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Saudi Arabia LED Lights Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Saudi Arabia LED Lights Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

  • May 2021
  • 158 pages
  • ID: 5083173
  • Format: PDF
  • IMARC Group

Summary

Table of Contents

The Saudi Arabia LED lights market exhibited strong growth during 2015-2020.

A light emitting diode, or LED, is a cost- and energy-efficient solution that offers broader applicability as compared to traditional lighting options. LED-based lights have a longer lifespan and considerable potential to reduce overall electricity consumption and the associated greenhouse gas emissions. As a result, they are rapidly replacing conventional bulbs, including incandescent and fluorescent. At present, these lights are available in various colors, which are produced by using four main types of semiconductor materials – Aluminum gallium indium phosphide (AlGaInP), Gallium phosphide (GaP), Indium gallium nitride (InGaN), and Aluminum gallium arsenide (AlGaAs). These lighting systems have gained immense popularity in Saudi Arabia due to infrastructural development, growing urbanization rates and increasing concerns over greenhouse gas emissions.

Saudi Arabia LED Lights Market

Over the past few years, companies in Saudi Arabia have started introducing and implementing energy-efficient practices for promoting sustainability in the country. For example, the Saudi Arabia-based national petroleum and natural gas company, Saudi Amarco, aims to reduce energy consumption by nearly 35% in its transportation, buildings and communities by 2020. The firm recently replaced approximately sixty-thousand fluorescent lights with more efficient LED lights across its offices and facilities. By 2020, the Government of Saudi Arabia is also planning to decrease energy subsidies to boost energy efficiency as the unavailability of subsidies will lead to higher costs of electricity for businesses and consumers. This initiative is projected to accelerate the overall demand for energy-efficient technologies, products and services, like LED lights. Moreover, a rise in the urbanization rates has significantly increased the number of smart city projects across the country. According to Vision 2030, the national development plan of the Government, three cities in Saudi Arabia will be developed as smart cities. This is further providing a boost to the demand for high-quality LED lighting systems. Looking forward, the analyst expects the Saudi Arabia LED lights market to reach a value of SAR 8,907 Million by 2026.

Breakup by Product Type:
LED Panel
LED Downlights
LED Street Light
Others

Based on the product type, LED panel currently accounts for the highest market share.

Breakup by Application:
Commercial
Industrial
Residential
Others

Based on the application, commercial segment currently accounts for the highest market share.

Breakup by Import and Domestic Manufacturing:
Import
Domestic Manufacturing

Import currently dominates this segment.

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