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Turkey’s LED market to reach $344 million by 2022

Turkey's LED market to reach $344 million by 2022

Dec 8, 2016: Turkey’s LED market is expected to grow at a CAGR of 15.6% during 2016-2022 to reach $344 million by 2022, says Research and Markets report “Turkey Light Emitting Diodes (LEDs) Market – Drivers, Opportunities, Trends, & Forecasts: 2015-2022”.

The lighting segment is expected to contribute the largest towards the growth whereas the highest growth is expected from signs & boards segment which is expected to be benefitted by technological development, decreasing LED price and industrial development of Turkish economy.

Also Read: Top 4 trends impacting global general LED lighting market

The Turkish LED market is not only focusing on building the domestic demand for LED markets but also eyeing to cater export markets in the European region in order to fill the void created after the ban of halogen lamps import by the European Union. The LED products manufacturing capabilities in Turkey is constantly improving. Many international players have established their manufacturing set-ups in Turkey in order to reap benefits of growing market opportunities.

Some of the prominent players in Turkey LED market are Osram, Philips, General Electric, and Metsan Lighting. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.

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