GCC And Levant LED And OLED Lightning Products and Displays Market is Expected to Surpass US$ 2884.4 Mn by 2028

An LED lamp is an electric lighting fixture that produces light when light-emitting diodes are supplied with an electric current. LEDs are replacing conventional incandescent lamps since they are more efficient and offer enhanced operational life. An organic light-emitting diode (OLED), which is the emissive electroluminescent layer of organic compound that emits light when electric current passes through it.

Market Statistics:

GCC and Levant LED and OLED lighting products and displays market is expected to surpass US$ 2884.4 Mn in terms of value by the end of 2028.

Market Driver

Stringent government regulations regarding energy efficiency standards are expected to propel the GCC and Levant LED & OLED lighting products and displays market growth during the forecast period. Government organizations across the Middle East are focused on the implementation of minimum efficiency standards lighting projects. These organizations have also prohibited the adoption of incandescent lighting products in order to reduce CO2 emissions. This is encouraging construction companies to deploy LED lighting systems that comply with government regulations pertaining to low carbon emission and energy saving, among others. This, in turn, is driving growth of the architectural LED products market. Thus, these factors are expected to drive growth of the GCC and Levant LED & OLED lighting products and display market in the near future.  For instance, in UAE, ban on sales and import of incandescent lighting bulbs in order to increase adoption of energy-efficient lighting systems is increasing demand for LED lighting products. In 2014, the Qatar government-mandated green building rating system and banned import and sales of incandescent bulbs, creating favorable market conditions for energy-efficient lighting products.

Market Opportunity

Collaboration and partnerships with major construction companies and home builders can provide major business opportunities. Rising construction sector in Middle East is compelling players in the LED products market to enter into collaboration and partnership activities with construction companies and home builders. Installation of energy- and cost-effective lighting systems in the commercial sector presents significant market opportunity for providers of LED lighting products. For instance, major construction projects in KSA include Sudai City Development valued at around US$ 40,000 Mn and is expected to complete by 2029, Jabbar Omal Development in Makkah valued at around US$ 2,700 Mn and expected to be completed by 2020. In Qatar, the government has pledged to invest US$ 140 Bn between 2015 and 2020 in the construction sector for various infrastructure development projects that include residential and non-residential buildings.

GCC and Levant LED & OLED Lighting Products and Displays Market: Recent Developments

In September 2021, Barco has launched new IEX series narrow pixel pitch indoor LED walls.

In July 2021, OSRAM has launched new Quantom Dot LED. This LED are high in efficiency, even at very high color rendering indices. 

In September 2020, Barco has launched WallConnect Cloud a new cloud based remote monitoring and management platform for company’s video wall product portfolio.

Key players in the market are involved in product launches, in order to gain a competitive edge in the market. For instance, in March 2019, Daktronics Inc. introduced new LED Video solutions at DSE 2019.

Market Restraint

Growing adoption of online advertising is expected to restrain growth of the GCC and Levant LED & OLED lighting products and displays market during the forecast period. Increasing adoption of online advertising by various brands is a major restraining factor for LED and OLED products and displays. For instance, the online advertising market was valued at US$ 117.2 Bn in 2012. In 2014, it increased by 12% to reach US$ 133 Bn. Furthermore, increasing social media marketing through channels such as Facebook is expected to restrain growth of the GCC and Levant LED & OLED lighting products and displays market in the near future.

GCC and Levant LED & OLED Lighting Products and Displays Market - Impact of Coronavirus (Covid-19) Pandemic

The GCC and Levant LED & OLED lighting products and displays market has witnessed major decline in growth since the outbreak of the COVID-19 pandemic. Following the outbreak of the novel coronavirus, majority of countries decided to suspend the international travel temporarily by closing their borders. This, in turn, has impacted manufacturing activities in LED and OLED industries across the globe. China is one of the largest producers of LED and OLED products, however, outbreak of pandemic has halted major economic activities in that country. Besides, stringent regulations on physical distancing has disrupted growth of the market in emerging economies as well. However, the market is regaining its lost traction with many countries relaxing their COVID-19 regulations.

To know the latest trends and insights prevalent in the GCC and Levant LED & OLED Lighting Products and Displays Market, click the link below:

https://www.coherentmarketinsights.com/market-insight/gcc-and-levant-led-and-oled-lightning-products-and-displays-market-4723

Key Takeaways:

• The GCC and Levant LED & OLED lighting products and displays market was valued at US$ 1923.1 Mn in 2020 and is forecast to reach a value of US$ 2784.4 Mn by 2028 at a CAGR of 4.80% between 2021 and 2028.
• The LED Billboards segment was valued US$ 1173.1 Mn in 2020 and is expected to witness a CAGR of 5.6% over the forecast period. This is owing to increasing spending of organizations on advertisement and marketing.

Market Trends

In Turkey, lighting fixtures are mostly adopted by companies in the commercial sector. There are around 300 medium-scale companies and 50 large companies located in Istanbul and some in Ankara and Izmir. These companies are increasingly inclined towards the adoption of LED lighting products to meet national and international quality and safety standards such as ISO 9000 series, VDE, and ENEC. Large-scale lighting companies are using CAD techniques to offer customized lighting solutions to meet such demands. There is increasing demand for LED products for application in street lighting across Israel. Israel Electric Corporation recently invested around US$ 0.5 Mn on LED lighting motors designed for street lighting.

Export of lighting products from Turkey has been increasing at around 10.9% annually and was valued at US$ 330 Mn in 2013, registering Y-o-Y growth of 19.7%. Some of the top export markets of Turkey include KSA, Algeria, Iraq and certain countries in Europe. With growing demand for LED lighting products mainly for architectural applications, companies are focusing on LED lighting products specially designed for this application. In Israel, LED lighting is mostly adopted to illuminate and better highlight artifacts displayed at museums in Jerusalem.

Competitive Section

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), and LG Display Co., Ltd.