According to TechSci Research report, the LED lighting market in India is expected to garner a CAGR of over 30 per cent, during 2016-2021.
The main factor of the growth will be rising personal disposable income, growing government initiatives encouraging use of LED lights and increasing focus on smart city projects.
The ambitious government of India smart city projects are likely to increase government emphasis on energy efficient lighting products such as LEDs in the coming years.
Favorable government initiatives like Ujala scheme and mass level distribution of LED bulbs under ESSL has pushed the adoption of LED across the country in a big way.
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.
The main reason behind the growing adoption of LED lighting across the country is its long life and low power consumption.
As per the report, Outdoor lighting applications garnered a revenue share of over 60 per cent in India LED lighting market in 2015 and the trend is expected to continue through 2021.
Companies like 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 is likely to further push the demand for LED lighting in India during next five years.
