The Middle East (MEA) 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 by analysts 6Wresearch, which was released ahead of the Light Middle East exhibition last month. 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 a compound annual growth rate of 10.3% 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 6Wresearch said rising penetration of the energy-efficient LED in countries such as the UAE has provided the added impetus, while recovering oil prices, stabilization 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 lighting 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.
To investigate this upswing in the lighting sector, Commercial Interior Design speaks to the experts about the trends driving the booming sector.
Other Key Reports Available:
Media Courtesy : Commercial Interior Design