The Saudi Arabia LED lights market reached a value of SAR 2,302 Million in 2018. A light emitting diode, or LED, is a cost- and energy-efficient solution that offers broader applicability as compared to traditional lighting options. LED-based lights have a longer lifespan and considerable potential to reduce overall electricity consumption and the associated greenhouse gas emissions. As a result, they are rapidly replacing conventional bulbs, including incandescent and fluorescent. At present, these lights are available in various colors, which are produced by using four main types of semiconductor materials – Aluminum gallium indium phosphide (AlGaInP), Gallium phosphide (GaP), Indium gallium nitride (InGaN), and Aluminum gallium arsenide (AlGaAs). These lighting systems have gained immense popularity in Saudi Arabia due to infrastructural development, growing urbanization rates and increasing concerns over greenhouse gas emissions.
Over the past few years, companies in Saudi Arabia have started introducing and implementing energy-efficient practices for promoting sustainability in the country. For example, the Saudi Arabia-based national petroleum and natural gas company, Saudi Amarco, aims to reduce energy consumption by nearly 35% in its transportation, buildings and communities by 2020. The firm recently replaced approximately sixty-thousand fluorescent lights with more efficient LED lights across its offices and facilities. By 2020, the Government of Saudi Arabia is also planning to decrease energy subsidies to boost energy efficiency as the unavailability of subsidies will lead to higher costs of electricity for businesses and consumers. This initiative is projected to accelerate the overall demand for energy-efficient technologies, products and services, like LED lights. Moreover, a rise in the urbanization rates has significantly increased the number of smart city projects across the country. According to Vision 2030, the national development plan of the Government, three cities in Saudi Arabia will be developed as smart cities. This is further providing a boost to the demand for high-quality LED lighting systems. Looking forward, IMARC Group expects the market to reach a value of SAR 6,392 Million by 2024, at a CAGR of 18.4% during 2019-2024.
Breakup by Product Type:
LED panel lights are the most popular product type as they have flexible designs and can be suspended from ceilings and fitted in both walls and overhead cavities.
Breakup by Application:
Currently, the majority of LED lights are used in the commercial sector, followed by industrial and residential sectors.
Breakup by Import and Domestic Manufacturing:
At present, imports exhibit a clear dominance in the market, followed by domestic manufacturing.
The report has also analyzed the competitive landscape of the market with some of the key players being Koninklijke Philips N.V., General Electric Company, and OSRAM Licht AG.
Key Questions Answered in This Report:
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