According to the report analysis, ‘Turkey Light Emitting Diodes (LEDs) Market – Drivers, Opportunities, Trends, & Forecasts: 2015-2022’ states that the LEDs market in Turkey is estimated to increase at a foremost CAGR of 15.6% during the forecast period of2016-2022 to reach USD 344.0 million by 2022. Not only has this, the report also suggests that in the market of light emitting diodes across the Turkey there are numerous key players which are recently functioning in this sector more actively for attaining the high value of market share and leading the fastest market growth throughout the short span of time while increasing and developing the working strategies of producing the product and studying the government stringent regulations more positively and enormously includes OSRAM, METSAN LIGHTING, PHILIPS, General Electric, At?lAyd?nlatma and several others.
The Turkey’s decision to improve the LED product proficiency and substitute the lighting with LED lighting in mandate to decrease the energy needs has resulted in the big boom up for the Turkey’s LED lighting market. With the administrative coordination and augmented accessibility of LED chips, the other LED product markets have also begun increasing at a great pace in the region. Due to the government investments in increasing the outdoor lighting replacement, the LEDs’ lighting dissemination in the region is predicted to augment the exponentially during the forecast period substituting the traditional halogen and incandescent lamps even in rural areas. The ban of halogen lamps in Europe has delivered another opportunity for the Turkish lighting product constructors to manufacture and export LED lighting products to the European economies. Some of the constructors in the Turkey such as At?lAyd?nlatma have even begun the exporting LED lighting products to the European countries.
The significant increase in the demand for power-efficient illuminating systems across the residential, commercial, and industrial segments, intensifying concern over deduction of non-renewable sources of power, and reducing the price of LED lights are likely to assistance in the growth of the industry over the near years.
The Light emitting diodes are exceedingly efficient, reliable, and yield longer life span, which is predicted to boom up its ultimatum in several applications, involving indoor and outdoor solutions.
Although, the lower cost of functions and concentrated heat losses also builds them a suitable replacement for incandescent lights. Technological advancements, change from conventional to green lighting, heightened the energy effectiveness standards, and declining prices have also spurred requirement.
Additionally, the basic light emitting diode is expected to control the largest market share owing to the numerous features such as low cost, light weight, high temperature range, and smaller response time.
The significant utilization of LED lights in offices, retail stores and malls, hospitals, education buildings, and several others has augmented the suggestively over the past few years. The high acceptance of light emitting diodes as a substitute to florescent, HID, and incandescent lighting has cemented the way for indoor light emitting diode lighting on a wide scale. Yet, it is anticipated that in the near future the market of light emitting diodes will increase across the Turkey over the coming years.
For more information, refer to below link:-
Ankur Gupta, Head Marketing & Communications