LED & OLED lighting products and display manufacturers are investing in potential applications for agriculture and intelligent street lighting following government initiatives in the Middle east.
DUBAI, UAE / ACCESSWIRE / August 12, 2020 / Future Market Insights: The Middle Eastern LED & OLED lighting products and displays market is anticipated to cross a US$ 7.1 Bn valuation through the projection period from 2015 to 2025. The covid-19 pandemic has negatively impacted the market owing to a shortage of electronic components owing to production shut down in multiple countries including China. On the other hand, potential disinfection applications with UV LED products will create growth opportunities.
"The Middle-East LED and OLED lighting industry is expected to remain resilient to market fluctuations. Regional governments will help in maintaining stable investments, while private investments will continue to grow, particularly in hospitality sector applications," says the FMI analyst.
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LED & OLED Lighting Products and Displays MEA Market - Primary Takeaways
- LED lamps are expected to reflect a high growth rate, propelled by demand for alternatives to conventional incandescent lights in the region.
- Commercial applications of LED and OLED lighting products and displays are gaining traction, supported by changes in government regulations, and lighting standards.
- Saudi Arabia is displaying widespread adoption of LED & OLED lighting products and displays owing development of smart lighting and li-fi systems in the region.
LED & OLED Lighting Products and Displays MEA Market - Growth Factors
- Indoor farming, light based wi-fi, and smart sunlight applications are generating niche application opportunities in the middle east.
- Major investments from the Gulf Co-operation Council towards industrial and commercial lighting boost market prospects.
LED & OLED Lighting Products and Displays Market - Major Constraints
- Higher costs of purchase and installation in comparison to conventional lighting reduces adoption, particularly in rural areas.
- Growing competition from linear fluorescent and circadian lighting hurts market prospects.
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The Projected Impact of Coronavirus
The coronavirus pandemic is likely to result in increasing prices of LED and OLED lighting products and displays in the Middle East. In addition, suspension of production activity in the electronics sector in multiple countries, will hurt supplies of components required to produce LED and OLED lighting products and displays around the globe. However, recent research on UV-based LED products for disinfection applications during the pandemic will generate substantial opportunities for growth within the industry.
Competition Landscape
The Middle East LED & OLED lighting products and displays market comprises players including but not limited to LG Display Co. Ltd., GE Lighting, Zumtobel Group AG, OSRAM Light AG, Toshiba Lighting and Technology Corp., Daktronics Inc., and Barco N.V.
Players in the Middle East LED and OLED lighting products and displays market are pushing for the expansion of production capacities, and product innovations to widen the scope of application to multiple verticals.
For instance, Rexton Technologies has opened the largest LED technologies production facility of the Middle East and North Africa sector in Sharjah. Barco N.V. has unveiled a new range of LED-based video and presentation control systems with 4k technology. OSRAM Light AG has developed a new LED lighting product for automotive applications in dense fog conditions.
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More About the Study
The FMI study provides detailed insights on LED & OLED lighting products and displays market. The market is broken down in terms of type (solar, conventional, mobile display, consumer TV display, outdoor LED display), and end use (residential and commercial) across two key regions (GCC and Levant).
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SOURCE: Future Market Insights