Saudi Arabia LED Lights Market Size Witnesses Robust Growth Rate of CAGR 15%, Exceeding SAR 2,608 Million by 2028

According to the latest report by IMARC Group, titled "Saudi Arabia LED Lights Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the Saudi Arabia LED lights market size reached SAR 1,157 Million in 2022. Looking forward, IMARC Group expects the market to reach SAR 2,608 Million by 2028, exhibiting a growth rate (CAGR) of 15% during 2023-2028.

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What is LED Lights?

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.

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.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Product Type:

LED Panel Lights
LED Downlights
LED Street Lights
Others

Breakup by Application:

Commercial
Industrial
Residential
Others

Breakup by Import and Domestic Manufacturing:

Import
Domestic Manufacturing

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Key highlights of the report:                                                    

Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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