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India LED lighting market to grow at CAGR 26.6% during 2017-2023

India LED lighting market to grow at CAGR 26.6% during 2017-2023

July 3, 2017: Research and Markets has announced the addition of the “India LED Lighting Market (2017-2023) Forecast by Types, Wattage, Applications, End Users, Regions and Competitive Landscape” report to their offering.

According to research, the India LED lighting market is projected to grow at a CAGR of 26.6% during 2017-2023. The Government of India launched an initiative in 2016 to replace conventional lights by LED lights by deploying 770 million bulbs and 35 million street lights by 2019. Further, under DeenDayal Upadhyaya Gram Jyoti Yojana (DDUGJY), 273 lakhs LED bulbs have to be distributed to BPL households. Additionally, prices of LED lights are also expected to decline in the coming years, which would drive the growth of the market over the next six years.

LED lights are becoming the major source of energy-efficient lighting in India. Though, prices of LED lights are higher than incandescent or CFL bulbs, but LED bulbs are becoming part of the mainstream of the market owing to government initiatives and increasing public awareness about benefits of using LED lights.

The northern region accounted for the largest revenue share in the country in the year 2015-16, followed by the Southern region. The LED street light installations are at the maximum in the Southern region followed by Andhra Pradesh. The Government of India distributed LED bulbs under the UJALA scheme with the maximum number of bulbs distributed in Gujarat.

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