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India's LED market sees growth until 2020

Posted: 13 Feb 2015     Print Version  Bookmark and Share

Keywords:LED  lighting market 

India's LED lighting market is currently at a nascent stage. Though the LED market is already growing at a robust pace over the last two to three years, the country offers huge growth potential, especially over the next five to 10 years. There is increasing adoption of LED lighting across commercial and residential sectors, government projects, upcoming smart building projects, etc. According to a report by TechSci Research, the country's LED lighting market is projected to register a growth of over 32 per cent from 2015 to 2020.

Key factors that are expected to boost the market include declining LED prices coupled with favourable government initiatives to provide LED lights at subsidised cost and LED installation projects for streetlights. In addition, growing awareness among consumers on account of awareness programmes by manufacturers and regulatory bodies is expected to play a vital role in shaping the country's LED market over the next five years.

"With manufacturing cost witnessing a decline every year and various government initiatives backing LED adoption, the LED lighting market in country is anticipated to grow robustly through 2020. Moreover, rising consumer awareness about cost-effectiveness and eco-friendliness of LED lights would continue to drive volume sales from the residential and well as commercial sectors," said Karan Chechi, research director with TechSci Research.

The report highlights that considering the growing adoption of LED lighting, various major players are planning to set up their manufacturing units in India in future. Philips, Havells, Syska, Innovlite and GE are few of the leading players operating in India's LED lighting market; however, various new entrants are expected in foray into the market in the coming years as well.

"India LED Lighting Market Forecast & Opportunities, 2020" has evaluated the future growth potential of India's LED lighting market and provides statistics and information on market structure and consumer behaviour trends. The report includes LED lighting projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities in LED lighting market in India.

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