As per the latest study by IMARC group titled, “Saudi Arabia LED Lights Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the Saudi Arabia LED lighting market size reached SAR 2,302 Million in 2018. A Light Emitting Diode (LED) refers to a semiconductor technology which provides energy efficient lighting by converting electrical energy into light energy. LED lights find extensive applications in both commercial and residential sectors in the Saudi Arabian region. Longer shelf life, low energy consumption and compact size are some of the key benefits offered by LED lights, owing to which they are rapidly replacing traditional incandescent and fluorescent lights in the region.
Escalating energy consumption in Saudi Arabia is a key factor driving the market growth. This can be accredited to the rapidly increasing population, changing lifestyles and extreme climatic conditions in the region. Consequently, there has been growing emphasis on incorporating energy-efficient variants of electrical appliances to reduce carbon emissions, which is also aiding in the reduction of electricity charges. Furthermore, with the aim to be an active contributor to the ongoing sustainable development programs across the globe, the Government of Saudi Arabia has undertaken initiatives such as Saudi Energy Efficiency Program to promote the widespread adoption of LED lighting systems. The government is also encouraging the concept of green construction involving resource-efficient materials which include LED lighting, thus further contributing to their sales. On account of the aforementioned factors, the LED lighting market in Saudi Arabia is anticipated to reach a value of SAR 6,392 Million by 2024 growing at a CAGR of 18.4% during 2019-2024.
- On the basis of the product type, the market has been divided into panel lights, street lights, downlights and others. Amongst these, panel lights account for the majority of the total market share.
- Based on the application, the market has been categorized into industrial, commercial, residential and others. Currently, the commercial sector exhibits a clear dominance in the market.
- On the basis of import and domestic manufacturing, imports of LED lighting dominated the market in Saudi Arabia on account of low manufacturing capability in the region.
- The competitive landscape of the market has also been analyzed in the report with the detailed profiles of the key players operating in the market.
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