New report released before Light Middle East 2021 in Dubai says annual revenue to rise to $US6.5 billion by 2027
The Middle East lighting fixtures market, which grew by five percent annually between 2021 and 2027, is preparing for a post-Covid recovery, according to a new report released ahead of the region's leading lighting, design and technology fair and conference in Dubai this month.
The September 2021 report by global research company Research and Markets said revenues from the region's lighting fixtures market will reach USD 6.5 billion in 2027, compared to $US5 billion in 2020.
According to the report, Saudi Arabia accounted for 29 percent (US$1.45 billion) of the Middle East market in 2020, while the UAE accounted for 15 percent (US$750 million). Despite closing 2019 with USD 5.2 billion due to Covid-19 quarantines and suspension of economic activity, the devaluation was high in 2020. If the steady rise continues with the movement in the region, it is projected to be over USD 5.1 billion in 2022.
Dishan Isaac, Senior Show Manager at Light Middle East , said: "The Middle East's growing construction market, government investment initiatives and the ongoing transition from traditional lighting to more technical Lighting are all the driving force of the regional lighting fixtures market.
"Regionally, we are seeing a lot of demand for industrial investments, along with commercial, retail and accommodation, while education and health will attract a lot of investment in the coming years.
"Serving regional lighting designers, Light Middle East serves as an important conduit for the flow of information about the benefits of the latest technological innovations driving change in the industry."
Major regional projects such as Dubai's Mohamed Bin Rashid City (US$21 billion), Dubai Land Mixed Use Development (US$71 billion) and Dubai South Mixed Use Development ($4.5 BILLION) as well as Saudi Arabia's $500 billion mega-project NEOM are important for lighting suppliers in the coming years.
Dozens of small-scale projects are underway, with the construction of at least nine skyscraper hotels due to be completed by 2025, including the UAE's thriving hospitality sector, the Dubai Marriot Hotel Citywalk and Dubai's Golden Tulip Deira; and Nobu Hotel, Shangri-La Hotel and Viceroy Hotels, Resorts &Residences in Abu Dhabi, capital of the UAE.
