According to a report“India LED Lighting Market Forecast & Opportunities, 2020”, Indian LED lighting market is estimated to reach a growth of over 32% during 2015-2020.
Currently, Indian LED lighting market is at a nascent stage. Though the LED market is already growing at a robust pace over the last 2-3 years, India offers huge growth potential, especially over the next 5-10 years. Increasing adoption of LED lighting is being witnessed across commercial and residential sectors, government projects, upcoming smart building projects, etc.
Key factors that are expected to boost the market include declining LED prices coupled with favorable government initiatives to provide LED lights at subsidized cost and LED installation projects for streetlights. Additionally, growing awareness among consumers on account of awareness programs by manufacturers and regulatory bodies is expected to play a vital role in shaping the country’s LED market over the next 5 years.