Universal Display Corporation ( OLED - Free Report ) is a dominant provider of OLED technology. The technology is likely to eventually replace LED and LCD technologies due to energy efficiency, higher contrast ratio, better viewing angle, lower video response time and smaller form factor. Unlike LEDs, OLEDs can be viewed directly and don't need diffusers. It is also expected to be cost-effective when manufactured in high volumes, making it suitable for commercial application in the growing solid-state lighting market. Its innovative prowess has generated a comprehensive portfolio of 6,000 patents worldwide. Applied Materials, Inc. ( AMAT - Free Report ) is in a very good position to take advantage of the transition from LCD to OLED technology. Rapid growth in large-format TVs has opened up opportunities to invest in new Gen 10.5 capacity, and Applied Materials is currently tracking seven Gen 10.5 projects.