Originally Published on: TechnavioIndia LED Lighting Market by Product,Application and Distribution Channel - Forecast and Analysis 2024-2028
The India LED Lighting Market is poised for substantial growth, anticipating a USD 6.92 billion increase at a CAGR of 23.23% from 2023 to 2028. This surge is fueled by factors such as the diminishing manufacturing cost of LED lights, the phase-out of conventional lighting, and a growing demand for LED lighting across diverse applications. The report extensively examines historical data from 2018-2022 while providing an insightful analysis of the present and future market scenario.
Crompton Greaves Consumer Electricals Ltd and Diamond Lighting Leading Innovation
Renowned companies like Crompton Greaves Consumer Electricals Ltd showcase a variety of LED lighting solutions, including the Bajaj Ivora 10-Watt LED Bulkhead Ceiling Light and Bajaj LED Deco Ping Pong 0.5W. Diamond Lighting contributes innovative solutions such as the LED Smart Range GLS and LED Double-Ended Tubular, illustrating the diverse product landscape within the market.
Market Forecasting and Size
LED Lighting Market in India Size
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Understanding Market Dynamics
Researchers meticulously scrutinized market research and growth data, using 2023 as the base year and 2024 as the estimated year. Key drivers, trends, and challenges influencing the market have been identified.
Driver - Declining Manufacturing Cost of LED Lights
The consistent decline in the production cost of LED lights, propelled by initiatives like the government's UJALA program, positions India as a significant market for these energy-saving lights. Diminishing costs of chips and components contribute to a more affordable LED lighting landscape, expediting their adoption across various applications.
Trends - Government Initiatives Propelling Demand
Government projects and smart city initiatives in India, such as the National Smart Cities Mission, are propelling the demand for LED lights. Subsidized distribution of LED lights for domestic use and decreasing prices further amplify market growth.
Challenge - Limited Thermal Tolerance of LEDs
The challenge lies in the limited thermal tolerance of LEDs in industrial settings. Exposure to high temperatures and hazardous environments can impact the efficiency and lifespan of LED lights, presenting a hurdle for market growth.
Market Segmentation by Product, Application, and Distribution Channel
Product Segment Analysis: Luminaries Take Center Stage
The luminaries segment, valued at USD 2.28 billion in 2018, is projected to witness significant growth. LED luminaires, offering longer lifespans, enhanced energy efficiency, and superior quality light, are driving their adoption across various applications.
Application Segment Analysis: Indoor Dominates the Market
The indoor segment is poised to account for the largest share. Increasing awareness of energy efficiency and environmental sustainability, coupled with technological advancements like smart lighting systems, contributes to the surging demand for LED lighting indoors.
Who are the Major Market Companies?
Leading companies such as Halonix Technologies Pvt. Ltd strategically position themselves through alliances, partnerships, and product launches. A comprehensive analysis includes information on 20 market companies, featuring Axiom Controls Pvt. Ltd, Havells India Ltd, Philips, and Syska Led Lights Pvt. Ltd.
Technavio Market Forecast and Analysis
Technavio provides an in-depth analysis of the market, classifying companies based on business approaches and categorizing them into dominant, leading, strong, tentative, and weak. The report forecasts market growth by revenue and identifies trends and growth opportunities from 2018 to 2028.
