LED lights or lamps are electric lights used in a light fixture that produces light using light-emitting diode LEDs that can come to full brightness immediately with no warm-up today. Organic light-emitting diodes (OLED) that light-emitting panels from organic materials that emit light when electricity is applied. An OLED display works without a backlight since it emits visible light. Hence, it can display deep black levels and can be lighter and thinner liquid crystal display (LCD).
The GCC and Levant LED & OLED lighting products and displays market is estimated to be valued at US$ 2013.8 million in 2021 and is expected to exhibit a CAGR of 4.80% over the forecast period (2021-2028).
In July 2021, OSRAM has partners with ViewSonic Corp, a leading global provider of visual solutions, for working on the development of exceptional LED projectors.
In June 2021, Osram has launched white LED for highly efficient horticulture lighting.
In June 2021, Barco, has launched next generation high-brightness Barco UniSee LCD video wall.
Figure 1. GCC and Levant LED & OLED Lighting Products and Displays Market Value (US$ Bn), by Region, 2020
Turkey held dominant position in the GCC and Levant LED & OLED Lighting Products and Displays Market in 2020, accounting for 37.9% share in terms of Value, followed by Israel and UAE, respectively.
Market Dynamics- Drivers
Increasing deployment of FPDs in various sectors is expected to drive growth of the GCC and Levant LED & OLED lighting products and displays market during the forecast period. In the Middle East, various sectors such as travel & tourism, retail, and hospitality are increasingly adopting FPDs, which in turn, is expected to witness massive demand for LED and OLED products. In restaurants, customers are encouraged to select food from menus on tablet devices. In hospitals, doctors monitor patients’ health through interactive display screens. 3D presentations and conferencing solutions are rapidly becoming popular with corporates. For instance, in 2013, at Gitex Technology Week, Sharp Middle East FZE showcased a gesture-controlled interactive wall display and a mirror-like monitor display for application in the retail sector.
Constant technology development in monitor display is expected to propel the GCC and Levant LED & OLED lighting products and displays market growth over the forecast period. Major companies in electronic industry are focused on technological advancements in monitor display technology for laptops and PCs. There has been increased popularity for touchscreen displays and Ultra HD displays. Introduction of touchscreen laptops and monitors by major market players such as Dell and Lenovo, 4K Ultra HD displays by Dell, Asus, and Samsung and MacBook Pro Laptop with retina display by Apple Inc. is expected to propel the GCC and Levant LED & OLED lighting products and displays market growth in the near future.
OLEDs offer various unique properties such as transparency, surface light source, and flexibility. Certain major players and start-ups operating in the LED products market have started manufacturing and offering OLED lighting products. There are significant growth opportunities for other key players in OLED lighting products. However, efficiency of these lighting systems is comparatively low at present, but substantial investment in OLED technology development is expected to enable key players to introduce more energy- and cost-efficient lighting products in the near future.
Growing implementation of flexible displays can provide lucrative growth opportunities. Demands for a thin and light display that can increase mobility and endure shock such as flexible displays (displays that can be bent or folded) can create potential revenue opportunities for players in the LED and OLED displays market. In light of such developments, major players have flexible displays or prototypes using flexible display technology. For Instance, in 2014, Sharp introduced a free-form display device that can be used to customize LCDs into any shape required.
|Base Year:||2020||Market Size in 2021:||US$ 2013.8 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR:||4.80%||2028 Value Projection:||US$ 2784.4 Mn|
Zumtobel Group AG, OSRAM Licht AG, Toshiba Lighting & Technology Corporation, GE Lighting, LLC, Samsung Electronics Co. Ltd., Cree, Inc., Barco N.V., Sharp Corporation, Daktronics Inc., Eaton Corporation (Cooper Industries PLC), Daktronics Inc., and LG Display Co., Ltd.
|Restraints & Challenges:||
Major companies in the regional market are focused on research and development activities, in order to innovate novel products and capitalize on increasing consumer demand across the region. For instance, in 2013, Sharp Middle East FZE, a subsidiary of Sharp Corporation, launched 90” Aquos LED—the world’s largest commercially available television—in the Middle East. Furthermore, in 2012, BenQ, a provider of digital lifestyle innovations and visual display solutions, launched a new product line with large displays including digital signage and touch integrated flat panel display (FPD). Digital signage deployment is high in KSA, due to growing hospitality, retail, travel, and tourism industries in the country. This, in turn, is driving growth of the FPD market in the region.
