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The Saudi Arabia LED lights market reached a value of SAR 3,245 Million in 2020. Looking forward, IMARC Group expects the market to reach a value of SAR 8,907 Million by 2026. 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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the Saudi Arabia LED lights market report, along with forecasts for growth from 2021-2026. Our report has categorized the market based on product type, application, and import and domestic manufacturing.
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.
|Base Year of the Analysis||2020|
|Segment Coverage||Product Type, Application, Import and Domestic Manufacturing|
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The Saudi Arabia LED Lights market size to reach a value of SAR 8,907 Million by 2026.
A significant rise in the utilization of electricity on account of the growing immigrant population and extreme climatic conditions is escalating the demand for energy-efficient lighting solutions. This represents one of the key drivers for the Saudi Arabia LED Lights market.
The increasing focus on energy conservation and the growing number of smart city projects are some of the key trends in the Saudi Arabia LED Lights market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation resulting in temporary closure of numerous manufacturing units and disruption of supply chains for electronic components.
On the basis of the product type, the market has been bifurcated into LED panel lights, LED downlights, LED street lights, and others. Currently, LED panel lights hold the majority of the total market share.
On the basis of the application, the market has been divided into commercial, industrial, residential, and others. Among these, the commercial sector represents the largest segment.
On the basis of the import and domestic manufacturing, the market has been divided into import and domestic manufacturing. Among these, import exhibits clear dominance in the market.
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