Indian LED Lighting Market to Reach US$ 11.9 Billion by 2028, Spurred by Escalating Demand for Energy-Efficient Lighting Solutions

The latest report by IMARC Group, titled “Indian LED Lighting Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the Indian LED lighting market size reached US$ 3.4 Billion in 2022. A light-emitting diode (LED) refers to a semiconductor device that produces non-coherent and narrow-spectrum light when electricity passes through it. It offers various benefits such as fast switching, longer lifespan, improved physical robustness, and lower heat output and consumes 90% less energy than conventional incandescent and fluorescent bulbs. Moreover, it is more environment friendly as it generates minimum radiation emissions. At present, LED lights are available in different sizes, shapes, and colors for indoor and outdoor applications. Owing to these properties, these lights are widely installed across residential buildings, retail centers, hospitals, and educational institutions in India.

Indian LED Lighting Market Trends:

The market is primarily driven by the escalating demand for energy-efficient lighting solutions in the country. In addition, the growing awareness among individuals regarding the low power consumption and eco-friendly nature of LED lights represents another major growth-inducing factor. LED lights have swiftly gained prominence among consumers owing to their numerous advantages over conventional lighting technology. Besides this, the Government of India is undertaking various initiatives to promote the usage the LED lights. For instance, under the Street Lighting National Program (SLNP), over 2.1 million incandescent and fluorescent streetlights were replaced with LED streetlights across the country. This, coupled with the rising product adoption in the automotive industry to manufacture rear lamps, headlamps, turn signals, and brake lights, is positively influencing the market growth. Moreover, rapid urbanization, the declining prices of LEDs, the introduction of cost-effective smart LED lighting solutions with improved controls, and upcoming smart building projects are some of the other factors creating a favorable market outlook across India. Looking forward, IMARC Group expects the market to reach US$ 11.9 Billion by 2028, exhibiting a CAGR of 23.38% during the forecast period (2023-2028).

Market Summary:

• On the basis of the product type, the market has been categorized into panel lights, street lights, tube lights, downlights, floodlights, bulbs and others. At present, panel lights represent the most popular product type.
• Based on the application, commercial applications dominate the market. Other major segments include residential, institutional and industrial applications.
• The competitive landscape of the market has been studied in the report, with some of the key players being Signify NV, Surya Roshni Limited, Crompton Greaves Consumer Electricals Limited, Bajaj Electricals Limited, Halonix Technologies Pvt. Ltd., and Havells India Limited.
   

Report Scope:

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