LEDs market shall reduce the energy deficit for Turkey
With its recently published study “Turkey Light Emitting Diodes (LEDs) Market: Drivers, Opportunities, Trends, & Forecast: 2015–2022”, Infoholic predicts that, Turkey’s LEDs market will continue to witness a high growth due to the decreasing LEDs price, high government support, and increasing corporate investments. The technologically advanced LEDs work on only a fraction of power as compared to traditional light sources such as halogen lights and incandescent lamps.
From 2013, the government initiatives to reduce the power consumption and decrease the energy deficit have lured many domestic and multinational companies to Turkish LED lighting market. This initiative has not only been fruitful towards the reduction of domestic power consumption but has also been helping in gaining the foreign currency via exporting LED lighting products to European countries after the ban of halogen lamps by the European Union. Thus, LEDs market in Turkey is expected to grow at a CAGR of 15.6% during the forecast period 2016–2022.
In terms of segment, lighting segment is expected to contribute the largest growth during the forecast period owing to huge investment and high support from the government for replacement of streetlights.
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“Turkish government is focusing on becoming energy surplus in the near future and has not only focused on establishing power plants but also in reducing the power requirements via adopting the latest technologies. LEDs, which is one of the latest technologies and saves as much as 75% of the power, is being utilized in order to replace every street light in Turkey. Following the same trend, the country’s energy demand is expected to stabilize in the next 5 years, even after the impact of recent upheaval.” – KR Sreenivasan, CEO of Infoholic Research.
“As we know, the recent development and government policies have helped in the development of the LED market Turkey, to such an extent that they are even exporting the LED products to the European countries. However, yet most of the LEDs (i.e. chips) utilized in Turkey are imported either from China or from other South Asian countries because of high capital investment requirement and cheap labor cost in those countries. During the forecast period, we are expecting some development of domestic LED manufacturing facilities to ease the import reliance and facilitate the LED products exports.” – Somnath Das, Senior Consultant of Infoholic Research.
Key insights of the report
- Turkish LEDs market is analyzed application wise
- Indoor and Outdoor
- Bulbs, Street Lights, and Spot Lights
- Displays and Backlights
- Mobile Devices
- Signs & Boards
- Others (largely automotive)
- Industry outlook: market trends and drivers, restraints, and opportunities
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About Infoholic Research: Infoholic Research is a global market research and consulting organization providing strategic and high-level market intelligence in emerging and niche markets in ICT and Chemicals & Materials domain. Founded in 2014, we are headquartered in Bangalore, India with an office in US and consultants working across the globe. Our market analysis powered by rigorous methodology and quality metrics provides information and forecast across all the emerging markets, technologies and business models. We aim at delivering high-quality results to our clients providing them with in-depth industry insights to identify new business opportunities and nurture their business strategies.