LED lighting market in India is in the nascent stage; however, the market is expected to gain significant momentum, in the coming years. Following the Indian Government’s decision to switch to LED for all street lamps and public space lighting the LED industry is expected to touch Rs.21,600 crore by 2020. Government initiatives to replace incandescent bulbs with LED bulbs, increasing energy demand supply gap, declining prices are the other major factors driving the growth of LED lighting in India.
The Indian LED lighting Market is majorly segmented into two divisions namely
Whereas, market divisions on the bases of applications are as under:
These markets are steadily going in for complete LED makeovers, understanding the average saving in costs and energy it would entail. In the commercial lighting segment there is a heightened interest in industrial lighting and in downlighters, which in India are vigorously shifting to LED as a source. The growth of LEDs has also enhanced the growth of related markets such as control devices, dimmers, occupancy or photo sensors, timers, lighting-only networks, and Home Energy Management (HEM) systems.
On the consumer end, the LED lighting trend is picking up at a sedate but sure pace. The consumer cautiousness concerning pricing, availability and the belief in the products utility are some challenges that are being addressed by the manufacturers and government by increasing awareness among the masses of the advantages of LEDs, subsidizing prices and enhancing availability.
With its large and wide potential market ready to be tapped and encouragingly becoming receptive, along with the Government support, the LED Industry has ample opportunities to make inroads thus achieving the projected Indian LED market target of Rs. 8000 Crores by 2018.