LED Market to Grow at More Than 30 percent in India Until 2020
India's LED lighting market is currently at a nascent stage. Though the LED market is already growing at a robust pace over the last two to three years, the country offers huge growth potential, especially over the next five to ten years. Increasing adoption of LED lighting is being witnessed across commercial and residential sectors, government projects, upcoming smart building projects, etc. According to a recently published report by TechSci Research 'India LED Lighting Market Forecast & Opportunities, 2020', the country's LED lighting market is projected to register a growth of over 32 percent during 2015-20.
Key factors that are expected to boost the market include declining LED prices coupled with favourable government initiatives to provide LED lights at subsidised cost and LED installation projects for streetlights. In addition, growing awareness among consumers on account of awareness programs by manufacturers and regulatory bodies is expected to play a vital role in shaping the country's LED market over the next five years.
"With manufacturing cost witnessing a decline every year and various government initiatives backing LED adoption, the LED lighting market in country is anticipated to grow robustly through 2020. Moreover, rising consumer awareness about cost-effectiveness and eco-friendliness of LED lights would continue to drive volume sales from the residential and well as commercial sectors." said Karan Chechi, research director with TechSci Research, a research based global management consulting firm.
The report highlights that considering the growing adoption of LED lighting, various major players are planning to set up their manufacturing units in India in future. Philips, Havells, Syska, Innovlite and GE are few of the leading players operating in the India's LED lighting market, however, various new entrants are expected in foray into the market in the coming years as well.
