Saudi Arabia LED Lighting Market (2023-2029) | Growth, Size, Share, Analysis, Companies, Value, Revenue, Industry, Trends, COVID-19 IMPACT & Forecast

Saudi Arabia LED Lighting Market Highlights

Report Name	Saudi Arabia LED Lighting Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth Rate (CAGR)	8.67%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Installation, By Product Type, By Sales Channel
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
Pricing and Purchase Options	Avail customization purchase option to know the exact pricing of your research needs

Topics Covered in Saudi Arabia LED Lighting Market Report

Saudi Arabia LED Lighting Market Report thoroughly covers the market by installation, product type sales channel and application. The outlook report provides an unbiased and detailed analysis of the ongoing Market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics

Saudi Arabia LED Lighting Market Synopsis

Saudi Arabia LED Lighting Market is expected to grow in the forecast period due to increasing awareness of energy efficiency and environmental sustainability has led to a widespread adoption of LED lighting solutions, both in residential and commercial sectors. Government initiatives promoting energy-efficient technologies, coupled with the rapid urbanization and infrastructure development in the country, have further fuelled the demand for LED lighting products.  The Saudi Arabia LED lighting market continues to expand, offering substantial opportunities for manufacturers and suppliers

According to 6Wresearch, Saudi Arabia LED Lighting Market size is anticipated to reach USD 3.98 billion and grow at a CAGR of 8.67% to reach USD 5.79 billion during the forecast period 2023-2029. The LED lighting market in Saudi Arabia is experiencing significant growth, mainly due to the government's commitment to energy efficiency and sustainability Saudi Arabia has embarked on ambitious initiatives, such as the Saudi Vision 2030, which includes targets for reducing energy consumption and greenhouse gas emissions. LED lighting is considered a cornerstone of these efforts due to its superior energy efficiency, and as a result, there have been substantial investments in upgrading conventional lighting infrastructure to LED technology. The growing urbanization and infrastructure development have increased the demand for lighting solutions. LED lighting's versatility, durability, and long lifespan make it an ideal choice for various applications, including residential, commercial, industrial, and outdoor lighting. As Saudi Arabia continues to invest in construction and smart city projects, the demand for LED lighting is expected to surge. The LED lighting market in Saudi Arabia also faces several challenges. One of the primary challenges is the initial cost of LED lighting fixtures, which is higher compared to traditional lighting technologies. While LED lights offer long-term cost savings through reduced energy consumption and maintenance, the upfront investment can deter some consumers and businesses. Another challenge lies in ensuring product quality and standards compliance. The market has witnessed the influx of various LED lighting products, and ensuring that these meet international quality and safety standards is essential. Stricter regulations and standards enforcement are needed to safeguard consumers and businesses from subpar products.

IMPACT OF COVID-19 On the Market

The COVID-19 pandemic had a mixed impact on the Saudi Arabia LED lighting market due to the sudden outbreak. In the early phase of the pandemic, the market faced disruptions in the supply chain on the account of global lockdowns and restrictions, leading to delays in product availability and distribution. The pandemic highlighted the importance of energy efficiency and indoor air quality and there was a heightened focus on upgrading lighting systems. This shift in awareness led to increased demand for LED lighting solutions, particularly in healthcare facilities, commercial buildings, and residential spaces, as they offer energy savings and improved lighting quality. The Saudi government's continued commitment to sustainability and energy efficiency further supported the LED lighting market's recovery, with incentives and initiatives encouraging businesses and consumers to invest in efficient lighting technologies. The government has increased tariffs on the imports of incandescent and compact fluorescent lights while implementing global energy efficiency standards in the country.

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Saudi Arabia led lighting market news

The Saudi Arabia LED lighting market is primarily being fuelled by a growing demand for energy-efficient solutions in the country. An increase in electricity consumption due to a rising expatriate population and extreme weather conditions, coupled with insufficient power generation and high electricity costs, has heightened awareness about the importance of energy-efficient lighting technologies. This shift from traditional lighting to LED lights is driven by a greater emphasis on energy conservation and sustainable development. Additionally, the proliferation of green city projects in Saudi Arabia, supported by government initiatives like the Vision 2030 plan aimed at modernizing infrastructure and expanding smart cities, has boosted the adoption of LED lighting solutions. Furthermore, the government has implemented various favourable programs to promote the use of LED lights, such as increased tariffs on incandescent and compact fluorescent lights and the adoption of global energy efficiency standards in the country.

