The demand for LED lights has increased dramatically in recent years. LED technology has acquired a lot of traction in both the rural and urban lighting markets in India because of its multiple advantages over traditional lighting. Various government programmes, as well as growing public knowledge of energy-efficient products, have aided this expansion. This significant move in technology from electrical to electronic presents enormous growth prospects for organisations that produce LED lighting solutions, products, and components.
Governments from various countries are taking urgent measures toward energy-efficient lighting technology in the face of resource constraint and climate change. The use of conventional lighting was outlawed for the first time in North America and Europe, resulting in a massive increase in LED fixtures and illumination throughout both continents.
According to market analysts, the Indian LED market is still in its early stages, but it provides enough prospects for manufacturers to contemplate setting up shop there. The improved ease of doing business, low-cost, skilled labour, and demographic advantage create the ideal setting for an LED enterprise to thrive. According to a neoliberal, According to a new analysis from IMARC Group, the Indian LED lighting market was valued US$ 2.1 billion in 2018, with a CAGR of 47 percent between 2011 and 2018.
“The LED business will progress towards human-centric lighting in the next years. The importance of "having the appropriate lighting for the right moments" is becoming more widely recognised. Tunable (shades of white and different colours) and dimmable solutions, as well as linked lighting solutions, will meet the demand for human-centric lighting. According to Vikas Gandhi, head and senior VP, lighting and premium fans, Usha International Ltd., the latter have the capacity to operate lights using smart devices (in-home and out-of-home).
India's demand for energy increased by 4% in 2018, outpacing the global growth rate of 2.3 percent. As the demand for an environmentally friendly and cost-effective lighting solution grows, so does the demand for an environmentally friendly and cost-effective lighting solution. As a result, LED lighting has begun to infiltrate the mainstream general lighting industry in India in recent years. The Indian LED lighting industry is expected to develop at a CAGR of 23.6 percent between 2019 and 25 years, according to 6Wresearch.
Several government programmes, such as Unnat Jyoti by Affordable LEDs for All (UJALA) and the Street Lighting National Programme (SLNP), continue to be the primary demand generators for LED lighting in India. The goal of such campaigns is to raise customer knowledge about the advantages of LED bulbs over traditional lighting sources including incandescent bulbs, CFLs, and halogen lights. For example, the government's goal under the SLNP was to replace over 13.4 million conventional streetlights in India, with over 10.4 million already replaced as of November 2019.
North India has the highest revenue share of the Indian lighting market, followed by south India. With a number of infrastructure projects in the residential, industrial, and commercial sectors underway in various regions of the country, the demand for LED lights and luminaires is expected to skyrocket in the coming years.
According to 6WResearch, the LED lighting and fixtures market in India is expected to reach US$ 7.7 billion by 2025. When this market is broken down into sub-categories, LED lamps had the biggest volume share in 2018. However, because to their higher cost than LED bulbs, LED fixtures gained the largest part of the market in terms of revenue. According to the research organisation, LED bulb prices have dropped significantly in recent years, while demand has surged as a result of improved consumer awareness.
Outdoor applications, which accounted for 36% of the market in 2018 and are predicted to increase further, are another area of growth for India's LED lighting sector.
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