GCC LED Lighting Market Latest Report 2024-2032
BROOKLYN, NY, USA, February 21, 2024 /EINPresswire.com/ — According to IMARC Group, the GCC led lighting market size reached US$ 876.9 million in 2023. Looking forward, IMARC Group expects the market to reach US$ 2,174.9 million by 2032, exhibiting a growth rate (CAGR) of 10.3% during 2024-2032.
The report has segmented the market by product type (panel lights, down lights, streetlights, and others), application (residential, commercial, industrial, and others), import and domestic manufacturing (imports, domestic manufacturing), public and private sectors (public sector, private sector), outdoor and indoor application (indoor, outdoor), and region.
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Factors Affecting the Growth of the GCC LED Lighting Industry:
• Energy Efficiency and Cost Savings:
One of the primary drivers of growth in the GCC LED lighting market is the focus on energy efficiency and cost savings. LED lighting offers significant energy savings compared to traditional lighting technologies such as incandescent and fluorescent bulbs. LEDs consume less energy while providing higher luminous efficacy, resulting in lower electricity bills for consumers and businesses. With the rising cost of electricity and the GCC region’s commitment to sustainability and environmental conservation, there is a growing demand for energy-efficient lighting solutions. Governments across the GCC countries are implementing initiatives to promote energy efficiency, including regulations mandating the use of LED lighting in residential, commercial, and public infrastructure projects, thereby driving market growth.
• Infrastructure Development and Urbanization:
Infrastructure development and urbanization are significant drivers of growth in the GCC LED lighting market. With rapid urbanization and population growth across the region, there is a growing need for modern and efficient lighting solutions to illuminate streets, buildings, public spaces, and infrastructure projects. LED lighting offers advantages such as a longer lifespan, reduced maintenance costs, and better light quality, making it well-suited for urban and architectural lighting applications. Moreover, governments in the GCC are investing in smart city initiatives, which leverage LED lighting and IoT (Internet of Things) technologies to enhance urban living, improve safety, and optimize energy consumption, driving demand for advanced LED lighting solutions.
• Environmental Awareness and Sustainability:
Environmental awareness and sustainability considerations play a crucial role in driving the growth of the GCC LED lighting market. LEDs are environmentally friendly as they contain no hazardous substances such as mercury and emit fewer greenhouse gases compared to traditional lighting technologies. Additionally, LEDs can be easily recycled at the end of their lifespan, reducing landfill waste and environmental impact. With increasing concerns about climate change, resource depletion, and environmental pollution, there is a growing preference for sustainable lighting solutions among consumers, businesses, and governments in the GCC region. This trend is driving the adoption of LED lighting across various sectors, including residential, commercial, industrial, and outdoor lighting applications, contributing to market growth.
GCC LED Lighting Market Report Segmentation:
Breakup by Product Type:
• Panel Lights
• Down Lights
• Street Lights
• Others
Panel lights represent the largest product type segment in the market due to their versatility, energy efficiency, and widespread use in commercial, residential, and institutional settings, making them a popular choice among consumers and businesses in the GCC region.
Breakup by Application:
• Residential
• Commercial
• Industrial
• Others
The commercial is the largest application segment in the market as there is a high demand for LED lighting solutions in commercial spaces such as offices, retail stores, hotels, and restaurants, driven by the need for energy-efficient lighting, enhanced aesthetics, and compliance with building regulations.
Breakup by Import and Domestic Manufacturing:
• Imports
• Domestic Manufacturing
Based on import and domestic manufacturing, the market has been divided into imports and domestic manufacturing.
Breakup by Public and Private Sectors:
• Public Sector
• Private Sector
The private sector is the largest public and private sector segment in the market as private businesses, industries, and residential consumers account for a significant portion of LED lighting installations and investments in the GCC region, driven by factors such as cost savings, sustainability goals, and technological advancements.
Breakup by Outdoor and Indoor Applications:
• Indoor
• Outdoor
Based on outdoor and indoor applications, the market has been divided into indoor and outdoor.
Breakup by Country:
• Saudi Arabia
• UAE
• Others
o Qatar
o Oman
o Kuwait
o Bahrain
Saudi Arabia is the largest country in the market due to its large population, extensive infrastructure development projects, high urbanization rates, and government-led initiatives promoting energy efficiency and sustainability, creating a conducive environment for the growth of the LED lighting market within the country.
GCC LED Lighting Market Trends:
The widespread adoption of smart LED lighting solutions, leveraging IoT (Internet of Things) technology to enable remote control, automation, and energy management capabilities represents one of the key factors influencing the growth of the market across the GCC region. Additionally, there is a growing demand for human-centric lighting designs, which mimic natural daylight patterns to enhance well-being, productivity, and comfort in indoor environments. Furthermore, there is a rising interest in decorative and architectural LED lighting fixtures, driven by the region’s booming construction and hospitality sectors.
Moreover, there is a growing emphasis on sustainability and energy efficiency, leading to the adoption of LED lighting in outdoor and street lighting applications, as well as retrofit projects to replace traditional lighting technologies with eco-friendly alternatives.
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Other Key Points Covered in the Report:
• COVID-19 Impact
• Porters Five Forces Analysis
• Value Chain Analysis
• Strategic Recommendations
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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About Us
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.
Elena Anderson
IMARC Services Private Limited
+ +1 631-791-1145
email us here
Originally published at https://www.einpresswire.com/article/690431201/gcc-led-lighting-market-expected-to-hit-a-valuation-of-us-2-174-9-during-2024-2032
