Report: OLED market to surpass $16 billion by 2023

The global OLED market is expected to grow at a compound annual growth rate of 15.2 percent and reach $16.58 billion between 2017 and 2023, according to a report by Reportlinker. The market's growth is being driven by good user experience, technology advanced and government support for OLED lighting research.

The markets for large format displays, vehicles and televisions are all expected to grow at a high rate during the period. The Asia-Pacific market held the highest market share in 2016, but the North American section is expected to experience high growth.

Despite the overall growth of OLED demand, the market is still being restrained by high demand for direct-view LED display technologies and low acceptance of OLED lightning fixtures, according to the report.

Topics: Hardware, LED Signs

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