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This “Saudi Arabia Lighting Market Research Report: By Component, Technology, Application – Industry Analysis and Growth Forecast to 2030” report added to ResearchAndMarkets.com’s supply.
The Saudi Arabian lighting market value is expected to grow from USD 1.350 billion in 2020 to USD 3.577 billion in 2030, at a CAGR of 10.2% from 2020 to 2030.
The major factors driving the market expansion are the surge in the use of LEDs, the popularity of smart homes, and the initiation of smart city projects.
Electricity consumption in Saudi Arabia is expected to increase by more than 50% over the next two decades, driving up the demand for energy-saving lamps considerably. According to the International Energy Agency (IEA), smart lighting systems can reduce energy consumption by 35%.
Furthermore, the growing popularity of LEDs is driving the lighting market in Saudi Arabia as conventional lamps account for around 5% of greenhouse gas emissions.
The COVID-19 pandemic has led to a sharp drop in the growth rate of the Saudi Arabian lighting market, with many manufacturing facilities and logistics organizations complaining that due to the imposition of lockdowns and restrictions…
The full story is available on Benzinga.com
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