LED & OLED Displays and Lighting Products Market: Increasing Government Support Boosting Market Growth: Africa Industry Analysis and Opportunity Assessment, 2016-2026
Valley Cottage, NY -- (SBWIRE) -- 09/19/2017 -- According to a recent market report published by Future Market Insights titled, "LED & OLED Displays and Lighting Products Market: Africa Industry Analysis and Opportunity Assessment, 2016-2026," the Africa LED & OLED displays and lighting products market was valued at US$ 684.9 Mn in 2015 and is expected to register a CAGR of 17.8% from 2016 to 2026.
According to analysts at Future Market Insights, "Increasing government support and introduction of new government projects for LED lighting is driving the growth of the lighting products market in Africa. Constant progression on 'Lighting Africa' (an initiative of IFC & World Bank), is further fuelling the growth of lighting products market in the region." The growth of the LED and OLED display market in Africa is driven by factors such as a growing subscriber base for smartphones and increasing consumer spending on television services.
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LED lighting products offer extended lifespan - around 50,000 hours of brightness - and work effectively while consuming less energy than traditional bulbs and CFLs. LED lighting products compete with traditional products with regard to parameters such as longer lifespan, energy efficiency, enhanced environmental friendliness, better durability, lower heat, and smaller size.
The Africa LED and OLED products market is categorized on the basis of displays and lighting products. On the basis of displays, the market is further segmented as mobile displays, consumer TV displays and outdoor LED displays.
On the basis of lighting products, the Africa market is segmented as product type and applications. By product type, the market is sub-segmented into LED bulbs, bare LED tubes, LED fixtures and solar LED lighting. By applications, the market is sub-segmented as street lighting, down lighting, garden lighting, ceiling lighting, decorative and portable lighting, and others.
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The consumer TV displays sub-segment was valued US$ 130.2 Mn in 2015 and is anticipated to register a CAGR of 18.8% during the forecast period. Introduction of off-grid solar powered television for rural areas of African region is expected to drive the growth of this market during the forecast period.
The LED bulbs sub-segment accounted for highest market share and was valued at US$ 193.9 Mn in 2015. However, the solar LED lighting sub-segment is expected to register a healthy CAGR of 28.6% during the forecast period.
Among applications, the street lighting segment accounted for the highest market share in 2015, occupying 37.6% share of the African lighting products market.
This report also covers trends driving each segment and offers analysis and insights regarding the potential of the Africa LED and OLED displays and lighting products market in some key countries including Nigeria, Ethiopia, Egypt, Congo, South Africa, Tanzania, Kenya, Algeria, Sudan, Morocco, Niger, Tunisia, and Gabon. Among these countries, Nigeria accounted for the largest market share in 2015, owing to development of telecommunications infrastructure and increasing internet governance, which in turn is driving the smartphones penetration in the country.
Key players in the Africa LED and OLED displays and lighting products market include Cree Corporation, Samsung Electronics Limited, GE Lighting, LLC, Sharp Corporation, OSRAM Licht AG, Daktronics Inc., Eaton Corporation, LG Display Co., Ltd., Barco N.V., Luceco Ltd., LED Lighting SA and Eagle Lighting.
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