Saudi Arabia LED Lights Market Expanding at a CAGR of 20% during 2019-2024- IMARC Group

Saudi Arabia LED Lights Market Research Report and Forecast 2024 Report Edition: 2019 © 2019 IMARC All Rights Reserved

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Report Description

Saudi Arabia LED Lights Market Overview: 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 application 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.

Saudi Arabia LED Lights Market Trends 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 aim to be 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.

Report Description and Highlights

157.3 146.7 152.0 141.4 136.1 125.5 130.8

160 140 120 100 80 60 40 20 0

120.2 2011

2012

2013

2014

2015

2016

2017

2018

In Million US$

in Million US$

Report Description

180 160 140 120 100 80 60 40 20 0

160.0 2019

175.9

181.2

186.5

165.3

170.6

2020

2021

2022

2023

2024

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.

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Report Description and Highlights

Report Description Key Market Segmentation:

Market Segmentation by Product Type • • • •

LED Panel Lights LED Downlights LED Street Lights Others

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.

Market Segmentation by Application • • • •

Commercial Industrial Residential Others

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Report Description

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.

Market Segmentation by Import and Domestic Manufacturing • •

Import Domestic

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.

Competitive Landscape: 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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