NEW YORK, September 7, 2016 /PRNewswire/ --
Increasing government focus & growing consumer awareness about energy efficient lighting is set to drive sales of LED lighting products in India.
Recently released report by TechSci Research, "India LED Lighting Market Forecast & Opportunities, 2021", discusses about the LED lights market in India. The market is expected to witness tremendous growth on account of rising personal disposable income, increasing government initiatives which are focusing on the benefits of LED lights.
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Consumers are preferring the LED lights over traditional and CFL lights as LED lights are more environmental friendly compared to CFL and incandescent lamps. LED manufacturing companies are making such LED lights which consume less energy thereby reducing the carbon footprint on the environment. The growing green building construction which involves bounded use of light, energy and construction material has subsequently driven the demand and sales of energy efficient LED lighting in India. The growing number of green projects from government as well as private builders is further projected to increase the demand for LED lights over the next five years. Delhi-Mumbai Industrial Corridor Development Corporation (DMICDC) has planned to develop 7 smart cities in states like Gujrat, Haryana, Maharashtra, Rajasthan, Uttar Pradesh and Madhya Pradesh, which are expected to be completed in 3 phases within next 10 years wherein government will emphasize on energy efficient lighting products which is expected to boost the demand of LED lights in the country. Rising urban population of the country, which stood at 31%, of the total population of the country, in 2011 rose to over 33% by 2015 which is expected to emanate the demand for LED lights in India.
Philips & Surya Roshni are leading India LED lighting market with cumulative share of around 30%. However, the market is expected to witness major shift due to market entry of new players and planned launches of innovative products. Several initiatives are being taken by the companies in order to promote the usage of LED lighting products has also positively affected the LED market for instance, Philips, which is the market leader in LED lighting in India has tied up with Elcoma to create awareness amongst consumers about the advantage of LED lamps.
"India, is the second most populous country and 5th largest electricity consumer globally, however, soon there will be a visible gap in the supply and demand of electricity and in order to reduce the electricity consumption, the usage of LED lights should be increased. Moreover, the increasing government support and introduction of wide and innovative portfolio of LED lights results, reduction in prices and this provides customers more choices which enables them to choose the products according to their needs and price affordability. These factors coupled together makes India LED lighting market a lucrative market for companies operating in the industry.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India LED Lighting Market Forecast & Opportunities, 2021" has evaluated the future growth potential of the India LED lighting market and provides statistics and information on market structure, size, share, forecast and future growth of the country's LED lighting market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities present in the India LED Lighting market.
Download full report on "India LED Lighting Market"
About TechSci Research
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