GURUGRAM, India, July 2, 2019 /PRNewswire/ --

• The market is expected to underscore growth in revenue of luminaires at a CAGR of close to 10% while the outdoor LED consumption will grow at a CAGR of close to 11% during 2018-2023. The market will witness decrease in the share of project sales while the share of retail sales will increase at a CAGR of Close to 12% during the forecast period.
• Residential sector is expected to grow tremendously registering a CAGR of close to 14% while Healthcare would grow at a lowest CAGR of 3% during 2018-2023. Construction of new housing development projects and upcoming projects of smart cities in the country would drive growth.
• The rise in awareness for sustainable usage of resources and towards usage of environment friendly electrical products would be seen in the future.

Growth in End User Sectors, Upcoming Government Initiatives for Lighting Standards and rising functionality of Lighting: The construction industry in Saudi Arabia is valued at more than USD 33 Billion in 2017 and is expected to grow at a rate of 7% per annum during next few years. Government initiative for building world class infrastructure would lead to the development of new smart cities across different regions in Saudi Arabia. GCC is becoming global centre with events such as Qatar FIFA World Cup, Dubai Expo and others which will lead to growth in end user industries. Government has made changes in the regulations regarding the availability of lighting products with new energy efficiency standards. These are expected to decline market growth initially however it is estimated that the market for LED lights will boost eventually. Government's effort for replacing the present lighting infrastructure with new innovative LED lighting fixtures would facilitate market growth. Numerous companies are expected to launch advance technological LED lighting products in the market in the next 5 years. The integration of various lighting technological hardware with software has resulted in products such as Motion Sensory Lighting products, IOT based lighting products and Lighting as a Service (L.a.a.S.). This has increased the usage and output derived from the LED lighting products.

Analysts at Ken Research in their latest publication "Saudi Arabia LED Lighting Market Outlook to 2023- By Type of LEDs (Lamps and Luminaires), By Usage (Indoor and Outdoor), By Sector (Commercial, Residential, Industrial, Healthcare, Hospitality and others), By Region, By Sales (Project and Retail)" suggests that the key growth is in development of the construction space in the residential and commercial sector. This would lead the market to grow registering a CAGR close to 9% during the year 2019-2023.

Key Segments Covered

By Type of LEDs (On the Basis of Sales Revenue)

• LED Luminaires
• Downlights
• Linear Lights
• Flood Lights
• High Bay
• Other Luminaires
• LED Lamps

By Usage of LEDs (On the Basis of Sales Revenue)

• Indoor
• Outdoor
• Street Lighting
• Building Exteriors/ Façade Lighting
• Parking Lots and Garages
• Others

By End User Sector (On the Basis of Sales Revenue)

• Commercial
• Residential
• Industrial
• Healthcare
• Hospitality
• Others

By End User Sector (On the Basis of Sales Revenue)

• Central
• Eastern
• Western
• North and South

By Type of Sales (On the Basis of Sales Revenue)

• Project
• Retail

Key Target Audience

• Existing LED Lighting Manufacturers in Saudi Arabia
• New Market Entrants- Domestic OEMs
• New Market Entrants- Foreign OEMs
• Real Estate Companies
• Government Bodies
• Investors & Venture Capital Firms
• Lighting Equipment Manufacturers and Importers
• LED Lighting Retail Chains
• Lighting Equipment Distributors
• Lighting Equipment Associations

Time Period Captured in the Report:

• 2013-2018 – Historical Period
• 2013-2023 – Future Forecast

Companies Covered:

• Philips Saudi Lighting Company
• Al Nasser Group, National Lighting Company
• Cooper Lighting (Eaton)
• Zumtobel Lighting Saudi Arabia
• Osram/Ledvance
• Al Fanar Company Ltd
• Zubair Electric Group/ Spectra Lighting & Power Solutions LLC
• Cinmar Lighting Systems
• Huda Lighting
• Al AbdulKarim Trading Company

Key Topics Covered in the Reports

• Overview and Genesis For the Saudi Arabia LED Lighting Market
• Cross-Comparison of Saudi Arabia LED lighting Market with other Middle East nations
• Saudi Arabia LED Lighting Market Value Chain Analysis
• Major Entities Involved in Value Chain and their Strategies
• Saudi Arabia LED Lighting Market Size, 2013-2018, By Sales Value
• Saudi Arabia LED Lighting Market Segmentation, By Type of LEDs
• Saudi Arabia LED Lighting Market Segmentation, By Usage
• Saudi Arabia LED Lighting Market Segmentation, By Sector
• Saudi Arabia LED Lighting Market Segmentation, By Region
• Saudi Arabia LED Lighting Market Segmentation, By Sales
• Cost Analysis/ Cost Component for LED Lighting in the Saudi Arabia Market
• Decision Making Process Before Purchasing LED Lighting in the  Saudi Arabia Market
• Trends and Developments in the Saudi Arabia LED Lighting Market
• Issues and Challenges in Saudi Arabia LED Lighting Market
• SWOT Analysis for the Saudi Arabia  LED Lighting Market
• Recent Technologies in Saudi Arabia LED Lighting Market
• Manufacturing Clusters for LED and Component Manufacturers in the Saudi Arabia
• Government Initiatives and Regulations in the Saudi Arabia LED Lighting Market
• Market shares of major players in Saudi Arabia Lighting Market
• Competitive Scenario in Saudi Arabia LED Lighting Market
• Competitive Landscape of Major Players in Saudi Arabia LED Lighting Market
• Saudi Arabia LED Lighting Market Future Outlook and Projections, By Revenues, 2019-2023
• Saudi Arabia LED Lighting Market Future Outlook and Projections, By upcoming Technologies in the Lighting Market
• Analyst Recommendations

For more information on the market research report please refer to the link below:

https://www.kenresearch.com/consumer-products-and-retail/consumer-electronics/saudi-arabia-led-lighting-market/214915-95.html

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The LED market has emerged as one of the fastest growing industries in India. This industry has been majorly driven by factors such as falling prices of LED lights, increasing initiatives taken by the government and rising concerns with respect to energy conservation. LED market in India, which is hugely driven by increasing government initiatives, generated revenue to the tune of INR ~ million in FY'2014. The revenue generated by LED market in India has displayed a CAGR of 56.1% over the past 5 years.

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SOURCE Ken Research