The Saudi Arabian lighting market value is expected to rise from $1,350.0 million in 2020 to $3,577.0 million by 2030, exhibiting a CAGR of 10.2% from 2020 to 2030, according to a new report.
The major factors fueling the expansion of the market are the surging use of LEDs, soaring popularity of smart homes, and launch of smart city projects.
Electricity consumption is expected to rise by over 50% in Saudi Arabia in the next two decades, thus massively pushing up the demand for energy-efficient lights. As per the International Energy Agency (IEA), smart lighting systems can reduce energy consumption by 35%.
Moreover, as conventional lights account for around 5% of the greenhouse gas emissions, the growing adoption of LEDs is propelling the Saudi Arabian lighting market.
The COVID-19 pandemic caused a sharp fall in the growth rate of the Saudi Arabian lighting market, with many manufacturing facilities and logistics organizations complaining of operational disruptions owing to the imposition of lockdowns and restrictions on the movement of people and goods.
