The Saudi Arabia LED lights market reached a value of SAR 2,744 Million in 2019. 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 7,514 Million by 2025, at a CAGR of 18% during 2020-2025.
Breakup by Product Type:
Based on the product type, LED panel currently accounts for the highest market share.
Breakup by Application:
Based on the application, commercial segment currently accounts for the highest market share.
Breakup by Import and Domestic Manufacturing:
Import currently dominates this segment.
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