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IndexBox has just published a new report: GCC – Solar Cells and Light-Emitting Diodes – Market Analysis, Forecast, Size, Trends and Insights.
The article provides a comprehensive analysis of the solar cells and light-emitting diodes (LEDs) market in the Gulf Cooperation Council (GCC) region. It details that despite a significant consumption decline in 2024 to 160M units ($3.5B value), the long-term forecast from 2024-2035 is positive, with volume expected to grow at a 6.0% CAGR to 304M units and value at a 4.6% CAGR to $5.8B. Oman dominates both consumption and production, accounting for the vast majority of the region’s output. Imports fell sharply in 2024, but the United Arab Emirates remains the largest importer by volume. Export volumes are relatively small but have high unit values, with Oman commanding the highest export price. The analysis includes country-level breakdowns for consumption, production, imports, and exports, highlighting Oman’s market leadership and the varied growth trajectories across GCC nations.
Key Findings
Driven by increasing demand for solar cells and light-emitting diodes in GCC, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +6.0% for the period from 2024 to 2035, which is projected to bring the market volume to 304M units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +4.6% for the period from 2024 to 2035, which is projected to bring the market value to $5.8B (in nominal wholesale prices) by the end of 2035.
In 2024, consumption of solar cells and light-emitting diodes decreased by -67% to 160M units, falling for the second year in a row after two years of growth. Overall, consumption, however, recorded perceptible growth. As a result, consumption attained the peak volume of 634M units. From 2023 to 2024, the growth of the consumption failed to regain momentum.
The size of the market for solar cells and light-emitting diodes in GCC declined to $3.5B in 2024, reducing by -10.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, consumption, however, enjoyed prominent growth. Over the period under review, the market attained the maximum level at $4B in 2023, and then fell in the following year.
The countries with the highest volumes of consumption in 2024 were Oman (94M units), the United Arab Emirates (60M units) and Saudi Arabia (5.4M units), together accounting for 99% of total consumption.
From 2013 to 2024, the biggest increases were recorded for Oman (with a CAGR of +7.2%), while consumption for the other leaders experienced mixed trends in the consumption figures.
In value terms, Oman ($3.2B) led the market, alone. The second position in the ranking was held by the United Arab Emirates ($265M).
In Oman, the solar cells and light-emitting diodes market expanded at an average annual rate of +13.0% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: the United Arab Emirates (+2.2% per year) and Saudi Arabia (-3.4% per year).
In Oman, solar cells and light-emitting diodes per capita consumption increased at an average annual rate of +3.6% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United Arab Emirates (+1.1% per year) and Saudi Arabia (-5.2% per year).
In 2024, the amount of solar cells and light-emitting diodes produced in GCC reached 92M units, picking up by 11% compared with the year before. The total production indicated a prominent expansion from 2013 to 2024: its volume increased at an average annual rate of +7.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production increased by +61.8% against 2020 indices. The pace of growth appeared the most rapid in 2022 when the production volume increased by 14%. Over the period under review, production reached the peak volume in 2024 and is expected to retain growth in the near future.
In value terms, solar cells and light-emitting diodes production soared to $3.6B in 2024 estimated in export price. In general, production showed a strong expansion. The most prominent rate of growth was recorded in 2023 when the production volume increased by 71% against the previous year. Over the period under review, production reached the maximum level in 2024 and is expected to retain growth in the near future.
Oman (92M units) remains the largest solar cells and light-emitting diodes producing country in GCC, accounting for 100% of total volume.
From 2013 to 2024, the average annual rate of growth in terms of volume in Oman amounted to +7.0%.
In 2024, supplies from abroad of solar cells and light-emitting diodes decreased by -82.9% to 69M units, falling for the second year in a row after two years of growth. Overall, imports, however, posted slight growth. The pace of growth appeared the most rapid in 2022 when imports increased by 152% against the previous year. As a result, imports reached the peak of 563M units. From 2023 to 2024, the growth of imports remained at a somewhat lower figure.
In value terms, solar cells and light-emitting diodes imports contracted notably to $373M in 2024. Over the period under review, imports, however, enjoyed prominent growth. The pace of growth was the most pronounced in 2015 when imports increased by 111%. Over the period under review, imports hit record highs at $881M in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.
The United Arab Emirates dominates imports structure, finishing at 60M units, which was approx. 87% of total imports in 2024. It was distantly followed by Saudi Arabia (5.4M units), constituting a 7.9% share of total imports. Oman (2M units) followed a long way behind the leaders.
