Important news for lighting manufacturers, GCC LED lighting market is expected to grow at a rate of around 17% in the next five years. According to a report commissioned ahead of the Light Middle East 2016 exhibition in Dubai.
According to analysts Frost & Sullivan (F&S), the global market for lighting systems was valued at $85bn in 2015. With the sustainable and long-lasting LED luminaire (light emitting diode) now accounting for close to 50% of the market.
That trend follows in the GCC LED lighting market – worth $910m in 2015 – is estimated to have penetrated 38% of the regional lighting market, as Greenfield investments in the real estate and infrastructure sectors fuel growth.
F&S expect the GCC LED market to clock an annual growth rate of 16-17% in the next five years. At this rate, the penetration will cross 50% by 2020, offering ample opportunities for global lighting manufacturers and lighting suppliers of eco-friendly and smart lighting systems.
“Intelligent lighting and LED’s convergence with information technology is driving this transformation, along with the positive impact of region-wide sustainable economic development policies that encourage the usage of energy efficient lighting systems,” Pauwels added.