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

Gcc And Levant Led And Oled Lightning Products And Displays MarketSize and Trends

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).

Statistics:

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

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

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.