LED lighting booming in Middle East
The LED light fixture market in the Middle East is booming, say a research firm. It states that LED luminaire technologies will have a compound annual growth rate of 13 per cent from 2015 through 2022 in the Middle East and Africa in terms of revenues. The Middle East luminaire market was worth approximately $2.35 billion in 2015, not including lamps. The region was later to adopt LED lighting than other parts of the world, such as Europe, but its adoption is accelerating as many vertical markets such as Commercial, Retail and industrial approach the 'tipping point'. It has tremendous growth in the LED luminaire market in the Middle East region today and expects this to continue through 2022. While LED luminaires make up 20% of the market today, by 2022 it was forecasted that they will comprise approximately 49% of the total market." Despite the fall in the oil price over the last few years, the Middle East market for LED fixtures and systems is expected to remain buoyant as government investments stabilize and private investments continue. Events such as the Expo in Dubai in 2020 and the FIFA World Cup in Qatar in 2022 will deliver solid impetus to growth in the GCC region, especially in the hospitality market. The latter is increasingly using the latest lighting and controls as a differentiator. Other factors driving the market to LEDs is the reduction in energy subsidies by many governments in the region and changing attitudes to the suitability of LED lighting in the Middle East. It was well known that LED luminaires can more than cope with the Middle East's heat conditions.