LED Lighting Market in India to Grow at 30% Until 2021: Report
Being the second most populous country and fifth major electricity consumer, India has been witnessing widening electricity demand-supply gap. Consequently, usage of energy efficient products such as LED lighting products is expected to grow in the coming years.
Moreover, rising government support and introduction of innovative LED lighting products by manufacturers has resulted in reduction in prices of these products, thereby offering consumers with more options to choose from, according to their needs and preferences.
According to TechSci Research report, “India LED Lighting Market By Type, By Application, By End Use Sector, Competition Forecast and Opportunities, 2011 – 2021”, the LED lighting market in India is projected to register a CAGR of over 30%, during 2016-2021, on account of rising personal disposable income, growing government initiatives encouraging use of LED lights and increasing focus on smart city projects. For instance, Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) announced plans to develop 7 smart cities in Gujarat, Haryana, Maharashtra, Rajasthan, Uttar Pradesh and Madhya Pradesh in the near future.
These projects are expected to further increase government emphasis on energy efficient lighting products such as LEDs in the coming years. Favorable government initiatives and policies such as state specific and national level programs that offer LED lighting products at subsidized rates is contributing in a huge way towards boosting LED adoption in the country. Additionally, with increasing consumer awareness, demand for LED lights from the residential as well as commercial sectors in the country is growing at a fast pace. Rising adoption of LED lighting in the residential sector can be attributed to low power consumption and long product lifecycle of these lighting solutions.
Outdoor lighting applications garnered a revenue share of over 60% in India LED lighting market in 2015 and the trend is expected to continue through 2021. Philips, Surya Roshni, Havells, Syska and Osram are few of the leading players operating in India LED lighting market. The adoption of LED lighting products has been recorded highest from Southern and Northern states due to higher literacy rate, rising disposable income levels and rising awareness about the benefits of LED lighting products. Rising urban population of the country, which stood at 31% of the total population in 2011, and rose to over 33% in 2015, is expected to further drive demand for LED lighting in India during next five years.