(MENAFN- iCrowdNewsWire) The new report by Expert Market Research titled, 'Saudi Arabia Lighting Market Report and Forecast 2021-2026', gives an in-depth analysis of the saudi arabia lighting market , assessing the market based on its segments like type, end use, and distribution channel. 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.
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The key highlights of the report include:
Market Overview (2016-2026)
- Forecast CAGR (2021-2026): 17%
- Forecast Market Size (2026): USD 2 Billion
Due to increased urbanisation and the real estate sector's rapid expansion, lighting is in great demand in Saudi Arabia. The rising need for energy-efficient lighting solutions as a result of rising environmental concerns and fast industrialisation is one of the primary drivers driving the Saudi Arabia lighting sector. The Saudi government is also emphasising the adoption of smart lighting systems to balance rising energy consumption while lowering operational costs, thereby strengthening the country's smart lighting industry. The most popular product category is LED lights.
Significant advancements in public and private infrastructure, as well as government efforts to promote LED adoption, are driving demand for LED lights . To stimulate the use of LED lamps, the Saudi Arabian government has implemented worldwide energy quality laws and increased duties on incandescent and compact fluorescent light imports.
Industry Definition and Major Segments
Lighting is the usage or arrangement of lights in a space, shopping centre, roadway, or other site with the goal of achieving functional or aesthetic results. Various types of artificial light sources, such as lamps and light fixtures, are abundant in the industry.
The market is divided on the basis of lighting type into:
In terms of end use, the market is segmented into:
The market is segregated based on distribution channel into:
- Supermarkets and Hypermarkets
- Convenience Stores
- Specialty Stores
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Various government programmes aiming at creating remarkable infrastructure would result in the creation of new smart cities in Saudi Arabia, which will raise lighting demand over the projection period. The Saudi Arabian government, for example, is creating smart lighting networks for several municipalities, including the Makkah and Riyadh Metro systems, as well as the extension of the King Abdulaziz International Airport in the future years, as part of the Saudi Arabia Megaproject Vision 2030. The transformation is being fueled by a growing emphasis on energy conservation and the need to cut down on excessive electricity usage. Furthermore, growing LED penetration, decreasing illumination kit costs, and technology advances such as dynamic lighting, customisable white light, and wireless control systems are fueling market growth. Also being tested are street lighting control schemes, as well as intelligent street lighting and integrated lighting solutions that use remote tracking. In addition, the Saudi Arabia lighting sector is predicted to be propelled in the next years by growing use of the Internet of Things, indoor lighting automation,“Li-fi,” and Lighting-as Service.
Key Market Players
The major players in the market are Signify Holding, Al Nasser Group, National Lighting Company, HEBA Lighting, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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