Nov 8, 2016: The LED market in the Gulf Cooperation Council (GCC), which was worth $910m in 2015, is expected to grow 17% by 2020, according to a report commissioned by analysts Frost & Sullivan (F&S).The LED lighting market is estimated to have penetrated 38% of the regional lighting market, the report added.
The GCC LED market is likely to grow at an annual growth rate of 16-17% by 2021 with penetration exceeding 50%. This will offerplentyof opportunities for international suppliers and manufacturers of environment-friendly and smart LED lighting systems.
Industry experts believe that the demand for the latest LED lighting products is increasing in the Gulf region. Rising demand for energy efficient lighting solutions in GCC is pushing the LED market to grow, as the LED luminaires with long life-span is dominating the regional architectural and public lighting landscape applications in GCC.
Smart lighting and LEDs convergence with information technology is also pushing this transformation, together with the optimistic impact of region-wide sustainable economic growth policies that supports the usage of smart LED systems, the report stated.
The regional government’s eco-friendly green building regulations along with public and street light retrofitting programs are also adding to the demand for LED lighting technology.