The Saudi Arabian lighting market value is expected to rise from $1,350.0 million in 2020 to $3,577.0 million by 2030, exhibiting a CAGR of 10.2% from 2020 to 2030. The major factors fueling the expansion of the market are the surging use of LEDs, soaring popularity of smart homes, and launch of smart city projects.
Electricity consumption is expected to rise by over 50% in Saudi Arabia in the next two decades, thus massively pushing up the demand for energy-efficient lights. As per the International Energy Agency (IEA), smart lighting systems can reduce energy consumption by 35%. Moreover, as conventional lights account for around 5% of the greenhouse gas emissions, the growing adoption of LEDs is propelling the Saudi Arabian lighting market.
Key Findings of Saudi Arabia Lighting Market Report ? Fixtures contributed the higher revenue to the Saudi Arabian lighting market in the past, under the component segment, due to their low maintenance costs and improved performance.
? Wireless lights are predicted to demonstrate the faster growth in the Saudi Arabian lighting market in the coming years, within the technology segment. These lights eliminate the requirement for wires, thereby facilitating the easy installation and removal of the lights from the system.
? Voice controls and other smart features in lighting products are trending in the kingdom, in part due to the government’s efforts to make the homes here smarter.
? Rampant construction under the Saudi Vision 2030 is one of the key factors driving the demand for lights. The government aims to reduce its dependence on oil and gas, which is why it is undertaking rampant infrastructure development in the industrial, corporate, tourism, education, and other sectors.
? Alfanar Group launched the latest collection of cables and wires, switch and junction boxes, distribution boards, switches and sockets, lighting products, and service boxes at the IEE Conference in April 2019.
The COVID-19 pandemic caused a sharp fall in the growth rate of the Saudi Arabian lighting market, with many manufacturing facilities and logistics organizations complaining of operational disruptions owing to the imposition of lockdowns and restrictions on the movement of people and goods. In addition, many industrial and commercial projects were postponed, thereby driving down the lighting demand.
Al Nasser Group, NVC International Holdings Limited, Huda Lighting, LEDVANCE GmbH, Al AbdulKarim Holding, Signify N.V., National Lighting Company, Alfanar Group, Zumtobel Group AG, OPPLE Lighting Co. Ltd., TRILUX GmbH & Co. KG, and CINMAR Lighting Systems are some of the major players in the Saudi Arabian lighting market.
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