Nov 25, 2016: India Lighting market is growing with a CAGR of 16.83% from last five years and is projected to grow even in future due to excellent growth in the LED Lighting industry. LED Lighting market is growing with a whopping CAGR of 57.31% over last five years. Government initiatives to replace incandescent bulbs with LED bulbs under various schemes, increasing energy demand in the country and declining prices of LED lights are the factors driving the growth of LED lighting in India.
According to “India LED Lighting Market Outlook 2021”, India’s LED Lighting market is forecast to grow at a CAGR of 32.15% over six years. LED Lighting, which accounts for 19% share in the current overall Lighting market, is anticipated to reach 62% by the year 2021. The report reveals that Philips, Surya Roshni, Osram, Bajaj, Havells, etc. are the leading players in India Lighting market and are expected to dominate the market in the forecast period also.
Indian LED market to hit 32.15% CAGR in 2021
The growing awareness about LED lighting in the Southern India has proved to be the important market for LED lighting companies. Street lighting application accounts for majority of the market revenues in India LED lighting market. Outdoor LED lighting segment is growing robustly on account of growing demand for LED installations in parks, streets, railways, metro stations, parking lots and other public places. “India LED Lighting Market Outlook 2021” discusses the following aspects of LED Lighting in India
Light Emitting Diodes (LEDs) have entered the lighting market, not even a decade before, as an energy efficient alternative to traditional light sources such as incandescent and fluorescent bulbs. These lights still have an enormous amount of room for technological growth and offer various advantages over all other forms of lighting. Having just recently entered the lighting market, LEDs have faced many barriers to entry and are struggling to obtain a market share over the traditional forms of lights. Compact fluorescent lamps (CFL) also used to be a disruptive technology, but it took over 20 years to achieve significant market share.