IMARC Group’s latest study, titled “GCC LED Lighting Market – Industry Trends, Manufacturing Process, Plant Setup, Machinery, Raw Materials, Cost and Revenue”, provides an in-depth analysis of the GCC LED Lighting Market. According to the report, this market has witnessed a strong growth over the past few years reaching a value of around SAR 973 Million in 2015 and exhibiting a CAGR of nearly 20% during 2008-2015. The market is further projected to exhibit a CAGR of around 17% reaching a value of SAR 2,587 Million during 2016-2021.
The current and future growth of this market can be attributed to various factors. As LED lights offer numerous advantages over conventional lighting systems in terms of functionality, energy consumption and environmental impact, they are increasingly being used in retrofitting and in new green building projects. This trend has further been helped by the legislations made by governments of GCC countries mandating the use of energy efficient lighting systems. For instance, the UAE government has put a ban on the import and sales of incandescent bulbs. Furthermore, the increasing infrastructure investments in the region as a result of the rising population and upcoming events such as the FIFA World Cup in 2022 and the Dubai Expo in 2020 are further expected to increase the demand for LED lights in the region.
The report has segmented the market on the basis of product type. Currently, panel lights represent the most popular type of LED lights accounting for the majority of the total market share. Panel lights are followed by down lights and street lights. On the basis of end-use, the report finds that the majority of LED lights are used in the commercial segment. It is followed by the industrial and residential segments. The report also finds that the majority of the LED lights are used for indoor applications as opposed to outdoor applications which account for a rather small share.
The report has also segmented the market on the basis of region. Saudi Arabia currently represents the largest market for LED lights in the GCC region. At present, the growth of the market in this region can be attributed to rising demand for LED lighting products in the commercial, hospitality, decorative and outdoor lighting segments. Saudi Arabia is followed by UAE and Qatar. On analysing the competitive landscape of the market, the report finds that majority of the LED lights are imported and only a small share of the demand is met by domestic players. Some of the key manufacturers of LED lights operating in this market include Philips, General Electric (GE) and Osram.
The report provides a techno-commercial roadmap for setting up an LED manufacturing plant in the GCC region. The study covers all the essential aspects of the GCC LED market. This ranges from a comprehensive overview of the market to minute details of the industry performance, manufacturing requirements, project cost, project funding, project economics including expected returns on investment, profit margins, etc. This report is a must-read for entrepreneurs, investors, researchers, consultants, business strategists, and all those who have any kind of stake or are planning to foray into the GCC LED industry in any manner.
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