Saudi Arabia LED Light Market Key Insights:
- LED Lighting Market Outlook
- Market Performance & Price Trends 2018
- LED Promotion Initiatives
Saudi Arabia LED Light Market Outlook
The cost-effectiveness of LED lighting products and people’s attitude of lighting energy conservation have driven the global LED lighting market to nearly USD 70 billion in 2018. During the forecasted period, the LED lighting market is anticipated to grow at a CAGR of 14% globally. The LED light market in Saudi Arabia itself was estimated at about USD 614 million in 2018.
While Saudi Arabia’s oil reserves are abundant, the KSA has been confronted by the problem of energy waste in recent years due to energy-efficient household appliances. Residential electricity accounts for 80% of KSA’s electricity consumption. Thus, the Saudi government has been pushing energy-saving initiatives which have been exemplified by a large-scale installation of LED lighting systems in private and public buildings. Saudi Arabia imported LED lighting products from China worth USD 87.37 million in 2015 which was an increase of almost 40% over the same period from the previous year.
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The electrical market in Saudi Arabia is expected to grow at a CAGR of over 10% during the period 2019-2024. Significant investments in public and private infrastructure along with the efforts of the government to encourage LED use are driving the market for LED lights. In order to promote LED lights, the Saudi Arabian government has adopted global energy efficiency standards and increased tariffs on imports of incandescent and compact fluorescent lights. There are nearly 4,700 reported construction projects underway in Saudi Arabia, the estimated value of which is USD 852.3 billion. More than 3,300 projects under the urban construction sector comprise nearly 70% of all construction activities in the Kingdom and are driven by the steadily rising Saudi population and urbanization trends.
Following the Deputy Crown Prince Mohammad bin Salman Al Saud’s Kingdom’s Vision 2030 plan, Saudi Arabia would modernize infrastructure in 285 municipalities before 2030. This would involve creating whole mega-cities or smart cities from the ground. Building new cities would permit energy-efficient and smart lighting technologies to be directly built into industrial, commercial and infrastructure developments as compared to retrofitting existing systems, giving LED lighting more opportunities to replace conventional lighting.
Focus on conserving energy and reducing inefficient lighting is driving transformation. Further, wider adoption of LED, reduced illumination package prices and technology trends such as dynamic lighting, adjustable white light, and wireless control systems are factors fueling market growth. Intelligent street lighting and integrated lighting solutions that use remote monitoring, and street lighting management systems are being tried out. Increased use of Internet of Things, indoor lighting automation, “Li-fi”, and Lighting-as-a-Service are trends anticipated to drive the KSA market in years to come.
The present report provides a segment-wise analysis of the market on the basis of product type including:
- Panel Lights
- Street lights
The report also segments the market based on application, such as residential, industrial, commercial, etc.
Further, the report sheds light on the macro and micro aspects of industry performance, recent trends, major challenges and key drivers. SWOT analysis, value chain analysis and Porter’s five forces analysis of Saudi Arabia’s LED light market have been carried out. Manufacturing and processing requirements, cost of project, project funding, returns on investment and expected profit margins have also been estimated.
Detailed analysis of the following key players covering their capacities, market share and latest turn of events such as mergers and acquisitions, capacity expansions and plant turnarounds in the market is offered in the report:
- Al Nasser Group
- Saudi LED Light
- National Lighting Company
- Inara Company Limited
- Nardeen Lighting Company LLC
- Huda Lighting
- Philips Saudi Lighting Company