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India's LED lighting market....currently in its nascent stage

LED lighting market in India to reach $2.2bn

DUBAI, February 23, 2015

The LED lighting market in India is set to reach $2.2 billion by 2021, as demand for power is expected to increase exponentially in the country over the years, according to a recent analysis.

The ‘India LED Lighting Market (2015-2021) by 6Wresearch, said LED lighting market in India is currently in its nascent stage. However, high growth is anticipated due to the government initiative to replace incandescent bulbs with LED bulbs in streetlight application.

The growing awareness and reduction of prices in the market for LED lighting is also exhibited to attain growth in the forecast period, it said.

With government initiative to promote domestic manufacturing, prices are expected to decline further, thus boosting the growth of the market, it said.

In India, lighting application consumes significant share of the country's total power. Owing to demand-supply gap and need to conserve power, utilisation of power efficient lighting source has become critically important. LED based bulbs are emerging as key viable sources of power, which can save power up-to 50 per cent, said the report.

Among all applications, streetlight is one of the key growing applications in India’s LED lighting market. Central and state governments have taken initiatives to deploy LED bulbs at various locations.

For the same, several pilot projects are under process or in planned phase, where traditional streetlights would be replaced by LED bulbs. Chandigarh, Delhi, West Bengal, Maharashtra, Andhra Pradesh, Gujarat, Uttrakhand, and Punjab are some of the states where such initiatives have been taken.

Also, in the coming years, as the concept of green building and smart homes increases, demand for LED bulbs is exhibited to surge, which would bolster growth of the market especially in outdoor and indoor applications, it said.

The report further pointed out that in the Indian market, Philips has captures a key share of the market pie last year. Its share is expected to increase further through the forecast period.

Other key players include Syska, Havells, GE and Osram.

The 6Wresearch report estimated and forecast LED Lighting market by revenue, by applications and regions. It also gave insights on competitive landscape, market share by companies, company profiles, market drivers and restraints. - TradeArabia News Service




Tags: India | government | market | grow | lighting | initiative | LED |

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