The Middle East lighting fixtures market is poised for a double-digit growth curve, with revenues set to hit US$8.7 billion by 2024, according to a new report.
The region's lighting industry, valued at US$4.4 billion in 2017, has been predicted to grow substantially on the back of a resurgent construction sector, and industrial and manufacturing investments.
Regional lighting fixtures revenues are expected to grow at compound annual growth rate of 10.3 per cent up to 2024, as the market rebounds after several years of stalled growth due to delayed projects and tightening expenditures.
A July 2018 report by analysts 6Wresearch said rising penetration of the energy-efficient LED in countries such as the UAE has provided added impetus, while recovering oil prices, stabilisation of consumer purchasing power, and expansion of the construction, industrial, and manufacturing sectors will stimulate growth.
Saudi Arabia held the lion's share of the Middle East And Africa (MEA) LED Lighting And Fixtures Market in 2017, with a 30% stake (US$1.32 billion) according to the report, while the UAE captured a 13% share (US$572 million).
Industrial and commercial lighting accounted for a combined 70% of the market last year, with high demand witnessed by office space, shopping malls, showrooms and retail outlets, along with education and healthcare sectors. Outdoor lighting meanwhile comprised 20% of the market.
6Wresearch's report was released ahead of the Light Middle East trade fair, which takes place from 23-25 September, 2018, at the Dubai International Convention and Exhibition Centre. The annual three-day event is the region's premier exhibition, conference, and awards for the lighting design and technology industries. In its 13th edition this year, it will feature more than 340 exhibitors from 25 countries.
Light Middle East 2018 will feature country pavilions from Spain, Turkey, France, UK, and Italy, while a German-government supported pavilion will also make its appearance for the first time. New to the show floor in 2018 are sections on Light & Design, dedicated to decorative lighting targeting interior designers, and Smart & Connected Lighting, where the spotlight will shine on home and building automation.
Returning exhibitors include Decolight, Emirates Lighting Factory, Faro Barcelona, GVA Lighting, Linea Light, Luceco, Martin Professional, Pan, Sylvania, and 3S International.
Debut exhibitors are headed by UAE companies ATL Electricals, Plus Light Tech, and Ledvance Middle East and Italy's Electron, Threeline from Spain, Legero from India, and Austria's Aspoeck systems.
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Media Courtesy : Design MENA