LED & OLED Lighting Products and Displays Market - Key Growth Factors and Industry Analysis 2015-2025
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.
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Market Value and Forecast
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. Other trends driving growth include rising shift from OLED display technology to AMOLED display technology and increasing investments by key players in developing regions.
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Segmentation by Product Type
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. The solar segment in the Middle East LED & OLED lighting products market is projected to exhibit the highest CAGR of 17.8% over the forecast period (2015–2025). Mobile displays accounted for 15.4% value share in 2014 and is expected to register a CAGR of 7.8% over the forecast period. However, in terms of value, consumer TV segment is projected to be dominant by 2025, with a market share of 75.7%, as compared to mobile displays segment, with 20.7% share.
Segmentation by End-Use
On the basis of end use, Middle East LED & OLED lighting products market is segmented into residential and commercial. Among these, residential segment is expected to exhibit the highest CAGR of 14.8% over the forecast period.
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. Major participants are focusing on R&D activities to provide innovative and environment-friendly products to attain sustainability. These key players are also focusing on expansion and strategic acquisitions to strengthen their product portfolio.
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