Light Emitting Diode (LED) is a semiconductor technology which is extensively being used for general lighting purposes globally. In Saudi Arabia, the market for LED lights has been expanding over the years owing to their various advantages. LED lights are more efficient and have a longer life span than traditional incandescent and compact fluorescent lights. Moreover, these lights are ecologically-friendly and reduce power consumption, thereby, saving the electricity costs. According to IMARC Group’s latest report titled, “Saudi Arabia LED Lights Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market reached a value of SAR 2,302 Million in 2018.
The market for LED lights in Saudi Arabia is being driven by a number of favourable factors. Huge investments in the public and private infrastructure is the major driver for the market growth. Additionally, various measures are being taken by the Saudi Arabian government so as to encourage the use of LED lights. For instance, the adoption of the energy-efficiency standards in the region coupled with the increased tariffs on the imports of incandescent and compact fluorescent lights are expected to stimulate the demand for LED lights in the region. Owing to these factors, the market is further projected to reach a value of SAR 6,392 Million by 2024 growing at a CAGR of 18.4% during 2019-2024.
The report has segmented the Saudi Arabia LED lighting market on the basis of type covering panel lights, downlight, street lights and others. Currently, panel lights account for the largest market share in the Saudi Arabian region. The report has also segmented the market on the basis of the application including commercial, residential, industrial and others, wherein the commercial sector represents the most popular application segment. Moreover, based on import and domestic manufacturing, the import segment exhibits a clear dominance in the market. The report has further analyzed the competitive landscape of the market with the detailed profiles of the key player operating in the market.
This report provides a deep insight into the Saudi Arabia 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 Saudi Arabia LED lights industry in any manner.
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