Saudi Arabia Lighting Market Competitive Landscape, Insights by Geography, and Growth Opportunity

The Saudi Arabian lighting market generated a revenue of $1,350.0 million in 2020 and it is predicted to reach a value of $3,577.0 million by 2030. According to the estimates of the market research company, P&S Intelligence, the market will demonstrate a CAGR of 10.2% from 2020 to 2030 (forecast period). The market is being driven by the surging use of light-emitting diodes (LEDs), owing to their customization benefits, falling prices, and energy efficiency, soaring popularity of smart homes, and launch of smart city development projects in the country.

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As per various estimates, power consumption will rise by more than 50% over the next 20 to 25 years. As per the International Energy Agency (IEA), the deployment of smart lighting systems can reduce energy consumption by 35% as compared to traditional lighting systems. Lighting consumes most of the power in commercial, industrial, and residential sectors and it accounts for as much as 15% of the total power consumption in the country. Moreover, it is responsible for 5% of the total greenhouse gas emissions in the country.

Another major market growth driver is the surging popularity of smart homes in the country, owing to the rising focus of consumers of reducing power consumption and implementation of favorable government initiatives. Additionally, the government intends to increase both smart lighting and smart home penetration, which is also expected to propel the advancement of the Saudi Arabian lighting market in the coming years. Depending on component, the market is classified into control and fixture.

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The players operating in the industry are actively focusing on product launches in order to strengthen their position and augment their revenue. For example, Al Nasser Group’s retail division inaugurated the first smart home called Al-Takhassusi Riyadh in November 2019 in the presence of the Hager Group’s representatives and engineers from the domain of design and lighting. Similarly, Alfanar Group launched the latest collection of switches and sockets, service boxes, switch and junction boxes, lighting products, distribution boards, and cables and wires at the IEE Conference in April 2019.

Hence, it is safe to say that the market will exhibit rapid expansion in the years to come, mainly because of the surging infrastructure development activities, mushrooming popularity of smart homes, and soaring use of LEDs in the country.

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This release was published on openPR.