KSA is planning its economy by dependency on oil sector and to expand other sectors by investing on projects like Red Sea and Neom projects to raise tourism sector. Under Vision 2030, the government planned to build 200 smart cities and 400 automated factories in Saudi Arabia. In addition, government further planned to invest USD 500 billion to build Neom city by 2030. These factors are expected to increase sales of Saudi Arabia LED lighting market. Saudi government is further focusing on energy conversation measures and implemented initiatives to decrease the electricity consumption. Rapid construction of smart cities and rising urbanization is further supporting the Saudi Arabian LED lighting market.
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LED lights are energy efficient with improved lighting durability and quality as compared to the traditional lights. This factor has increased the demand for LED lightings across end user industries in residential, commercial and industrial sectors in KSA. Increased awareness regarding the environmental benefits of LED lighting like reduce hazardous waste and carbon emissions among consumers is contributing towards the growth of the market. Moreover, technological advancement in the LED lights including improved effectiveness and developed color rendering, is further expected to attract more consumers and propel the Saudi Arabia LED lights market.
Based on installation, new installation of LED lights is projected to increase at the highest CAGR in the Saudi Arabian LED lights market due to the growing demand for highly energy efficient lighting systems in the commercial and residential sector in KSA. Based on application, indoor LED is widely adopted in the Saudi Arabia owing to the rising requirement for high-intensity discharge and fluorescent bulbs substitutes across residential and commercial places like shopping malls, supermarkets, and retail stores. For instance, Saudi government planned to build 1.5 million houses by 2030 to address the housing shortage in the country.