India LED Lighting Market to Grow at 24% during 2017 – 2022
Favorable government initiatives, growing environmental
concerns and declining average selling price to drive India LED lighting market
through 2022
According to a recently
released report by TechSci Research, “India LED Lighting Market
By Type, By End Use Sector, By Application, Competition Forecast
& Opportunities, 2012 – 2022”, the LED lighting market
in India is projected to grow at a CAGR of over 24% during 2017 – 2022. LED lightings
are highly energy efficient, consume less energy, have longer product life
cycle and leave less carbon footprint as compared to conventional lighting
solutions such as CFLs, halogens and incandescent lights. In addition, conventional
lights cause harm to the environment by emitting UV and infrared radiations. Thus,
with increasing environmental concerns, demand for LED lightings in India is
increasing at a healthy pace, and this growth trend is expected to continue
over the next five years as well.
Browse 22 market data Tables and 45
Figures spread through 121 Pages and an in-depth TOC on "India
LED Lighting Market"
https://www.techsciresearch.com/report/india-led-lighting-market-by-type-led-bulbs-lamps-batten-lights-downlights-etc-by-end-use-sector-commercial-residential-etc-by-application-outdoor-lighting-indoor-lighting-etc-competition-forecast-opportunities/1102.html
In 2015, the Government of India launched the National Programme for
LED-based home and street lighting to promote the use of LED bulbs. Moreover,
the government is distributing LED bulbs through the state-run company, Energy
Efficiency Services Limited (EESL), and embarked on a major scheme to sell
subsidized light-emitting diode lamps (LED Lamps) to consumers. Under the
program, these lamps are priced at less than $ 1.50, which is likely to
accelerate their adoption in the country. Moreover, under the India Domestic
Lighting Efficiency Programme (DELP), another major government initiative, a
9-watt LED bulb is available at just $ 1.43 for Indian consumers. As per the initiative,
each household is entitled to purchase a maximum of ten bulbs. These can be
paid in ten monthly instalments, which are added to the consumers’ electricity
bill, thereby making purchase of LED bulbs affordable for even those belonging
to the lowest income groups.
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In 2016, India
LED lighting market was dominated by LED bulbs & lamps, and the segment is
forecast to maintain its dominance over the next five years as well,
owing to easy availability of innovative products at reasonable prices coupled with increasing expenditure
on promotional programs by public as well as private entities for creating
awareness among consumers and promoting the use of LED bulbs & lamps.
“There has been a consistent increase in
migration of population from villages to small towns as well as from small
towns to Tier II, Tier III and metro cities. As per the United Nations, India
is anticipated to add around 500 million people to its urban population during
2010-2050, and Delhi, Mumbai, Bangalore, and Kolkata are forecast to emerge as
megacities in coming years due to better employment opportunities. This
development is expected to increase the electricity demand, which in a way
would mean brighter days for LED lighting market.”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India LED Lighting Market By Type, By End Use Sector, By Application, Competition Forecast & Opportunities,
2012 – 2022” has
evaluated the future growth potential of India LED lighting market and provides
statistics and information on market structure, size, share and future growth.
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 analyzes the emerging trends along with essential drivers,
challenges and opportunities present in India LED lighting market.
About TechSci Research
TechSci Research is a
leading global market research firm publishing premium market
research reports. Serving 700 global clients with more than 600 premium market
research studies, TechSci Research is serving clients across 11 different
industrial verticals. TechSci Research specializes in research based consulting
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applications. Our workforce of more than 100 fulltime Analysts and Consultants
employing innovative research solutions and tracking global and country
specific high growth markets helps TechSci clients to lead rather than follow
market trends.
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