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The GCC LED lighting market reached a value of US$ 689.2 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,452.1 Million by 2027, exhibiting a CAGR of 14.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Currently, LEDs are the most energy-efficient and one of the rapidly developing lighting technologies in the world. They offer numerous benefits over the conventional lighting technologies. LED lights have a longer lifespan, consumes up to 90% less electricity than the traditional lighting sources and are highly efficient with minimum radiation or heat emission. As a result, LED lights are rapidly replacing incandescent and fluorescent lights in the commercial, industrial and residential sectors in the GCC region.
Factors like growing urbanization rates, infrastructural development and concerns over emission of greenhouse gases are currently driving the growth of the LED lighting market in the GCC countries. Other factors like the new UAE regulations which restrict the imports and sales of incandescent lamps; upcoming events like the FIFA World Cup in 2022, the ongoing green building movement, increasing government support and a ban on inefficient lighting technologies are further expected to create a massive demand for LED lighting in the major GCC markets. Currently, Saudi Arabia and UAE represent the two biggest markets for LED lights in the region.
This report provides a deep insight into the GCC LED lights industry covering all its essential aspects. This ranges from macro overview of the market to micro details of the industry performance, recent trends, key market drivers and challenges, SWOT analysis, Porter’s five forces analysis, value chain analysis, etc. The report also provides a comprehensive analysis for setting up a LED lights manufacturing plant. The study analyses the processing and manufacturing requirements, project cost, project funding, project economics, expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC LED lights industry in any manner.
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