Technavio has come up with its latest market research report titled “Outdoor LED Market in India Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2022-2026”. It estimates that within the span of five years, from 2021-2026, the outdoor LED market in India is estimated to grow by 267.08 million, with a CAGR of 12.71%. The market was sectioned by application (billboards, video walls, perimeter LED boards, etc.) as well as by the distribution channel (offline and online). In order to enhance their market presence by promoting the use of energy-efficient lighting sources, various companies are engaged in innovating and manufacturing LED lighting. With governments also pushing for such a shift, this time brings a golden opportunity to vendors in a variety of fields, including billboards, outdoor LED-based street lighting, video walls, LED matrix board, and others.
The ever increasing demand for LED lighting is driving the market. Given the ‘green’ awareness around the globe, environment-friendly lighting solutions and energy-efficient systems seem increasingly alluring to the manufacturers of lighting products. The significant price difference between LED and non-LED products adds to this sentiment. The established and emerging LED product manufacturers like Havells India Ltd, SH Group, and Koninklijke Philips N.V. among others are witnessing these factors and are expecting to accelerate the growth of the outdoor LED market in India.
As per Technavio, the outdoor LED market in India is categorized as a part of the global electrical components and equipment market. Global electrical components and the equipment market encompass the electric cables and wires, electrical components, and electrical equipment manufacturing companies.
The report contains a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies.