Press release
LED & OLED Lighting Products and Displays Market - Driven by Growing Environmental Sustainability Awareness
LED lights are light-emitting diode products used in lighting fixtures. It is a semiconductor lighting source that finds wide application such as in automotive lighting, general as well as backlighting.The acceptance of LED lighting is escalating in almost all major end uses such as industrial buildings, residential and commercial buildings, as well as outdoor application areas.
LED lights are rapidly replacing conventional lighting products due to various features of the former such as long life span, high energy efficiency, environmental-friendly, high durability, low heat and small size.
Middle East LED & OLED lighting products and displays market is anticipated to expand at a healthy CAGR during the forecast period. This growth is mainly driven by rising demand for LED products due to various supportive government regulations, increasing focus on R&D activities and rising commercial construction projects, including shopping malls and multiplexes.
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Other trends driving growth include rising shift from OLED display technology to AMOLED display technology and increasing investments by key players in developing regions.
On the basis of product type, Middle East LED & OLED lighting products market is segmented into solar and conventional, while the LED and OLED displays market is segmented into mobile displays, consumer TV displays and outdoor LED displays. Solar segment in Middle East LED & OLED lighting products market accounted for a value share of 6.5% in 2014, which is projected to increase to 9.0% by 2025.
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KSA dominated the LED & OLED lighting products market in GCC region with over 32.0% market share in 2014 and is anticipated to retain its dominance through 2025, followed by UAE and Qatar. Among all countries in Levant region, Turkey market is anticipated to register the highest CAGR over 2015–2025, followed by Israel, due to the changing lifestyle and consumer preference within this region.
Key players in the Middle East LED & OLED lighting products and displays market include GE Lighting, LLC, OSRAM Licht AG, Daktronics Inc., and Samsung Electronics Co. Ltd, Barco N.V., Toshiba Lighting & Technology Corporation, Zumtobel Group AG and LG Display Co., Ltd.
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