India LED Lighting Market
The GMI Research forecasts that the India LED Lighting Market is witnessing an upsurge in demand over the forecast period. This is mainly due to the rising government initiatives to boost their adoption and easy availability at economical prices.
Introduction of the India LED Lighting Market
A light-emitting diode (LED) is a semiconductor source that emits light when current flows through it. Electrons in the semiconductor recombine with electron holes, releasing energy in the form of photons. The color of the light (corresponding to the energy of the photons) is determined by the energy required for electrons to cross the bandgap of the semiconductor.
India LED Lighting Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Growth in the India LED Lighting Market is primarily driven by the surging adoption led by the strategic government initiatives and the augmenting consciousness concerned with its several benefits. For example, SLNP and UJALA are largely embraced in offering light-emitting diodes at a reasonable cost and installation projects for streetlights, which contributed to driving the market’s growth. In accordance with the Indian government energy efficiency program, 210 million bulbs were distributed in the country in 2019, which helped the consumers to decrease the units and electricity consumption. The same program aimed at deploying over 770 million light-emitting diodes during the historical year 2020. India accounts for being one of the largest markets in the world after the UJALA program, which is the most important step taken by the government. The “Central Electricity Authority of India” in a survey stated that they are 50% more energy-efficient than other lamps. In addition, approximately 50% of the homes have installed the diodes after the availability of energy-efficient lighting solutions as reported by the Rural Electrification Corporation Limited and estimated that it was going to be 94% by the end of 2020. This accelerating penetration has changed the landscape of the country in the market. Also, the mounting expenditure on electricity and the increasing energy consumption by major power generator plants like NTPC, Indian Oil Corp., etc., is strengthening the market size. Their intensified emphasis on the wellbeing of humans and the environment is another factor bolstering the market growth. Furthermore, the accessibility of new raw materials to transform the lighting industry includes Nobel Prize recipient Shuji Nakamura, whose violet light-emitting diodes use a base of gallium nitride as against sapphire to render better colors, product longevity, and efficiency. Another material like graphene is making a remarkable entry which is expected to offer enormous growth opportunities to the country.
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GMI Research is a market research and consulting company that offers business sights and market research reports for every enterprise, including small & medium enterprises and large organizations. Our research team helps the clients to understand the impact of market dynamics such as market size, share, drivers, growth opportunities, and other aspects. We have a team of analysts and industry experts who conduct market intelligence studies to ensure relevant and fact-based research across a wide range of sectors such as FMCG, Technology, Energy, Healthcare, and other industries. We collect relevant information about the industry using both internal and external databases. Our main focus is to keep our clients abridged of the emerging opportunities and challenges in a wide range of industries. We provide step-by-step assistance to our client through strategic and consulting services to reach a managerial and actionable decision. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping businesses stay ahead of the curve.
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