Market Reports on Saudi Arabia Provides the Trending Market Research Report on “Saudi Arabia LED Light Market Report and Forecast 2021-2026”under Consumer Goods Market Research Reports Category. The Saudi Arabia LED Light Market is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.
Saudi Arabia LED Light Market to be Driven by the Growing Rate of Urbanisation in the Forecast Period of 2021-2026
The new report by EMR titled, ‘Saudi Arabia LED Light Market Report and Forecast 2021-2026’, gives an in-depth analysis of the Saudi Arabia LED light market, assessing the market based on its segments like types, applications, and sectors. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 80 billion (Global LED Lighting Market)
• Forecast CAGR (2021-2026): 14% (Global LED Lighting Market)
Saudi Arabia's government plans to reduce energy subsidies by 2020 in order to increase energy efficiency. The lack of subsidies is expected to result in higher electricity prices for companies and consumers. Thus, the overall demand for energy-efficient technology, goods, and services, such as LED lights, is expected to increase as a result of this initiative. Moreover, as urbanisation rates have risen, the number of smart city projects around the country has increased significantly. Three cities in Saudi Arabia will be built as smart cities, according to Vision 2030, the government's national development plan. This is expected to drive up the demand for high-quality LED lighting systems over the forecast period.
Industry Definition and Major Segments
An LED light, also known as an LED light bulb, is an electric light that uses light-emitting diodes to generate light. LED lights are more energy-efficient than equivalent incandescent lamps, and they can also outperform most fluorescent lamps.
The market based on type can be segmented into:
• Panel Lights
• Flood Lights
• Down Lights
• Street Lights
• Tube Lights
By application, the market is segmented into:
The industry can be bifurcated based on sector into:
Companies in Saudi Arabia have begun to introduce and adopt energy-efficient practises in order to promote sustainability in the country over the last few years. Saudi Amarco, the Saudi Arabian national petroleum and natural gas corporation, for example, intends to reduce energy usage in its transportation, homes, and communities by nearly 35% by 2020. Approximately 60,000 fluorescent lights were recently replaced with more energy-efficient LED lights throughout the firm's offices and facilities. These factors are expected to bolster the market growth of LED light in Saudi Arabia.
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