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LED lighting market in India likely to grow at CAGR 32% by 2020

LED lighting market in India likely to grow at CAGR 32% by 2020

July 21, 2015: India’s LED lighting market is projected to grow at a CAGR of over 32% during 2015-2020, according to a recent report by Research and Markets.

With relatively low LED light penetration and huge untapped opportunity, India has become an attractive market for both domestic as well as international LED players. The market has witnessed a phenomenal growth over the past five years and the trend is expected to continue over the next five years.

Driving factors

Government initiatives are playing an extremely vital role in increasing LED adoption across the country. Recently, the government announced a scheme to provide LED lights at subsidized cost to the consumers. This scheme is expected to hugely increase LED adoption in the coming years.

Presently, the outdoor LED lighting segment is the largest revenue generator on account of growing demand for LED installations in parks, streets, railways, metro stations, parking lots and other public places. However, the indoor segment is anticipated to witness strong growth in future owing to rising awareness about LED technology and various government initiatives to subsidize cost of LEDs.

Players who dominate market

Presently, Philips continues to dominate the country’s LED market, followed by Havells, Syska, Innovlite and GE Lighting.

Market trends in India

  • Energy management awareness
  • Declining prices
  • Growing concept of green building
  • Rising trend of smart homes

None of the facts and figures mentioned in the story have been created by BizLED.co.in. BizLED is not responsible for any factual errors.
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