Increased demand for energy efficient lighting solutions in the Gulf Cooperation Council (GCC) is spurring fresh growth for the LED market, as the sustainable and long-lasting luminaire looks to dominate the regional architectural and public lighting landscape.
Analysts Frost & Sullivan estimate that the GCC’s LED (light-emitting diode) market was worth $900 million in 2015, comprising 38 per cent of the region’s total $2.4 billion lighting fixtures market for the year.
As regional governments implement eco-friendly green building regulations along with public and street light retrofitting programs, demand for LED technology is expected to grow by 16-17 percent annually over the next five years.
According to Frost & Sullivan, more than 60 percent of all inquiries for lighting in the region are now for LED systems, indicating that smart and sustainable solutions are the way forward in place of traditional incandescent and fluorescent bulbs.
The Gulf region’s lighting fixtures market alone will be worth $3.5 billion by 2020.