Saudi Arabia LED Lights Market Share, Size Analysis, Business Scope, Drivers and Growth Opportunities by 2027 – EIN News
SHERIDAN, WYOMING, UNITED STATES, August 8, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Saudi Arabia LED Lights Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on Saudi Arabia LED Lights Market Share.
The Saudi Arabia LED lights market size reached SAR 993.4 Million in 2021. Looking forward, IMARC Group expects the market to reach SAR 2,295.7 Million by 2027, exhibiting a growth rate (CAGR) of 15.5% during 2022-2027. Light Emitting Diode (LED) refers to a semiconductor technology that utilizes electrical energy to provide energy-efficient lighting solutions. LED lights are directional sources of light that are characterized by a compact size and an extended lifespan. They are widely available in different shapes, sizes and colors to suit the requirements of the end-users. They are known to save up to 90% of the total energy usage while emitting little to no heat and greenhouse gases. They are environment-friendly in nature due to which they are widely replacing traditional lighting technologies, such as incandescent and fluorescent lights in Saudi Arabia. The numerous benefits associated with their use have contributed to their widespread utilization across the industrial, residential and commercial segments.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Saudi Arabia LED Lights Market Trends:
The market is primarily driven by the growing demand for energy-efficient solutions across Saudi Arabia. There has been a significant rise in the consumption of electricity on account of increasing expatriate population and extreme climatic conditions in the country. This, along with the inadequate power production and high electricity charges, is contributing to the growing awareness regarding the importance of energy-efficient lighting technologies, thereby providing a thrust to the market growth. There has also been a gradual shift from traditional lighting systems to LED lights due to an enhanced focus on energy conservation and sustainable development. Apart from this, a considerable increase in the number of green city projects in Saudi Arabia has facilitated the uptake of LED lighting solutions. This is supported by government initiatives, such as the Vision 2030 plan that aims to modernize infrastructure and expand the construction of smart cities. Furthermore, numerous favorable programs undertaken by the government to promote the use of LED lights are expected to create a positive outlook for the market. For instance, the government has increased tariffs on the imports of incandescent and compact fluorescent lights while implementing global energy efficiency standards in the country.
Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units SAR Million
Segment Coverage Product Type, Application, Import and Domestic Manufacturing
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Saudi Arabia LED lights market, along with forecasts at the regional and country level from 2022-2027. Our report has categorized the market based on product type, application, and import and domestic manufacturing.
Breakup by Product Type:
LED Panel Lights
LED Street Lights
Breakup by Application:
Breakup by Import and Domestic Manufacturing:
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