The latest report by IMARC Group, titled “GCC LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the GCC LED lighting market size reached US$ 689.2 Million in 2021. A light-emitting diode (LED) is an energy- and cost-efficient lighting device that allows for more innovative applications than traditional lighting systems. LED lighting systems do not contain any harmful elements, consume less energy, and offer more than 40 times the average life of incandescent lights and six times more than that of fluorescent lights. The rising awareness of these benefits among consumers in the GCC countries has encouraged them to opt for LED lighting systems. The growing tourism and rapid infrastructural development, including the construction of malls, hotels and public transportation systems, have also increased the sales of LED lights across the region.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
GCC LED Lighting Market Trends:
The emerging mega-projects planned by the governments of Gulf countries are expected to increase the demand for efficient LED lighting solutions within the region. Moreover, the governments have introduced several programs, including the adoption of global energy-efficiency standards and the promotion of LED lights. For instance, Dubai’s outdoor lighting program aims to reduce energy consumption by retrofitting 75 percent of the lighting systems across the city’s roads, streets and parks with LED fixtures. Besides this, the Government of UAE has imposed restrictions on the imports and sales of inefficient incandescent bulbs, which have prompted the consumers to install LED lighting solutions. In addition to this, Oman is employing advanced architectural lighting designs featuring linear and underground LED lighting fixtures in the new parliament of the Sultanate of Oman. However, market players are currently facing difficulties in obtaining key components due to the spread of the coronavirus disease (COVID-19) that has led to an industrial slowdown in China. Looking forward, the market is projected to grow at a CAGR of 14.1% during 2022-2027.
- On the basis of the application, the commercial segment is the largest application area of LED lights, followed by the industrial, residential and other segments.
- Region-wise, Saudi Arabia exhibits a clear dominance in the GCC LED lighting market, accounting for the majority of the overall market share. It is followed by the UAE and Qatar.
- The competitive landscape of the market has been examined in the report, along with the detailed profiles of the major players operating in the industry.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal