With LEDs becoming more mainstream, companies have begun to look into developing OLED (Organic Light Emitting Diode) technology as the new 'breakthrough' lighting. It is energy efficient like LEDs but smaller and therefore more flexible meaning even greater possibilities. OLED has some other advantages over LED in terms of light quality, panel weight and heat distribution. With recent advancements in OLED technology the market is beginning to rise, according to IHS,
Another reason the market will rise is due to the gradually reducing cost of manufacturing the product, which was OLEDs main disadvantage. However, prices of OLEDs are expected to decrease by 40% over the course of the next 7 years. IHS estimate that the OLED market will be about $26 million in 2020, nearly 10 times greater than the current market which is worth $2.7 million.
However, OLEDs remain more costly than their LED counterparts and though prices are falling, manufacturers are facing challenges in terms of efficiency, life expectancy and brightness.
It is most likely that LEDs will remain more dominant in the market than OLEDs and the ever-increasing technology development means OLEDs may never catch up to the advantages of LEDs.