Posted on 31 Jan 2019
According to a new report by EMR titled, ‘Saudi Arabia LED Lights Market Report and Forecast 2019-2024’, the Saudi Arabian LED lights market attained USD 505 million in 2017 and is further projected to see a significant growth with a CAGR of 10% in the period 2019-2024.
LED lights had a penetration rate of 38% in Saudi Arabia’s lighting market. Saudi Arabia’s import of LED lighting products increased by 40% in 2015 as compared to 2014 with the country importing USD 87.37 million worth of LED lighting products from China in 2015. The demand for LED lights in the KSA has been driven by the efforts of the Saudi Arabian government to combat energy waste. Globally, governments are encouraging the use of energy efficient lighting by reducing the consumption of inefficient lighting and slowly phasing out incandescent lighting. Saudi Arabia is also following suit by increasing tariffs on the imports of incandescent and compact fluorescent lights. The region has also adopted the global energy efficiency standards.
With residential electricity usage accounting for 80% of Saudi Arabia’s electricity usage, the government has been promoting various energy saving initiatives driven by the installation of energy efficient LED lighting systems in both public and private buildings. The growing infrastructure industry in the region will add further impetus to the LED lights market in the region. The Deputy Crown Prince Mohammad bin Salman Al Saud’s Kingdom’s Vision 2030 is the major driving force behind the growth of the infrastructure industry as it seeks to modernize the infrastructure of 285 municipalities by 2030. Vision 2030 will involve building mega-cities or smart cities from the ground up. Thus, it is expected to open more opportunities for the LED lighting market in the region as the new industrial, commercial and infrastructure constructions can be fitted with energy efficient lighting systems, instead of retrofitting pre-existing systems with LED lights. The retrofitting of Dubai’s public lighting systems with LED lighting has also encouraged the market growth.
Market Analysis by Types, Sectors and Applications:
To view the report summary and Table of Contents, click on: https://www.expertmarketresearch.com/reports/saudi-arabia-led-light-market
Key Findings of the Report:
Key Offerings of the Report:
Al Nasser Group, Saudi LED Light, National Lighting Company, Technolight, Inara Company Limited, Noortek, Nardeen Lighting Company LLC, Huda Lighting and Philips Saudi Lighting Company are the major player in the Saudi Arabian LED lights market analysed by EMR. The report by EMR gives an in-depth insight into the latest developments amongst these key players, specifically looking into the plant turnarounds, expansions of capacity, and mergers and expansions.
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While Saudi Arabia’s oil reserves are abundant, the KSA has been confronted by the problem of energy waste in recent years due to low energy efficiency household appliances.
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