GCC LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
The GCC LED lighting market size reached US$ 784.3 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 1,531.6 Million by 2028, exhibiting a growth rate (CAGR) of 12.7% during 2023-2028. The increasing awareness among individuals about using green products, favorable government initiatives, and rising application in commercial places represent some of the key factors driving the market.
Light emitting diode (LED) lighting refers to an electrical device that produces light more efficiently as compared to conventional light bulbs. It relies on an electrical current that passes through a microchip, which illuminates the tiny sources and causes visible light. It is widely available in different shapes, sizes, colors, designs, and capacities and is environmentally friendly. It is cost-effective, versatile, highly durable, does not burn out or fail easily and has an increased life span. It prevents overheating and emits light in one direction that reduces the need for reflectors and diffusers. It assists in reducing electricity consumption and greenhouse gas (GHG) emissions in the environment. Besides this, as it aids in emitting little heat compared to incandescent bulbs and compact fluorescent lamps (CFLs), the demand for LED lighting is rising in the GCC region.
GCC LED Lighting Market Trends:
At present, the increasing awareness among individuals about using green products represents one of the major factors influencing the market positively in the GCC region. Moreover, the rising infrastructural development, along with rapid urbanization, is strengthening the growth of the market. Apart from this, the growing utilization of LED lighting in commercial places, such as malls, supermarkets, hypermarkets, stadiums, bridges, and roads, is offering a positive market outlook. Additionally, the rising demand for safe, inexpensive, and reliable electrical solutions among the masses is offering lucrative growth opportunities to industry investors in the region. In line with this, the increasing utilization of LED lighting in the automotive sector to produce headlights, fog lights, turn signals, and interior lighting is impelling the market growth. Besides this, governing agencies in the GCC region are encouraging the adoption of LED lighting, as they are energy-efficient solutions and have a lower carbon footprint in the environment. In addition, the wide availability of LED lighting through various distribution channels, such as supermarkets, hypermarkets, and specialty and online stores in the region, is bolstering the growth of the market. Furthermore, the introduction of smart LED lighting that allows consumers to control the functioning of light through voice commands and provide color change and temperature control functions is contributing to the growth of the market in the GCC region.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the GCC LED lighting market report, along with forecasts at the regional and country level from 2023-2028. Our report has categorized the market based on product type, application, import and domestic manufacturing, public and private sectors, and outdoor and indoor application.
Product Type Insights::
The report has provided a detailed breakup and analysis of the GCC LED lighting market based on the product type. This includes panel lights, down lights, street lights, and others. According to the report, panel lights represented the largest segment.
A detailed breakup and analysis of the GCC LED lighting market based on the application has also been provided in the report. This includes residential, commercial, industrial, and others. According to the report, commercial accounted for the largest market share.
Imports and Domestic Manufacturing Insights:
A detailed breakup and analysis of the GCC LED lighting market based on the imports and domestic manufacturing has also been provided in the report. This includes imports and domestic manufacturing.
Public and Private Sector Insights:
A detailed breakup and analysis of the GCC LED lighting market based on the public and private sector has also been provided in the report. This includes public sector and private sector. According to the report, private sector accounted for the largest market share.
Indoor and Outdoor Application Insights:
A detailed breakup and analysis of the GCC LED lighting market based on the indoor and outdoor segment has also been provided in the report. This includes indoor and outdoor.
The report has also provided a comprehensive analysis of all the major regional markets, which include Saudi Arabia, UAE, and Others (Qatar, Oman, Kuwait, and Bahrain). According to the report, Saudi Arabia was the largest market for GCC LED lighting. Some of the factors driving the Saudi Arabia GCC LED lighting market included the growing construction industry, increasing demand for energy-efficient lighting, favorable government initiatives about energy conservation, etc.
The report has also provided a comprehensive analysis of the competitive landscape in the GCC LED lighting market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Key Questions Answered in This Report
1. What was the size of the GCC LED lighting market in 2022?
2. What is the expected growth rate of the GCC LED lighting market during 2023-2028?
3. What has been the impact of COVID-19 on the GCC LED lighting market?
4. What are the key factors driving the GCC LED lighting market?
5. What is the breakup of the GCC LED lighting market based on the product type?
6. What is the breakup of the GCC LED lighting market based on the application?
7. What are the key regions in the GCC LED lighting market?