With relatively low LED light penetration and huge untapped opportunity, India has been an attractive market for both domestic and international LED light suppliers. The Indian market has witnessed a phenomenal growth over the past 5 years, and the trend will continue over the next 5 years that Indian LED lighting market is projected to grow at a CAGR of over 32% during 2015-2020.
Indian government initiatives are playing an very important role in increasing LED adoption across the country. Recently, the newly formed government announced a scheme to provide LED lights at subsidized cost to the consumers. This scheme is expected to hugely increase LED adoption in the coming years.
At present, the outdoor LED lighting segment is the largest revenue generator on account of growing demand for LED installations in parks, streets, railways, metro stations, parking lots and other public places. However, the indoor segment is anticipated to witness strong growth in future owing to rising awareness about LED technology and various government initiatives to subsidize cost of LEDs.