Major players in the Saudi Arabia LED Lighting Market

There are several major players operating in the Saudi Arabia LED Lighting Industry. One of the prominent companies is Philips Lighting, known for its extensive range of LED lighting solutions for residential, commercial, and industrial applications. They have established a strong presence in the Saudi market through partnerships and distribution networks. Another key player is Osram, a global lighting technology leader offering high-quality LED lighting products and solutions. Osram's commitment to energy efficiency aligns with Saudi Arabia's sustainability goals, making it a significant contributor to the LED lighting market. Cree, Inc. is also a notable player, recognized for its cutting-edge LED technology and products. Their focus on providing energy-efficient and high-performance lighting solutions has gained them a substantial market share in Saudi Arabia. Local players like Saudi Lighting Company (SLC) have a substantial presence, contributing to the market's growth by manufacturing LED lighting fixtures locally.

Initiatives of the government in Saudi Arabia LED Lighting Market

The Saudi Arabia government has taken various measures to promote the conservation of energy and has initiated various programs to reduce electricity consumption. LED lighting, known for its superior energy efficiency compared to traditional options like incandescent and fluorescent bulbs, has witnessed a rising demand across residential, commercial, and industrial sectors in the country. The government's strong emphasis on sustainable development, along with the enforcement of regulations and standards that support energy-efficient lighting solutions, has further boosted the adoption of LED lights. Additionally, the potential cost savings attributed to LED technology, including reduced electricity expenses and longer product lifespans, have played a vital role in fuelling the market growth.

Market by installation

Based on application, the market is segmented into new and retrofit. Both segments are expected to have a major share in the market and contribute to Saudi Arabia LED Lighting Market Growth on account of the increasing demand for energy-efficient lighting solutions in newly constructed residential and commercial buildings. Retrofit projects are essential for upgrading existing lighting systems in older buildings and infrastructure, further propelling market growth.

Market by Product Type

Based on product type,  both LED lamps and luminaires have a significant share of the market. LED lamps, including bulbs and tubes, are widely adopted for their energy efficiency and long lifespan, which has made them an apt choice for residential and commercial spaces. LED luminaires are preferred for outdoor and industrial applications due to their durability and versatility.

Market By sales channel

In terms of sales channels, the Retail/wholesale channels play an imperative role in serving the broader consumer and commercial markets. Direct sales channels are effective for businesses looking to customize lighting solutions for specific projects. E-commerce platforms have gained traction in the market, among consumers who are seeking convenience and a wide product selection and this factor has immensely contributed to market growth.

Market By Application

LED lighting finds applications both indoors and outdoors domains. Both segments are expected to increase Saudi Arabia LED Lighting Market Share. Indoor applications include lighting for homes, offices, and retail spaces, where energy efficiency and aesthetics are key drivers. Outdoor applications cover street lighting, architectural lighting, and industrial facilities, where LED lighting offers durability and energy savings.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Saudi Arabia LED Lighting Market Outlook
• Market Size of Saudi Arabia LED Lighting Market, 2022
• Forecast of Saudi Arabia LED Lighting Market, 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Revenues & Volume for the Period 2019 - 2029
• Saudi Arabia LED Lighting Market Trend Evolution
• Saudi Arabia LED Lighting Market Drivers and Challenges
• Saudi Arabia LED Lighting Price Trends
• Saudi Arabia LED Lighting Porter's Five Forces
• Saudi Arabia LED Lighting Industry Life Cycle
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Installation for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By New for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Retrofit for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Product Type for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Lamps for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Luminaires for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Sales Channel for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Retail/Wholesale for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Direct Sales for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By E-Commerce for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Application for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Indoor for the Period 2019 - 2029
• Historical Data and Forecast of Saudi Arabia LED Lighting Market Revenues & Volume By Outdoor for the Period 2019 - 2029
• Saudi Arabia LED Lighting Import Export Trade Statistics
• Market Opportunity Assessment By Installation
• Market Opportunity Assessment By Product Type
• Market Opportunity Assessment By Sales Channel
• Market Opportunity Assessment By Application
• Saudi Arabia LED Lighting Top Companies Market Share
• Saudi Arabia LED Lighting Competitive Benchmarking By Technical and Operational Parameters
• Saudi Arabia LED Lighting Company Profiles
• Saudi Arabia LED Lighting Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments

By Installation

• New
• Retrofit

By Product Type

• Lamps
• Luminaires

By Sales Channel

• Retail/Wholesale
• Direct Sales
• E-Commerce

By Application

• Indoor
• Outdoor