India LED Lighting Market to account for 32.2%

LED lighting market to account for 32.2% of the overall India’s lighting market revenues by 2019

Posted On: 2014-02-01

Increasing energy demand supply gap, government initiatives, growing awareness and declining prices are the factors driving the growth of LED lighting in India. Lighting consumes around 17% of the overall power, thus creating a need for energy efficient lighting. India LED lighting market in the nascent stage; however, the market is expected to gain significant momentum, in the coming years.

Street lighting application leads India’s LED lighting market, due to various state governments’ initiatives to replace incandescent bulbs with LED bulbs. For instance, in Chandigarh, streets incandescent bulbs would be replaced by LED bulbs in 18 major areas.

Kolkata and Mumbai are the key cities, implementing LED lights in street lighting application. On the other hand, applications such as indoor, automotive and railways are the fastest growing applications in Indian market.

Apart from government initiatives, companies are also coming forward to start local manufacturing of LEDs in India. Domestic player, ‘Sahasra Electronics’ is planning to invest $1.79 million to start local production of LED lighting products in India.

According to 6Wresearch, India lighting market is projected to reach $4,527.2 million in 2019, at a CAGR of 16.2%, during, 2014-19.

The report provides an unbiased and detailed analysis of the on-going market trends and market segments. The report also gives the insights on key market drivers, restraints, opportunities and trends that shape the present and future market.