Market Forecast By Shape (Rectangle, Square, Strip, Round, Others), By Colour (White, Blue, Green, Red, Others) And Competitive Landscape
|Product Code: ETC433534||Publication Date: Dec 2022||Product Type: Market Research Report|
|Publisher: 6Wresearch||No. of Pages: 75||No. of Figures: 35||No. of Tables: 20|
Turkey Electroluminescent (EL) Panels Market is anticipated to grow owing to the rising demand for renewable energy sources such as solar and wind power in various parts of the world. However, the market is likely to face several challenges such as the lack of a robust global standard for EL panels and the high cost of manufacturing these panels. However, rising investments in R&D and development of new technologies will help overcome these restraints in the near future. The Turkey Electroluminescent (EL) Panels Market is projected to grow at cumulative rate on the back of increasing demand for renewable energy sources, advancements in technology, and increase in government initiatives to promote green energy.
According to 6Wresearch, Turkey Electroluminescent (EL) Panels Market is expected to grow during 2022-2028. The major reasons for this growth are increased demand from the renewable energy sector and growing awareness about the benefits of using EL technology. There has been a significant increase in awareness about EL technology over the past few years. The increasing deployment of EL lighting systems as companies are increasingly deploying EL lighting systems across their businesses which is driving demand for EL panels specifically designed for lighting applications. The major growth drivers for the EL panels market are increasing adoption of LED lighting in commercial and residential applications owing to their environmental benefits, growing demand from automotive industry due to stringent emission norms, and rising trend towards smart cities. However, high cost of production and rising tariffs are restraining the Turkey Electroluminescent (EL) Panels Market Growth during the forecast period.
The Turkey Electroluminescent (EL) Panel Industry is expected to be impacted by the pandemic. The outbreak of the pandemic has led to a decline in demand for EL panels globally as many end-use industries such as automotive and consumer electronics have been significantly affected by the pandemic. In addition, the supply of EL panels has also been disrupted due to the closure of factories in China, which is a major manufacturing hub for these products. Moreover, the demand for EL panels has decreased significantly due to the lockdown imposed by government across the globe. In addition, the supply chain of raw materials has also been disrupted. This has resulted in a decrease in production and an increase in prices of EL panels.
On the basis of shape, the market is segmented into Rectangle, Strip, Round, Square, and Others. The Rectangle segment is expected to dominate the Turkey Electroluminescent (EL) Panels Market Share followed by the square and round segments. The growing demand for large-size displays in various end-use industries such as automotive, retail, and advertising is augmenting the growth of rectangle segment.
Based on Color, the market is segmented into White, Blue, Green, Red, and Others. White EL panels are the most popular type in Turkey whereas Blue and Green EL panels are also widely used in a variety of applications such as advertising displays, backlights for LCDs, and more.
The Turkey Electroluminescent (EL) Panels Market is highly competitive with a large number of manufacturers operating in the market. Several players are engaged in intense competition to gain a larger share of the market. The key players in the market are focused on product innovation and development to gain a competitive edge over their rivals. The leading companies in the market are also investing in research and development activities to expand their product portfolio.
The report offers a comprehensive study of the subsequent market segments:
1. What are the reasons for Turkey Electroluminescent (EL) Panels Market growth?
Increasing demand for renewable energy sources, advancements in technology, and increase in government initiatives to promote green energy are the reasons for market growth.
2. What impeding the growth of Turkey Electroluminescent (EL) Panels Market?
The high costs associated with conventional power generation are expected to impede the growth of the Turkey Electroluminescent (EL) Panels Market.
3. What is the forecast period of this report?
The forecast period of this report is 2022-2028.
4. Does this report cover the effect of COVID-19 on the market?
Yes, this report covers the effect of COVID-19 on the market.