The GCC LED lighting market is currently witnessing a strong growth which can be attributed to factors such as growing environmental concerns, increasing infrastructural investments along with government initiatives focused on promoting the usage of efficient lighting systems.
IMARC Group’s new report titled, “GCC LED Lighting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, finds that the GCC LED Lighting Market has grown at a CAGR of around 21% during 2010–2017. With the modernisation of lighting technologies, the global lighting sector has witnessed various changes over the past few years. Light Emitting Diodes (LEDs) have emerged as one of the advanced lighting solutions. In the GCC region, in particular, the usage of LED lights has gained immense popularity. This can be attributed to their distinct properties as they are long lasting, shock-resistant, affordable, produce no UV radiations, facilitate easy digital control and have an aesthetic appeal. Apart from this, they also emit light in a specific direction, thereby, utilise light and energy in an efficient way. As compared to conventional lights such as incandescent and fluorescent lights which produce 12-15 lumens per watt, LED lights produce 40-50 lumens per watt, thus, have a better illuminating capacity.
Want more information about this market? Request a free report sample: https://www.imarcgroup.com/request?type=report&id=721&flag=B
Highlights of the GCC LED Lighting Market:
- Government initiatives promoting the use of green lighting products remain to be a major driving factor.
- Commercial sector represents the largest application area of LED lights, followed by industrial and residential sectors.
- Saudi Arabia dominates the GCC lighting market, followed by UAE.
The GCC LED lighting market is currently being driven by a number of factors. As a result of growing environmental concerns, governments in various GCC countries have encouraged the use of energy-efficient lighting solutions. For instance, in countries like UAE, government regulations which ban the sales of inefficient lighting technologies have ultimately augmented the demand for LED lighting products. Furthermore, retrofitting of existing buildings along with rising infrastructural investments in the Middle East region, particularly in the Gulf Cooperation Council (GCC) countries on account of upcoming events such as the Dubai Expo in 2020 and FIFA World Cup in 2022 are also expected to bolster the market growth. Some of the other growth inducing factors include rising population, increasing urbanisation and industrialisation rates, people’s inclination towards long-term benefits, diverse applications of LEDs, etc. According to the report, the market is further expected to reach a value of around SAR 3.4 Billion by 2023.
On the basis of product type, panel lights represent the most popular type of LED lights, accounting for the majority of the total market share. It is followed by down lights, street lights and others which include bulbs, tube lights, strips, flood Lights, high mast lights, spot lights, etc. Based on end-use, the commercial sector represents the largest end-use sector of LED lights, followed by industrial and residential sectors. On the basis of application, the majority of LED lights are used for indoor applications as compared to outdoor applications. On the basis of key regions, Saudi Arabia currently dominates the GCC LED lighting market, followed by UAE and Qatar. The GCC LED market is highly concentrated with the top three players being Philips, General Electric (GE) and Osram.
Browse Full Report: https://www.imarcgroup.com/gcc-led-lighting-market
The report by IMARC Group has examined the GCC LED Lighting Market on the basis of:
- LED Panel Lights
- LED Down Lights
- LED Street Lights
- LED Tube Lights
- LED Flood Lights
- LED Bulbs
- Saudi Arabia
- General Electric (GE)
Browse Related Report:
LED Street Light Market: https://www.imarcgroup.com/led-street-light-manufacturing-plant
LED Bulb Market: https://www.imarcgroup.com/led-bulb-manufacturing-plant
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter: @imarcglobal