The LED industry in India has witnessed a rapid growth in the last decade. Declining LED costs along with favourable government schemes shall drive LED Lighting industry in India by 2020. Increasing demand of LED Lighting is being observed across commercial and residential sectors, government projects, upcoming smart building projects, etc.
Major factors that are supposed to boost the market including reducing LED prices coupled with the beneficial government initiatives to supply LED lights at a subsidized price and LED installations for streetlights. Further, rising consumer awareness regarding cost-effectiveness and eco-friendliness of LED lights would continue to drive sales from the residential and industrial sectors.
Presently, the demand of LED lighting in India is mainly driven by Metro cities, because of extreme awareness. Although, industry leaders forecast in future the demand is also expected to grow from Tier II and Tier III markets especially on street lighting and industrial lighting categories. Additional expansion of government initiative will open up new markets for the LED lighting Industry.
Programs like Smart Cities/ National LED Programme and other government initiatives have LED market in focus and also have directed to a stronger growth. Not only the prices have reduced drastically, but also better acceptance among the audience. With increasing awareness there is a huge growth opportunity in LED industry for the next 5-10 years. The demand will be mostly influenced around outdoor lighting like roads and streets.
Due to the expansion in infrastructure development such as roads etc., the particular sector will flourish in full swing. Adding to it with socio-economic growth and growing preference of people towards energy efficiency and innovative lighting solutions, the next steps are well defined. Consumers too have become eco-friendly, which has further built the push. The journey is very exciting, though has its own share of challenges. Lastly, Government’s programs such as ‘Power for all’ etc. will keep the momentum going.