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India’s LED lighting market to grow at 32.15% in the next six years

India's LED lighting market to grow at 32.15% in the next six years

October 6, 2015: A Research and Markets report?India LED Lighting Market Overview?forecasts India’s LED lighting market to grow at a CAGR of 32.15% in the next six years. India’s lighting market has been growing with a CAGR of 16.83% for the last five years and is projected to grow even in the future due to excellent growth in the LED Lighting industry. The LED lighting market has been growing with a whopping CAGR of 57.31% over the last five years.

LED lighting, which accounts for a 19% share in the current overall lighting market, is anticipated to reach 62% by the year 2021. The report reveals that Philips, Osram, Bajaj, Havells, etc. are the leading players in India’s lighting market and are expected to dominate the market during the forecast period. The growing awareness about LED lighting in 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’s LED lighting market. The 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.

The Indian market continues to be mainly driven by government, which makes up 51% of all LED orders. 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.

The streetlight market, for example, is benefiting from a lighting overhaul in cities from old lights to LED. While in the commercial lighting segment there is a heightened interest in industrial lighting and in downlighters, which in India are vigorously shifting to LED as a source.

Source: Research and Markets

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