New data from Markets and Markets (www.marketsandmarkets.com) says the flexible display market will grow from $2.67 billion in 2016 to $15.14 billion by 2022, at a compound annual growth rate [CAGR] of 34.42% between 2017 and 2022.
The growth of this market is majorly driven by a technological shift to and development of energy-efficient, attractive, and high-specification products and the rising demand for smartphones, smartwatches, wearables, televisions, PC monitors, and laptops, according to the research group.
The smartphones and tablets segment was the largest market segment in 2016. The use of flexible displays in smartphones and tablets makes these more durable, as they offer stylish designs and better ergonomics to operate the devices, notes Markets and Market.
The OLED technology segment is expected to witness the highest growth during the forecast period, adds the research group. The OLED technology segment is expected to witness the highest growth between 2017 and 2022. OLED is a display technology and can be used in various devices, including smartphones, tablets, laptops, smartwatches, and wearables. For example, OLEDs are used in mobile phones, digital cameras, VR headsets, tablets, laptops, and televisions.
