Egypt LED Lighting Market is projected to be worth USD 690.30 billion by 2033 and is anticipated to surge at a CAGR of 4.52%.
Using light-emitting diodes as a source of illumination is referred to as LED lighting. LED lights do not rely on heating a filament or gas to produce light, unlike conventional lighting technologies like incandescent bulbs and fluorescent lights. LEDs are more durable and energy-efficient since they transform electrical energy directly into light.
Egypt LED Lighting Market Driving Factors and Challenges
The main factors driving the market expansion in the nation are the rising demand for energy-efficient lighting systems and a sharp drop in the price of LEDs. The use of LED lighting systems is also being fuelled by rising urbanisation levels and the expansion of new modern housing developments. Additionally, as consumer living conditions in Egypt improve, higher-end home design items like table lamps, pendant lights, floor lights, etc. are becoming more and more expensive. Additionally, the market expansion in the nation is being fuelled by the expansion of LED lighting system installations in commercial spaces for reflectors, downlights, projectors, etc.
Additionally, LED lighting systems have replaced incandescent bulbs due to the adoption of supportive government policies for lowering carbon emissions. Additionally, to protect worker safety, the Egyptian government is constantly concentrating on standardisation programmes for good lighting in warehouses and mills, which is increasing the need for LED lights in the industrial sector. The government's increasing investments in order to reduce overall power consumption and peak power demand will continue to fuel the Egyptian market for LED lighting systems in the years to come.
However there are several challenges that limit the expansion of Egypt LED Lighting market. The market for LED lighting is filled with fake and subpar goods. These inferior goods might not meet the necessary quality requirements, which would result in subpar performance and shorter lifespans. The availability of such products may make customers sceptical and can hamper the market’s expansion. Additionally, rural areas have limited access to information and products whereas urban areas are seeing an increase in consumer knowledge of LED lighting. Market expansion in the respective regions may be hampered by a lack of knowledge and scarce distribution channels. Furthermore, Egypt's market for LED lighting is extremely competitive, with several local and foreign companies contending for market share. Price wars and margin pressure for manufacturers and distributors can result from fierce competition. All these factors are responsible for the market’s slowdown.
Impact of COVID-19 on Egypt LED Lighting Market
On the LED lighting market in Egypt, the COVID-19 epidemic has both positive and bad effects. Positively, the epidemic has raised awareness about the value of cleanliness and hygiene, which has led to a greater emphasis on well-lit environments. It has long been known that LED lighting has the power to produce excellent illumination while lowering the danger of contamination. The epidemic, however, has also led to a reduction in economic activity and a disruption in the supply chain, which have both hampered market expansion. Due to regulations and economic uncertainty, the building industry, which was a key driver of the LED lighting business, slowed down. Nevertheless, the LED lighting market is anticipated to rebound and see development as the economy improves and economic activity picks back up.
Egypt LED Lighting Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; 3Brothers For Lighting & Engineering, Aimex, Delta Egypt Lighting, EGREEN, EM-Electrical, Evergreen Solar Inc., Inter IKEA Systems B.V., Koninklijke Philips N.V, Siraj Lighting Company, Others.
Egypt LED Lighting Market Segmentation:
By Product Type: Based on the Product Type, Egypt LED Lighting Market is segmented as; LED Fixtures, LED Lamps and Modules, Luminaries.
By Application: Based on the Application, Egypt LED Lighting Market is segmented as; Commercial, Industrial, Residential, Others.
By End User: Based on the End User, Egypt LED Lighting Market is segmented as; Indoors, Outdoors.
By Region: This research also includes data for The Western Desert, The Eastern Desert, The Sinai Peninsula, The Nile Valley and the Delta.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.