India Outdoor LED Lighting Market to Grow at a CAGR of 15.06%
Expansion of building and road infrastructure due to favorable government regulations on energy efficiency are expected to increase the growth of Outdoor LED Lighting Market
during the forecast period.
According to
TechSci Research report, “India Outdoor LED Lighting Market – By Region, Competition Forecast & Opportunities, 2019-2029F, the India
Outdoor LED Lighting Market is anticipated to register a robust growth during
the forecast period 2024-2028”.
The Indian LED lighti006Eg market is
driven by the growing importance of environmental sustainability. For a long
time, one of the most important implementation goals was energy saving. Using
LED lighting significantly improves energy savings. The Government of India has
made effective energy efficiency efforts in recent years, to create a market
for energy services. For example, in January 2020, India's Ministry of India
announced that approximately 361.3 million LED light bulbs and 10.3 million
smart LED streetlights will be installed across the country through the UJALA
and the National Program for LED Street Lights, saving 6.97 billion kWh
annually.
Government initiatives, growing awareness of adoption
of LED lights in big cities, and increasing socio-economic growth have significantly increased the demand for LED lighting. Rural areas and Tier II cities have
also stepped up to the task for using LED bulbs, driven by the demand for street and industrial lighting.
The LED lighting industry in India is
expanding rapidly and is expected to continue to do so for the long term as
consumer demand for energy efficient products and connected smart lifestyles
increases. The driving force behind this transition is the government's
ambitious energy efficiency targets. With government projects shaping up the
country’s future and increasing urbanization, LED bulbs are set to dominate the
market while chasing its eco-friendly products’ dream.
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On the basis of Application, Public Places is expected to dominate the India Outdoor
LED Lighting Market because the India real estate industry is growing at a
rapid pace. Commercial buildings such as malls, shops, restaurants, hospitals, and schools account for a significant portion of their total energy use, and a significant portion of that energy use comes from lighting. Also, shopping malls and showrooms need
LED lighting to make their products look attractive, thereby attracting customers and motivating them to buy.
In January 2019, the Airports Authority of India announced a tender to modify
the existing perimeter lighting system, in line with the policy of the Civil
Aviation Security Service (BCAS) at Chennai Airport. This required a supply of
LED lights having an estimated cost of INR 1.9 million. Moreover, Indian sports stadiums are not yet using LED lighting systems. For example, in January 2021, Karnataka Cricket Association (KSCA) announced that it will install a new floodlight structure at M. Chinnaswamy Stadium at an estimated cost of INR 4.5 million. The association plans to replace the metal halide lamps with LED lights once the cost drops significantly and the weight per light drops below 28kg.
On the basis of Application, Highways and Roadways are expected to dominate the India Outdoor LED Lighting
Market as government policies promote the use of LED lights. Under the SLNP (Street Lighting National Program) program, more than 1.03 million smart
LED streetlights were installed by early 2020, avoiding peak demand of 1,161 MW
and projecting greenhouse gas (GHG) emissions of 6.97 billion annually while
seeing an annual greenhouse gas (GHG) emission reduction of 4.8 million of tons
CO2. In October 2020, Bruhat Bengaluru Mahanagara Palike (BBMP) won the Silver
Award for Energy Efficient Street Lighting in Bangalore, in the Best Public
Private Partnership category. This was a 30-month project during which BBMP would
convert street lighting to LED lighting. More than 1,000 street lights have
been converted to LED. Every 6 months, 1 million streetlights are replaced with
LED lights. Companies have collectively invested USD13.3 million (INR 110 crore)
in this project. Bharatmala Pariyojna, India's largest infrastructure investment program is
having an estimated investment of USD113 billion. The project has helped India develop their
efficient national highway network, which carries about 70% of its freight and connects over 500 districts.
Major
market players operating in the India LED Lighting Market are:
- Surya Roshni Ltd.
- Havells India Limited
- Halonix Technologies
Limited
- Panasonic India
- Bajaj Electricals
Limited
- Signify Holding
- CG Power and Industrial Solutions Ltd
- Bajaj Electricals
Limited
- Osram India Private Limited
- Syska Led Lights Private Limited
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“India is making progress on adopting
LED lighting solutions over the next five to ten years. India, because of its
population and the opportunities lying within the Indian market, has capability
to become the leader of LED lights while providing profitable opportunity for
LED manufacturers for running operations in the country. Moreover, increased
infrastructure expenditures, fast expansion of street lighting systems, and
government initiatives are likely to fuel Outdoor LED light demand in India.”, said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based India
management consulting firm.
“India
Outdoor LED
Lighting Market is segmented
into Wattage, Application, Distribution Channel, Installation Type. Based
on Wattage,
the market is segmented into Below 80W, 80W and above. Based on Application,
the market is segmented into Highways and Roadways, Public Places,
Architecture, Others (streetlights, parking
garage
etc.)). Based on Distribution Channel, the market is segmented into Direct
Sales, Wholesale/Retail, etc. Based on Installation Type, the market is segmented into
New Installation, Retrofit Installation. By Region, Competition Forecast & Opportunities,
2018-2028F 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 Outdoor LED Lighting Market.
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