India's LED Market set for 23.6pc growth in 5 years

India LED lighting market size is set to increase over the next five years with a compound annual growth rate (CAGR) of 23.6 percent during the 2019 to 2025 period, according to 6Wresearch, global market research and consulting firm.

The booming growth is mainly due to the growing construction sector and rising awareness among the consumers regarding the reduction of the high cost of electrification in the country along with the high amount of emissions from the inefficient traditional lighting sources stated 6Wresearch in its report, titled "India LED Lighting Market (2019-2025)".

Additionally, the government led by PM Narendra Modi has been supporting the LED lighting market through schemes such as Street Lighting National Programme (SNLP), Unnat Jyoti by Affordable LEDs for ALL (Ujala) and several others. This, in turn, would boost the demand for LED lighting in the country over the coming years.

LED luminaires acquire a higher revenue share in the overall LED lighting market of India owing to urbanization and improving the lifestyle of the people, leading to a rise in the for such products, it stated.

Moreover, smart cities mission would further propel the demand for LED lamps and luminaires during the forecast period, added the report.

Ravi Bhandari, manager - research and consulting, 6Wresearch, said: “By end-users, the residential sector holds the majority of the revenue share in the overall LED lighting market of India owing to the rising demand of such products surged by Indian government’s residential schemes, such as ‘Pradhan Mantri Awas Yojana’ and others.”

“Additionally, with the supply of new office spaces in metros such as Bengaluru, Noida, and Chennai, the demand for LED lighting and fixtures is expected to grow at a strong pace in the commercial segment,” he added.

Prateek Gupta, research analyst - research and consulting, 6Wresearch, said: “North India has higher revenue share in LED lighting market owing to high requirement of aforementioned products in infrastructural projects across the residential, commercial and industrial verticals.”

“However, the southern region of the country is expected to register higher growth rate as compared to the rest of the regions in the country during the forecast period,” he added.

Some of the prominent companies in the India LED lighting market include Philips, Havells and Bajaj.-TradeArabia News Service

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Media Courtesy : Trade Arabia