Saudi Arabia Lighting Market Analysis by Trends, Size, Share, Growth Opportunities, and Emerging Technologies
As lights consume a predominant amount of electricity in the industrial, residential, and commercial sectors, Saudi Arabia is shifting toward energy-efficient lighting systems to deal with power shortages, owing to the rising electricity demand and depleting fossil fuel reserves. In an attempt to replace conventional lighting systems with energy-efficient solutions, the country is rapidly switching to light-emitting diodes (LEDs). The large-scale adoption of LED lighting units has resulted in a significant reduction in greenhouse gas (GHG) levels and prices of LEDs in Saudi Arabia.
Thus, the declining LED prices and rising preference for smart homes will help the Saudi Arabian lighting market demonstrate a notable CAGR of 10.2% during 200–2030. According to P&S Intelligence, the market was valued at $1,350.0 million in 2020 and it will generate $3,577.0 million revenue by 2030. The fast-paced adoption of smart home technologies can be attributed to the rapid deployment of security and access control systems and energy management systems and the implementation of numerous government plans aimed at increasing smart lighting and smart home penetration in the country.
Currently, the Saudi Arabian lighting market is dominated by Al AbdulKarim Holding, Alfanar Group, Al Nasser Group, CINMAR Lighting Systems, Huda Lighting, LEDVANCE GmbH, NVC International Holdings Limited, OPPLE Lighting Co. Ltd., TRILUX GmbH & Co. KG, and Zumtobel Group AG. Nowadays, these companies are introducing new products to reach out to a greater number of people in the country. For instance, in April 2019, Alfanar Group launched its latest collection of service boxes, switches and sockets, distribution boards, switch and junction boxes, lighting products, and cables and wires at the IEE Conference.
Get More Insights: Saudi Arabia Lighting Market Revenue Estimation and Growth Forecast Report
Therefore, the declining LED prices and growing preference for smart home technologies will facilitate the installation of lighting units in Saudi Arabia.
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