Government Initiatives Coupled with Falling Prices are Driving India LED Lighting Market- 6Wresearch
LED-based lighting solutions are gaining popularity in India due to the growing need for energy-efficient lighting, falling prices, and initiatives taken by the government to replace traditional bulbs, especially in street lighting applications. The prices of LED have declined tremendously in the last few years leading to a surge in penetration across the country.
According to 6Wresearch, India LED Lighting market is projected to grow at a CAGR of 26.6% during 2017-23 Make an Inquiry about this news. India LED Lighting market is projected to witness robust growth owing to government initiatives such as UJALA, Housing for All, and Deendayal Upadhayaya Gram Jyoti Yojna (DDUGJY).
Furthermore, missions such as Smart Cities would also drive the LED lighting market in the coming years.
According to Ravi Bhandari, Assistant Manager, Research and Consulting, 6Wresearch, Street Light LED holds the major share in the overall LED lighting market and expected to dominate the market in the forecast period. Government of India, under Street Light National Programme (SLNP) has to replace 35 million conventional streetlights with LED lights by March 2019, thus increasing the demand for LED bulbs in the street light applications.
Further, the demand for LED downlighters has also increased due to growing adoption in the areas of hospitality, retail, educational institutions, commercial offices, and others, Ravi further added.
According to Kanika Sharma, Research Associate, Research and Consulting, 6Wresearch, In India, LED luminaires are registering key growth and expected to dominate the market in the forecast period. The demand is being driven by modernization, urbanization, and adoption of the better lifestyle of the people.
Commercial Sector is also spurring the market for LED luminaires.
Profit margins of the market players have decreased due to the growing competition and entry of new players in the country in the last few years. Further, the government is encouraging domestic manufacturing, which would further lead to price competition in the industry Kanika Concluded.
Some of the major companies in India LED lighting market includes Phillips, Havells, Bajaj, Surya, Osram, Crompton, Wipro
India LED Lighting Market (2017-2023) report provides in-depth analysis with 40 figures and 13 tables covered in more than 120 pages Make an Inquiry about this news. The report estimates and forecasts overall India LED Lighting market by types, wattage, applications, end-users and regions.
The report also gives insights on competitive landscape, company profiles, market drivers, and restraints.
Media Courtesy : WhaTech