With technology continuing to accelerate at the speed of light, you may find it challenging to keep up with the latest developments. That seems to be the case with OLED technology, which has been projected to grow at a compound rate of 15.2 percent from 2017 and 2023, according to OLED growth predictions gathered in a recent Markets and Markets’ research report.
To get a sense of the real dollars, the OLED market is forecast to grow to a sizeable $48.81 billion by the end of 2023 – up from $16.58 billion just as recently as 2016.
Before we get into how OLED technology can transform your future, take a look at a definition if you’re not already familiar with the technical inner workings. OLED, which stands for organic light-emitting diode, is a type of LED that uses an organic compound – instead of a traditional synthetic compound – as the film layer that responds to electric currents creating images.
Currently, OLED-powered displays already are being used in smartphones, high-end televisions, digital signages, digital video cameras, general lighting devices and other top-of-the-line commercial and residential AV solutions,
The rapid rise of this technology seems to be linked to positive user experiences, including enhanced picture quality, lower power consumption, lighter weight and better durability. In addition to improvements of the technology, the growth of the OLED market has been fueled by growing investments and government support for OLED research and development.
A Look at Today’s OLED Market
While OLED has a bright future, it remains an evolving technology. It’s unlikely that it will take over the digital display market anytime in 2018. It’s simply a matter of supply and demand. With the demand for inexpensive direct-view LED displays still high, the demand for large-scale production of more expensive OLED TV displays will be limited.
Yet, there’s a sign of things to come with increased OLED technology adoption. In recent years, companies like Sony, Philips, Toshiba and Panasonic have continued to launch their new OLED TV products. Meanwhile, Samsung and Apple have introduced flagship phones using OLED technology, including the iPhone X and the Galaxy Note 8.
Regional Competition Breeds Innovation and Growth
The advantages of OLED products may become more evident as a result of regional competition for market share, all of which is leading to the development of more affordable and higher quality OLED displays.
Market research on OLED technology covers four major regions in the world – Asia Pacific, North America, Europe, and the remaining parts of the world.
Statistics show that Asia Pacific has the larger share, primarily because the manufacturing facilities of several major display panel companies, including Sharp, Samsung and Huawei, are based in that region. Because of those factors, the Asia Pacific is expected to maintain its lead in the OLED market during the forecast period.
According to the report, the North American OLED market also will experience a significant growth rate between 2017 and 2023. Apple, the world’s leading smartphone vendor, is among the primary consumer of OLED display panels, using them for smartphones, tablets and laptops.
Europe’s market also will continue to grow, with the region expected to be closely competitive with North America.
Integration of OLED and AV Expands
With OLED displays steadily becoming more available, these displays will become standard AV integration hardware.
“The benefits offered by OLED technologies and their potential to improve over the next few years makes OLED displays extremely relevant in the current AV landscape,” said Blaine Brown, Sensory Technologies’ Chief Technology Officer. “OLED technology will play an active role in ushering in the next era of displays, from flexible screens to improved quality, OLED has a bright future and it remains on our radar for future investments and installations.”
With the AV space continuing to be highly competitive, it’s not surprising that AV integrators are exploring OLED and other innovations as solutions for the workplace. The benefits include better experiences as well as potential cost savings for clients, according to Brown.
“OLED technology has a variety of advantages over traditional LED displays and the advantages are only expected to improve as R&D numbers rise, leading to more affordable production and consistent quality,” he said.
That improved OLED technology also will allow clients to better understand how to use it to improve their bottom line,
Guard Against Becoming Obsolete
With everything, including products, services and skills, there comes a point that they will become obsolete – especially in an age of technology acceleration. That’s why change must be a consistent factor in the work environment..
With the underlying technology of OLED continuing to improve, it’s likely that it will continue to make a significant impact in the industry for several years, possibly for at least five to ten more years. However, since technology is built on fast and efficient innovation, OLED likely will have to give way to the next technical advancement, such as micro-LED, which is not yet in production.
But, for now, OLED will dominate future-proofing AV solutions as more products make their way into the market and R&D produces more advances.
OLED vs. “The Next Best Thing”
For a breakdown of OLED and other technology, take a look at this summary compiled by CNET as part of its comparison between OLED TV and the next best thing. Here are the highlights:
- Brightness (light output): LCD edges out OLED because its backlight brightens up the whole screen while OLED can’t produce as much brightness.
- Black level: Black level is the other side of brightness or how dark a TV can get. OLED gets the nod over LCD in this category because it can turn off individual pixels completely and produce the perfect black. LCDs only offer local dimming.
- Contrast ratio: OLED clearly has the edge, with the best contrast ratio over any modern display. Contrast ratio is the difference between the brightness and darkness of a TV and is key to picture quality. The higher the contrast ratio, the more realistic the display will look.
- Resolution: This one’s a tie between OLED and LCD because both are widely available in ultra HD 4K form.
- High dynamic range (HDR): HDR is an extension of contrast ratio that improves brightness and darkness distinction. Both models are HDR-compatible.
- Viewing angle: OLED easily wins over LCD in this category because its images look basically the same even from extreme angles. LCDs have off-axis issues where picture quality changes if you’re sitting off to the side.
- Energy consumption: LED LCD is the winner, with OLED coming in as runner-up. LCD energy consumption depends on the backlight setting. A low backlight adjustment will draw less power. The higher energy consumption of OLED is related to display brightness. One way to lower OLED power consumption is to reduce brightness, but reduced brightness often affects contrast ratio and picture quality.
- Price: LCD TV is cheaper than its OLED counterpart mainly due to the greater complexity of manufacturing OLED. However, there are signs that costs are coming down (as they have with other new technologies). LG, for example, has steadily reduced the price of its OLED TVs. As a result, some high-end LCD models are not far in price from OLED offerings.
New digital solutions, including OLEDs, will continue to create disruptions across industries. With Sensory Technologies as your partner, you can be prepared to leverage these innovative solutions to help your organization thrive. Contact us for a consultation today.