Research and Markets firm has rolled out the latest addition of their report on ‘India LED Market Outlook, 2021’.
As per the latest addition, India Lighting market is growing with a CAGR of 16.83 per cent from last five years and is projected to grow even in future due to an exceptional growth in the LED Lighting industry.
Since the government is coming up with various initiatives for LED lighting sector and replacing incandescent bulb with LED bulbs under numerous schemes, the demand for LED and energy is witnessing huge growth. Declining prices of LED lights are becoming key factors for driving the growth of LED lighting in India.
The report states, India’s LED Lighting market is growing at a CAGR of 32.15 per cent over six years. LED Lighting, which accounts for 19 per cent share in the current overall Lighting market, is anticipated to reach 62 per cent by the year 2021. It also shows that Philips, Surya Roshni, Osram, Bajaj, Havells, etc are the leading players in India Lighting market and are expected to dominate the market in the forecast period also.
The growing awareness about LED lighting in the southern India has proved to be an important market for LED lighting companies. Street lighting application accounts for majority of the market revenues in India LED lighting market.
