LED light bulbs are expected to dominate Saudi Arabia LED Lighting Market until 2028
Increasing demand for
sustainability and rising demand for smart lighting are expected to augment the
growth of Saudi Arabia LED Lighting Market during the forecast period of 2024-2028.
According to TechSci Research
report, “Saudi Arabia LED Lighting Market – By Region, Competition Forecast &
Opportunities, 2018–2028”, Saudi Arabia LED Lighting Market is anticipated to
register a robust growth during the forecast period, 2024-2028 due to
the increasing priority given to environmental sustainability. Energy
conservation has always been one of the most important implementations goals
and employing LED lighting greatly boosts energy savings.
Moreover, the various
government policies aimed at constructing notable infrastructure would result
in the construction of new smart cities in Saudi Arabia, which, in turn, is
expected to boost the demand for LED lighting during the forecast period. For instance,
under Saudi Arabia Megaproject Vision 2030, the Saudi Arabian government is
building smart lighting networks for various municipalities, including the
Makkah and Riyadh Metro systems, as well as the expansion of the King Abdulaziz
International Airport in the coming years. The transition is being driven by
the increasing focus on energy conservation and the need to reduce unnecessary
electricity consumption.
Furthermore, the industry
growth is being fueled by the increasing LED penetration, lower illumination
kit costs, and technological developments such as dynamic lighting,
customizable white light, and wireless control systems. Additionally, street
lighting control schemes, as well as intelligent street lighting and integrated
lighting technologies that use remote tracking, are being tested. In addition,
increased use of the Internet of Things, indoor lighting automation,
"Li-fi," and Lighting-as-a-Service are expected to propel the Saudi
Arabia lighting industry in the coming years.
Additionally, the Saudi
Arabia LED lighting market is expected to expand over the long run as
consumers' demand for energy-efficient products, connected lifestyles, and
smart homes grows. Customers who are remodeling their homes are also showing an
increased interest in smart lighting options that provide convenience and
better aesthetics. As a result, while upgrading their houses, buyers will have
a lot more options for smart LED lighting.
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Saudi
Arabia LED Lighting Market is segmented based on type,
application, end user sector, and region.
Based on Type,
the LED light bulbs and lamps are expected to be dominant in the Saudi Arabia LED
Lighting Market due to the rising use of LED light bulbs and lights in the
residential sector. LED light bulbs and lamps offer benefits like increased
energy efficiency and excellent stability in contrast to substitute options
like incandescent lights and CFLs. They come in a wide range of forms as well.
Another factor that is projected to support the expansion of the target market
is the government's policy for raising consumer knowledge of LEDs and their
potential to help reduce/manage energy usage.
Based on End
User Sector, Residential is expected to dominate the Saudi Arabia LED Lighting
Market because as the government continues to support the private sector, Saudi
Arabia has had reasonably good consumer income growth over the past ten years.
Consumer expenditure in Saudi Arabia is expected to rise from $66,895.9 million
in 2015 to USD 80,120.5 million in 2020, according to the Saudi Arabian
Monetary Agency. Spending on luxuries like high-tech home lighting is
anticipated to be driven by the economy's sustained expansion.
Major
market players operating in the Saudi Arabia LED Lighting Market are:
- Al Nasser Group
- LEDVANCE GmbH
- Alfanar Group
- NVC International
Holdings Limited
- OPPLE Lighting Co. Ltd.
- CINMAR Lighting Systems
- Huda Lighting
- Al AbdulKarim Holding
- Zumtobel Group AG
- Signify N.V.
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“Saudi Arabia has a massive
potential opportunity for the adoption of LED lighting solutions over the next
five to ten years. Saudi Arabia, being one of the emerging nations in lighting
markets, provides a profitable opportunity for LED manufacturers to establish
operations in the area. A sustainable environment for the LED sector is created
by skilled labor, ease of doing business, and demographic advantages.
Additionally, increased infrastructure expenditures, fast expansion of street
lighting systems, drop in the average price of LEDs, and different government
and forthcoming smart building initiatives are likely to fuel LED light demand
in Saudi Arabia.”, said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based Saudi Arabia management consulting firm.
“Saudi Arabia LED
Lighting Market Segmented By Type (LED Bulbs & Lamps, Batten Lights,
Downlights, etc.), By End Use Sector (Commercial, Residential, etc.), By
Application (Outdoor Lighting, Indoor Lighting, etc.), By Region, Competition
Forecast & Opportunities, 2018-20282”, has evaluated the future growth
potential of Saudi Arabia LED Lighting Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in Saudi Arabia LED Lighting Market.
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