From 2013 to 2024, average annual rates of growth with regard to solar cells and light-emitting diodes imports into the United Arab Emirates stood at +1.7%. At the same time, Oman (+23.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +23.2% from 2013-2024. By contrast, Saudi Arabia (-3.4%) illustrated a downward trend over the same period. Oman (+2.6 p.p.) significantly strengthened its position in terms of the total imports, while Saudi Arabia saw its share reduced by -5.8% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the United Arab Emirates ($118M), Oman ($65M) and Saudi Arabia ($14M) were the countries with the highest levels of imports in 2024, with a combined 53% share of total imports.
Oman, with a CAGR of +33.3%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.
In 2024, the import price in GCC amounted to $5.4 per unit, surging by 167% against the previous year. Overall, the import price saw a prominent increase. The most prominent rate of growth was recorded in 2014 when the import price increased by 616%. The level of import peaked at $9.8 per unit in 2016; however, from 2017 to 2024, import prices stood at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($32 per unit), while the United Arab Emirates ($2 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Oman (+8.2%), while the other leaders experienced mixed trends in the import price figures.
Solar cells and light-emitting diodes exports reduced rapidly to 879K units in 2024, waning by -33% on the year before. Overall, exports saw a deep setback. The growth pace was the most rapid in 2021 with an increase of 103% against the previous year. Over the period under review, the exports hit record highs at 3.6M units in 2014; however, from 2015 to 2024, the exports stood at a somewhat lower figure.
In value terms, solar cells and light-emitting diodes exports contracted rapidly to $26M in 2024. Over the period under review, exports showed a slight descent. The most prominent rate of growth was recorded in 2014 when exports increased by 118% against the previous year. The level of export peaked at $75M in 2018; however, from 2019 to 2024, the exports remained at a lower figure.
The United Arab Emirates was the main exporting country with an export of about 619K units, which reached 70% of total exports. It was distantly followed by Bahrain (176K units) and Oman (71K units), together creating a 28% share of total exports.
Exports from the United Arab Emirates decreased at an average annual rate of -10.9% from 2013 to 2024. At the same time, Bahrain (+69.5%) and Oman (+25.3%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of +69.5% from 2013-2024. Bahrain (+20 p.p.) and Oman (+7.9 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -29.2% from 2013 to 2024, respectively.
In value terms, the United Arab Emirates ($15M) remains the largest solar cells and light-emitting diodes supplier in GCC, comprising 57% of total exports. The second position in the ranking was taken by Oman ($6.6M), with a 25% share of total exports.
From 2013 to 2024, the average annual rate of growth in terms of value in the United Arab Emirates stood at -6.1%. In the other countries, the average annual rates were as follows: Oman (+68.6% per year) and Bahrain (+41.9% per year).
In 2024, the export price in GCC amounted to $30 per unit, rising by 21% against the previous year. Export price indicated a resilient increase from 2013 to 2024: its price increased at an average annual rate of +7.4% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, solar cells and light-emitting diodes export price increased by +107.9% against 2021 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 46%. The level of export peaked in 2024 and is likely to see steady growth in the near future.
There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Oman ($92 per unit), while Bahrain ($13 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Oman (+34.5%), while the other leaders experienced mixed trends in the export price figures.
Source: IndexBox Market Intelligence Platform
This report provides a comprehensive view of the solar cells and light-emitting diodes industry in GCC, tracking demand, supply, and trade flows across the regional value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between exporters and importers within GCC. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the solar cells and light-emitting diodes landscape in GCC.
The report combines market sizing with trade intelligence and price analytics for GCC. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts across countries and sub-regions.
For the regional report, country profiles provide a consistent view of market size, trade balance, prices, and per-capita indicators across GCC. The profiles highlight the largest consuming and producing markets and allow direct benchmarking across peers.
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
The forecast horizon extends to 2035 and is based on a structured model that links solar cells and light-emitting diodes demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts within GCC.
Each country projection is built from its own historical pattern and the regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of solar cells and light-emitting diodes dynamics in GCC.
The market size aggregates consumption and trade data at country and sub-regional levels, presented in both value and volume terms.
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
The report provides profiles for the largest consuming and producing countries in GCC.
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
Making Data-Driven Decisions to Grow Your Business
A Quick Overview of Market Performance
Understanding the Current State of The Market and its Prospects
Finding New Products to Diversify Your Business
Choosing the Best Countries to Establish Your Sustainable Supply Chain
Choosing the Best Countries to Boost Your Export
The Latest Trends and Insights into The Industry
The Largest Import Supplying Countries
The Largest Destinations for Exports
The Largest Producers on The Market and Their Profiles
The Largest Markets And Their Profiles
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