The United States Department of Energy (DOE) estimates that lighting for buildings accounts for more than 20 percent of U.S. energy use. Over the next 20 years, the agency estimates that widespread adoption of LED and OLED lighting could reduce electricity demands 60 percent and prevent almost 260 metric tons of carbon emission.
Worldwide consumption value of general lighting OLEDs only reached an estimated $34.8 million in 2012; however, this consumption value is forecast to increase to $5.3 billion in the year 2022.
Average selling prices (ASPs) are forecast to decrease substantially as the devices become more readily available to the open market in a competitive environment. Since the ASPs are forecast for such a steep decline, some of the overall consumption values for 2013 are forecast to be nearly flat compared to 2012.
Generally, the consumption value is forecast to increase with strongly rising quantity growth partially offset by declining average prices, the report said.
Further GII said the LED packaging cost reduction is driving new technology and design adoption, and fuelling a booming equipment and material market. Depending on the device type, packaging can represent 40 percent to 60 percent of LED total cost.