GCC AND LEVANT LED AND OLED LIGHTNING PRODUCTS AND DISPLAYS MARKET ANALYSIS

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).

Recent Developments:

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.

Statistics:

Figure 1. GCC and Levant LED & OLED Lighting Products and Displays Market Value (US$ Bn), by Region, 2020

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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.

Market Opportunities

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.

Market Trends

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

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Key Takeaways of the Graph:

• The Consumer TV Display held dominant position in the market and accounted for 65.7% share in the GCC and Levant LED & OLED lighting products and displays market in 2020. The segment is expected to reach US$ 1829.3 million in 2028, owing to rising adoption of consumer TV displays in number of consumer electronics gadgets.
• In 2020, the full color accounted for the largest share of 54% in the GCC and Levant LED & OLED lighting products and displays market and is expected to be valued at US$ 1503.5 million by 2028. This is owing to rising demand for high quality TV displays.

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.

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), Daktronics Inc., and LG Display Co., Ltd.

Key Developments

1. Major companies in the market are focused on product launches, in order to expand the product portfolio. For instance, in January 2020, Sharp Corporation, a Japan-based electronic company, introduced OLED TVs with LG display panels.
2. Key players in the market are involved in product development, in order to enhance product portfolio. For instance, in January 2019, Samsung Electronics Co. Ltd introduced modular MicroLED display technology.