The new report by Expert Market Research titled, ‘Indian LED Lighting Market Analysis, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the Indian LED lighting market, assessing the market based on its segments like product, sectors, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
Indian LED Lighting Market Share, Size, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 2.5 Billion
• Forecast CAGR (2023-2028): 30%
• Forecast Market Size (2026): USD 12 Billion
The versatile uses of LED lights in different end-use sectors are driving the market growth. Heightened adoption of LED lights in the commercial properties, such as hotels, warehouses, and cafes, and residential complexes is being witnessed in India.
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Over the forecast period, the increasing awareness about the fact that LED lights are 75% more energy efficient than the traditional halogen and fluorescent lights, is anticipated to propel the demand for the product. The cheap prices of LED lights, coupled with the significant cost-savings on the electricity bill which can be made possible by this product, is likely to be a major growth driving factor.
Indian LED Lighting Industry Definition and Major Segments
LED lighting is defined as a source of light which is created by passing electric current through a semiconductor. LED lighting produces enormous amount of light, which makes it applicable in various end-use industries, such as advertising, media and entertainment, among others. LED lights produce little heat and contain no mercury.
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On the basis of product type, the market can be bifurcated into:
• Panel Lights
• Down Lights
• Street lights
• Tube Lights
The market can be broadly categorised on the basis of sector into:
• Private Sector
• Public Sector
The product finds applications in the following:
• Commercial Applications
• Residential Applications
• Institutional Applications
• Industrial Applications
Indian LED Lighting Market Trends
The LED lights in India are likely to witness a heightened application in areas such as circuit board lighting, traffic signals, advertising, and stadium lighting, among others, which can be attributed to the robust urbanisation, and increasing standards of living. LED lights are eco-friendly, energy-efficient, and do not emit harmful radiations.
In this regard, the favourable policies of the Indian government aimed towards scaling-up low-carbon technologies are likely to be the crucial trends in the market. The increasing focus of the major manufacturers and the government to ramp up the innovation chain, including R&D, demand-side management, and job creation, is anticipated to provide significant impetus to the market in the forecast period.
Key Market Players
The major players in the market are
- ANR Pvt. Ltd.
- Surya Roshni Ltd.
- Luminosity Solutions Private Limited
- UM Green Pvt. Ltd.
- Crompton Greaves Consumer Electricals Limited
- Bajaj Electricals Ltd.
- Havells India Ltd.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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