Saudi Arabia LED Lights Market 2018 Trends, Key Players, Product Scope, Growth Rate Outlook, Challenge and Forecast to 2023
Over the past few years, the Saudi Arabia LED lights market has been witnessing a strong growth. This can be attributed to the growing awareness about LED lighting and its increased applications in various end-use industries like automotive, general lighting, mobile devices, forensics, etc.
The latest report by IMARC group titled, “Saudi Arabia LED Lights Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the Saudi Arabia LED lights market reached a value of SAR 557.6 Million in 2017, growing at a CAGR of 19% during 2010-2017. This enormous growth in the sales of LED lights can be attributed to the increasing awareness about their benefits and huge infrastructural investments in the region. LED lights are more energy- and cost-efficient than the conventional lighting products with significantly longer lifespan. As a result of this, they reduce electricity consumption and are rapidly replacing incandescent and fluorescent lights, especially in the residential and commercial sectors.
Highlights of the Saudi Arabia LED Lights Market:
- Awareness about the benefits of LED lights over other lighting sources are driving their penetration in the country.
- Government’s endorsement of sustainable development in the region is acting as a major catalyst for the market growth.
- Panel lights are the most popular type of LED lights in Saudi Arabia.
The Saudi Arabia LED lights market is expected to be driven by a number of favourable factors. Urbanisation and infrastructural growth have stimulated the demand for LED lights in various end-use industries such as general lighting, automotive, consumer electronics, etc. Moreover, the government is planning to phase out the less efficient conventional lights such as fluorescent bulbs and tube lights. Apart from this, under the Saudi Energy Efficiency Program (SEEP), the government is encouraging public and private projects to adopt LED light systems so as to reduce energy wastage and promote sustainable development. However, the prices of LED lights are higher than the conventional lights which make it difficult for the consumers to switch towards LED lights. Despite this, the LED lights market in Saudi Arabia has a strong growth potential and is expected to reach a value of SAR 1,263 Million by 2023.
On the basis of key applications, the commercial sector is the largest application area for LED lights in Saudi Arabia, accounting for nearly a half of the total market. It is followed by the industrial and residential sectors. On the basis of product type, panel lights represent the most popular product type. Other major product types are down lights, street lights and others (bulbs, strips, flood lights, tube lights). On evaluating the competitive landscape, it is found that international lighting giants like Philips, General Electric and Osram dominate the market.
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The report by IMARC Group has examined the Saudi Arabia LED Lights market on the basis of:
- Panel Lights
- Street lights
- General electric
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