The Middle East market for LED and OLED lighting products and displays has been growing substantially in the last few years, thanks to the contribution of several major players. For instance, recently, the Sohar Port and Freezone has claimed to become the first port in the Middle East to replacing all terminal and street lighting to LEDs. By the end of this year, the authorities have assured to switch over to more than 2,200 lights with low maintenance and new energy efficient luminaries offered by Philips.
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Steps like this one are projected to boost the demand for more LED and OLED lighting products and displays in the next few years. The LED and OLED lighting and displays market in the Middle East is anticipated to exhibit a 14.30% CAGR between 2015 and 2025.
The LED and OLED lighting products market comprise conventional, solar, lamps and bulbs, and liner and strips. On the other hand, LED and OLED display products include mobile display, plasma, LED billboards, OLED, LED mobile panels, AMOLED, perimeter LED boards, LCD, LED video walls, LED traffic lights, LED, outdoor LED display, and consumer TV display.
What are the major factors driving the LED and OLED lighting and displays market in the Middle East?
In the last few years, the population in the Middle East is becoming aware of the benefits offered by the use of LED and OLED lighting products and displays. As a result, a large number of people have been replacing their products with LED and OLED, fueling the growth of the market. In addition, the governments in the Middle East have been encouraging the use of these products by forming several rules and regulations. The research and development activities and increasing commercial construction projects such as multiplexes and shopping malls in this region are some of the other factors boosting the demand for LED and OLED lighting products and display in the next few years.
Furthermore, the growing investments in the LED and OLED market by the major players and the growing shift from OLED display technology to advanced AMOLED display technology are augmenting the growth of the market in the Middle East.
Increasing Research and Development Activities to Strengthen Positions of Key Market Players
Spotting the potential opportunities in the LED and OLED lighting products and displays market in the Middle East, several new players are expected to participate in the market in the near future. Thus, the competition in the market is projected to become stiff. The leading players in this market are focusing on strategic acquisitions and expansion policies to strengthen their position in the Middle East market and expand their product portfolio.
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The prominent players operating in the LED and OLED lighting products and displays market in the Middle East include OSRAM Licht AG, Daktronics Inc., Zumtobel Group AG, Toshiba Lighting & Technology Corporation, GE Lighting, LLC, Samsung Electronics Co. Ltd, LG Display Co., Ltd, and Barco N.V. These players are emphasizing on research and development activities to offer environment-friendly and innovative products in order to attain sustainability.