Dublin, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The "Saudi Arabia Lighting Market Research Report: By Component, Technology, Application - Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
Some of the Major Players in the Saudi Arabian Lighting Market
- Al Nasser Group
- LEDVANCE GmbH
- Alfanar Group
- NVC International Holdings Limited
- OPPLE Lighting Co. Ltd.
- CINMAR Lighting Systems
- Huda Lighting
- Al AbdulKarim Holding
- Zumtobel Group AG
- Signify N.V.
- TRILUX GmbH & Co. KG
- National Lighting Company
Market Indicators
- GDP Growth and Forecast
- Megaprojects in Saudi Arabia
- Growing Smart Home Penetration
- Smart Household Technology Penetration
Market Dynamics
Trends
- Integration of voice control features and adoption of smart lighting systems
- Emergence of LaaS
- Coming closer of lighting industry to electronics industry
Drivers
- Rising adoption of LEDs
- Increasing trend of smart homes, along with customization benefits
- Declining price of LEDs
- Development of smart cities and upcoming mega projects
- Impact analysis of drivers on market forecast
Restraints
- Design challenges with LEDs
- Lack of standards and the associated interoperability issues
- Impact analysis of restraints on market forecast
Impact of COVID-19
Porter's Five Forces Analysis
Market Segments
By Component
- Fixture
- CFL
- LED
- OLED
- HID
- Plasma
- Control
- Sensors
- Microprocessors & controllers
- Dimmers & switches
- Wireless transmitters & receivers
- Ballasts & LED drivers
By Technology
- Wired
- BACnet
- DALI
- PLC
- Proprietary control
- Others
- Wireless
- EnOcean
- ZigBee
- Bluetooth
- Wi-Fi
- RF
- Others
By Application
- Residential
- Commercial
- Industrial
- Outdoor
- Automotive
For more information about this report visit https://www.researchandmarkets.com/r/86fp4v
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