GCC LED Lighting Market 2017 Top Key Players – Philips, General Electric, Osram
The GCC LED lighting market has witnessed a robust growth over the past few years. Some of the major driving factors include growing population, energy- and cost-efficiency of LED lights, government support and increased construction activities in the region.
IMARC Group’s latest report, titled “GCC LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the GCC LED lighting market reached a value of more than SAR 1,170 Million in 2016, growing at a CAGR of around 21% during 2009-2016. Light Emitting Diodes (LEDs) are semiconductor devices which emit visible light when an electric current is passed through them. These devices have exceptionally long life and significant potential to reduce electricity consumption, leading to financial savings for the consumers. Apart from this, LED lighting products also reduce greenhouse gas emissions, thereby contributing to a greener environment. As a result, LED lights are rapidly replacing incandescent and fluorescent lights, especially in the commercial and residential sectors in the GCC region.
Highlights of the GCC LED Lighting Market:
- Government policies and advantages offered by LED lights represent the primary growth-inducing factors.
- Based on product type, panel lights hold the majority of the market share.
- Saudi Arabia holds the majority of the total share, representing the largest market.
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Legislations by the governments mandating the use of LED lights on account of their energy-efficient characteristics as well as the growing environmental concerns among the consumers have facilitated the expansion of the LED lighting market in the GCC region. Despite the higher initial cost of LED lighting fixtures, people’s inclination towards long-term financial benefits is also boosting the demand for LED lighting solutions. Further, the upcoming UAE World Expo in 2020 and the FIFA World Cup in 2022 have been positively influencing the market, resulting in an increased demand for LED lights in the region. Some of the other factors driving the growth of the GCC LED lighting market include growing population, rising disposable incomes, increased construction activities and rapid urbanisation. According to the report, the market is further expected to reach a value of around SAR 2,953 Million by 2022.
The market has been segmented on the basis of product type. Currently, panel lights account for the majority of the market share. Based on application, commercial sector dominates the market followed by industrial and residential sectors. Further, LED lights are primarily used for indoor applications over outdoor applications in the GCC region. Region-wise, Saudi Arabia represents the biggest consumer of GCC LED lighting, accounting for the majority of the total share. The other major markets include UAE, Qatar, Oman, Kuwait and Bahrain. Top three key players operating in the market are Philips, General Electric (GE) and Osram.
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