in preparation for future human missions to Mars.

Learn more about International Space Station research and operations at:

https://www.nasa.gov/station

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SOURCE NASA

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Global claims guidance leader EvolutionIQ joins as CALI’s inaugural Life Partner

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September 19, 2024

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — US-based EvolutionIQ, a global leader in claims guidance technology, has signed on as the Council of Australian Life Insurers (CALI)’s first Life Partner as part of its corporate partner program.

The CALI Partner Program is designed to foster collaboration and create a connected ecosystem of industry experts.

CALI Life Partners share the industry’s mission to make life insurance accessible, understandable and trusted. They are companies that support Australian life insurers to help Australians and their families have peace of mind about their future so they can live in the most healthy, confident and secure way.

“We are pleased to welcome EvolutionIQ as CALI’s inaugural Life Partner. The CALI Partner Program plays an important role in connecting our members to the latest innovators, like EvolutionIQ, that can move their businesses forward,” said CALI CEO Christine Cupitt.

“We want to work closely with each of our partners to strengthen and support the life insurance industry to deliver better customer experiences for millions of Australians on their best and worst days.”

Headquartered in New York, EvolutionIQ has expanded significantly since 2019. Its clients include major insurance carriers such as Sun Life, Reliance Matrix and Principal Financial. Their AI-powered software makes insurance claims processes more personalised, fair and cost-effective so that more people can recover faster and return to work.

“We are committed to supporting the Australian life insurance ecosystem and being a CALI Life Partner enables us to specialise our products to meet the dynamic needs of the Australian markets,” said EvolutionIQ’s Co-CEO, Mike Saltzman.

“Our partnership with CALI means we can contribute to and shape customer experiences in Australia, and ultimately help more people return to health and a livelihood sooner.”

About EvolutionIQ
EvolutionIQ pioneered Claims Guidance in 2019. Its explainable AI guides insurance claims professionals to their highest potential impact claims, improving the claimant experience and delivering better claim outcomes to claimants, carriers and their customers. EvolutionIQ serves the group disability, individual disability and workers’ compensation markets worldwide. EvolutionIQ’s AI native products have been adopted by 70% of the top 15 U.S. disability carriers and a growing list of workers’ compensation carriers. The New York-based company employs 185 staff across the United States, Europe and Australia. For more information, visit evolutioniq.com and follow the company on LinkedIn.

About CALI
We support Australians to make informed choices about their future and help them live in a healthy, confident and secure way over their lifetime.

Our members’ products and services give people peace of mind when making important decisions and provide a financial safety net during life’s biggest challenges.

We advocate for national policy settings that expand Australians’ access to the life insurance protection that suits them when they need it most.

CALI represents all life insurers and reinsurers in Australia. The Australian life insurance industry is today a $26.4billion industry, employing thousands of Australians and paying billions of dollars of benefits each year.

To view CALI’s corporate partners visit www.cali.org.au/about-us/#our-partners

For more information, visit www.cali.org.au

Media Contact
Jason Kapler
Vice President of Marketing
EvolutionIQ
(917) 740-5608
Press@evolutioniq.com

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SOURCE EvolutionIQ

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