India LED Lighting Market to Grow at a High CAGR Until 2028
Increasing demand for
sustainability and rise in construction activities are expected to increase the
growth of LED Lighting Market during the forecast period of 2024-2028.
According to TechSci Research
report, “India LED Lighting Market – By Region,
Competition Forecast & Opportunities, 2018-2028, the India LED Lighting
Market is anticipated to register a robust growth during the forecast period,
2024-2028”
due to the increasing importance placed on environmental sustainability. One of
the most significant implementation goals, for a long time, has been energy
conservation. To the benefit, using LED lighting significantly increases energy
savings.
The Indian government has
created effective energy efficiency efforts in recent years, with the goal of
creating a market for energy services. For instance, the UJALA and LED Street
Lighting National Program was announced by the Indian Ministry of India, in
January 2020, as having installed approximately 361.3 million LED bulbs across
the country and 10.3 million smart LED streetlights, saving a projected 6.97
billion kWh annually. The International Energy Agency (IEA), along with the
federal and state governments provides ample of opportunities to gain universal
acceptance of energy-saving policies in the public sector.
The Indian LED lighting
industry is expanding quickly and is expected to do so in the long run as
consumer demand for energy-efficient products and smart lifestyles increase.
The drive for this shift comes from the government’s ambitious energy-saving
aim. In India, though the emergence of smart home assistants and internet
penetration has been significant, the smart LED lighting is still in its
infancy stage. Customers are increasingly expressing interest in smart lighting
alternatives that provide convenience and improved aesthetics, whether they are
upgrading or creating new homes. Consequently, this will give customers more
alternatives for smart LED lighting when constructing their houses.
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India LED
Lighting Market is segmented into by type, by application, by end user
sector and by region. Based on Type,
the LED light bulbs and lamps are expected to be dominant in the India LED
Lighting Market, owing to the residential sector's growing usage of LED light
bulbs and lamps. In comparison to alternative options like incandescent lights
and CFLs, LED light bulbs and lamps provide advantages like improved energy
efficiency and high stability. They are also available in a variety of forms.
The government's strategy for increasing LED awareness among consumers to
reduce/manage energy usage is another element that is anticipated to boost the
target market's expansion.
On the basis of
End User sector, Commercial segment is expected to dominate the India LED
Lighting Market because of the significant growth of India real estate industry.
It is expected to increase to USD 1 trillion in 2030 from USD 200 million, in
2021. At the same time, the digital economy and e-commerce attributed to the
demand for coworking office spaces, smart warehousing and logistics hubs, which
has augmented the demand for LED lighting in the commercial sector, all across
India. Moreover, key retailers are now using LED lights to improve their
customer experience which is driving the sales of LED lights. Hence, LED lights
are not only restricted to residential sector, but also being adopted by the
commercial application areas.
Major
market players operating in the India LED Lighting Market are:
- Surya Roshni Ltd.
- Havells India Limited
- Shree Sant Kripa
Appliances Pvt. Ltd
- OSRAM India Private
Limited
- Crompton Greaves
Consumer Electricals LTD
- Halonix Technologies
Limited
- Panasonic India Pvt.
Ltd.
- GE Lighting India Pvt.
Ltd.
- Bajaj Electricals
Limited
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“Over the next five to ten
years, India offers a huge potential market for the adoption of LED lighting
solutions. Given that India is one of the biggest lighting markets, there is a
lucrative opportunity for LED producers to set up shop there. Skilled
workforce, ease of doing business, and demographic advantages all contribute to
the creation of a sustainable environment for the LED industry. The demand for
LED lights in India is also projected to be fueled by rising infrastructure
spending, a rapid development of street lighting systems, a decline in the
average price of LEDs, as well as other government and upcoming smart building
programmes.”, said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based India management consulting firm.
“India
LED Lighting
Market By Type (LED Bulbs & Lamps, Batten Lights, Downlights, Spotlights
and Others), By End Use Sector (Commercial, Residential, Institutional,
Industrial and Others), By Application (Outdoor Lighting, Indoor Lighting, Automotive
Lighting and Others), By Region, Competition Forecast & Opportunities,
2018-2028”,
has evaluated the future growth potential of India LED Lighting Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in India LED Lighting Market.
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