Saudi Arabia LED Lighting Market, Industry Overview, Trends, Opportunities and Forecast 2019-2024

by IVO Smith Business Analyst

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 applications 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.

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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 reduction of electricity charges. Furthermore, with the aim to be an 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. 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.

The report by IMARC Group has examined the Saudi Arabia LED Lights market on the basis of:

Product Type:

Panel Lights
Street lights
Downlights
Others

Application:

Industrial
Commercial
Residential
Others

Key Players:

Philips
General electric
Osram

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