India LED Lighting Market:
Growth opportunities in the Market look promising over the next six years. This is mainly due to the expanding awareness about their advantages and the increasing government initiatives to promote the acceptance of LED lightings.
India LED Lighting Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The surging emphasis on human health and environmental protection is the prominent driver stimulating the growth of the India LED lightening market. The acquisition of a light-emitting diode is primarily attributed to the increasing recognition of its benefits promoting market growth. Also, the massive adoption and switch led by the favorable government strategies have strengthened the market size. For example, SLNP and UJALA are engaged in imparting light-emitting diodes at an economical cost and installation projects for streetlights, which has driven the market growth. In 2019, In accordance with the Indian government energy efficiency program, 210 million light-emitting diodes bulbs were given out in the country to help the consumers in decreasing the unit’s electricity consumption. The same program aimed to employ more than 770 million light-emitting diodes during the historical year 2020. India is one of the leading nations in the world after the UJALA program, which is a major strategy taken by the Indian government to encourage the growth market. As stated by the “Central Electricity Authority of India,” these diodes offer 50 % more energy efficiency than other lamps. Moreover, according to the Indian government, the surging consumption and exhaustion of energy along with the prevalence of considerable power generator plants like Indian Oil Corp. and NTPC are contributing to the market growth.
The Rural Electrification Corporation Limited asserted that almost 50 % of homes in India have been lodged with light-emitting diodes and are estimated to increase to 94 % by the end of 2020, owing to the accessibility of energy-saving lightening solutions. Furthermore, the accelerating penetration of these diodes has paved the way for market growth. The availability of unconventional raw materials to modify the lighting industry, including Nobel prize recipient Shuji Nakamura, whose violet light-emitting diodes employ gallium nitride base against sapphire proffer better colors, product longevity, and efficiency. Another material like graphene is entering the market and will result in significant growth opportunities for the market. However, the inferior quality of raw materials finished products may hamper the India LED market size.
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