Posted On: 2019-12-12
Northern region holds the largest revenue share in the overall India LED lighting market – 6wresearch
Growing construction sector and rising awareness among the consumers regarding reduction of high cost of electrification in the country along with high amount of emissions from the inefficient traditional lighting sources. Additionally, the government supports 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.
According to 6Wresearch, India LED Lighting Market size is projected to grow at a CAGR of 23.6% during 2019-2025. LED luminaires acquires the higher revenue share in the overall LED lighting market of India owing to urbanization and improving lifestyle of the people, leading to rise in the for such products. Moreover, smart cities mission would further propel the demand for LED lamps and luminaires during the forecast period.
According to Ravi Bhandari, Manager, Research and Consulting, 6Wresearch, "By end-users, the residential sector holds majority of the revenue share in the overall LED lighting market of India owing to 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 & fixtures is expected to grow at a strong pace in the commercial segment. “Ravi further added.
According to Prateek Gupta, Research Analyst, Research and Consulting, 6Wresearch, "The Northern region of 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."
Some of the prominent companies in the India LED lighting market include Philips, Havells, Bajaj and several others.
"India LED Lighting Market (2019-2025)" report provides an in-depth analysis with 42 figures, covered in more than 105 pages. The report estimates and forecast the overall India LED lighting market by types, end-users, applications and regions. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.