In 2014, the ESMA issued a directive banning sales of incandescent light bulbs. According to the authority, conventional lighting products such as incandescent and fluorescent bulbs consume more energy than other bulbs such as LED and ELD light products in the market and also contain hazardous mercury. The organization imposed import ban on incandescent bulbs from July 1, 2014, and sales ban from January 1, 2015. Major players and certain governments in the region are focusing on investing in R&D related to semiconductor technology. The Abu Dhabi government launched Advanced Technology Investment Company (ATIC) that focuses on investment in the semiconductor industry, which in turn is expected to drive growth of the LED light products market in the region.
Figure 2. GCC and Levant LED & OLED Lighting Products and Displays Market Share, By XX, 2020
Key Takeaways of the Graph:
Market Dynamics- Restraints
High initial cost of LED displays for fixed installations is expected to hamper growth of the GCC and Levant LED & OLED lighting products and displays market during the forecast period. Average cost of a commonly used 3x2 meter LED display varies between US$ 15,000 and US$ 25,000. This is significantly higher as compared to conventional advertisement media such as textual banners and printed hoardings. High initial costs of outdoor LED displays for fixed installations deter customers from purchasing these outright. They instead opt to rent such displays.
Rapid transition towards superior display technologies is expected to hinder the GCC and Levant LED & OLED lighting products and displays market growth over the forecast period. Since the global LCD market is highly saturated with the presence of major manufacturers such as Panasonic, Samsung, and LG. However, the introduction of more advanced technologies such as LED and OLED has led to a massive transition from conventional display to the aforementioned energy-efficient and high contrast displays. Most flat panel display (FPD) manufacturers of LCD panels are shifting towards flexible LED displays, in order to gain a competitive advantage in the market.
Major companies involved in the GCC & Levant LED & OLED lighting products and displays market are Zumtobel Group AG, OSRAM Licht AG, Toshiba Lighting & Technology Corporation, GE Lighting, LLC, Samsung Electronics Co. Ltd., Cree, Inc., Barco N.V., Sharp Corporation, Daktronics Inc., Eaton Corporation (Cooper Industries PLC), Daktronics Inc., and LG Display Co., Ltd.
LDE and OLED lighting products offer a combination of power and longevity, as well as the possibility to provide the highest levels of color depth and brightness. The biggest advantage of using OLED technology in lighting is that it consumes lesser energy than any other lighting device. It is highly durable and does not need to be serviced too often. Furthermore, as a result of the latest developments, there are now powerful, long-lasting batteries available for use with most OLED lighting products. Moreover, as pointed out above, there are many benefits and advantages of using LEDs over and above the benefits they provide in terms of energy efficiency, durability, and reliability. For instance, while LED lights tend to consume more energy than incandescent ones, it is a well-known fact that LED lights can last up to ten times longer than incandescent bulbs.
Increasing adoption of OLED displays in smartphones is expected to boost the GCC and Levant LED & OLED lighting products and displays market growth over the forecast period. Smartphone manufacturers are increasingly adopting OLED displays as it provides improved image quality with better contrast, higher brightness, and wider angle, lower power consumption, and simple design that enables flexible and transparent displays. With growing demand for smartphones, the adoption of OLED displays has surged up. Hence, such factors are expected to boost market growth.
Furthermore, growing demand for AMOLED displays in AR/VR headset applications is expected to accelerate growth of the GCC and Levant LED & OLED lighting products and displays market in the near future.
Key features of the study: