In 2015, the LED and OLED displays and lighting products market in Africa stood at US$ 684.9 Million. As per Future Market Insights (FMI)’s projection, this market is set to expand at a staggering 17.8% compound annual growth rate during 2016 to 2026. Sanctioning of new infrastructural projects and favourable government initiatives for further development is certainly driving the demand for products such as LED lights, bulbs and displays in Africa. IFC & World Bank’s joint initiative ‘lighting Africa’ has resulted in the installation of thousands of LED and OLED lights across the region. Nearly, 30.9 Million units of LED & OLED lighting and displays were sold in 2015 and the figure in expected to grow to 206.7 Million units by 2026-end.
LED technology is preferred in various parts of the globe as it is highly energy-efficient. Moreover, the technology is rapidly developing and is now available at much lower prices. Which is why LED lighting products are becoming an economic choice in both outdoor and indoor application. Most LED lightings have a flat panel display that emits strong light diodes as pixels for video and image display using least amount of energy. LED technology is used commonly in lighting outdoor billboard and store signs. Apart from their use in visual display, LED technology is also used for general illumination and usually find its application in decorative and stage lighting purpose. In Africa, the increasing number of smartphone users is directly influencing the LED and OLED displays market in the region. Most smartphones today have LED or OLED display panels, hence, use of LED and OLED in smartphones is considered to be a key factor driving the market in Africa and other regions as well. Moreover, local authorities have introduced off-grid solar powered televisions in rural areas of the African region, which is likely to support the growth of LED and OLED lighting and display products market in the region.
The market for LED and OLED lighting products particularly in Nigeria is growing at a relatively higher rate as compared to other major countries in the region. AS per FMI’s report, Nigeria’s LED and OLED displays and lighting products market accounted for the highest share in 2015. This is primarily owing to the ongoing infrastructural development in the country’s telecommunications sector for facilitating internet governance. In addition, factors such as rapid growth of the broadcasting sector and arrival of advance high fidelity broadcasting technologies in Nigeria are also acting as stimulants for its LED and OLED display market. Popular products under LED & OLED include mobile displays, bulbs, outdoor LED displays and consumer TV displays.
Prominent manufacturers offering the latest LED & OLED products include Eagle Lighting, Cree Corporation, GE Lighting, LLC, OSRAM Licht AG, Eaton Corporation, Barco N.V., LED Lighting SA, Samsung Electronics Limited, Sharp Corporation, Daktronics Inc., LG Display Co., Ltd., and Luceco Ltd. Off late, it has been observed that players primarily engaged in semiconductor or consumer electronic business are launching their exclusive LED product line, indicating at the lucrativeness of the LED & OLED products market not only in Africa but in various other regions.