The Indian LED Lighting market is expected to grow at a CAGR of 24.3% during the forecast period. In the current market state, LEDs have gained a mainstream in the lightings market. Key factors behind this are the continuous declining LED prices in the country and favorable government initiatives, such as UJALA and SLNP, offering LEDs at a subsidized cost and LED installation projects for streetlights, respectively.
– For instance, in April 2019, under the Indian government’s energy efficiency program, 21 crores of LED bulbs were distributed in the country, which resulted in the saving of INR 11,000 crore for the consumers. State-run Energy Efficiency Services Limited (EESL), implementing the UJALA scheme for distributing LED bulbs to the consumer, has reduced the procurement price of these lights to INR 38 per unit. The program is aimed at deploying more than 770 million LED lamps across the country by 2020.
– In addition to this, the rising awareness about the cost-effectiveness and eco-friendliness of LED lights among the consumers is estimated to continue to drive the demand for LED lighting at residential as well as commercial sectors. In recent years, India has demonstrated the possibility of deploying LEDs rapidly on a large scale with the right financing and market mechanism. India is now one of the largest LED lighting markets in the world after the UJALA program, offering LED bulbs that are 50% more energy-efficient than other lamps available.
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Key Market Trends
Increasing Adopting of Energy Efficient Lighting Solutions
– The LED lighting market is significantly influenced by the growing focus on the well being of the environment. Over the years, energy conservation is considered to be one of the most prioritized implementation programs, and the adoption of LED lighting significantly contribute to conserving energy.
– The government of India has implemented effective energy efficiency programs in these recent past years, which are focused on creating an energy service market. The government has initiated the use of bulk procurement of LED lights that have helped the country in accelerating energy saving.
– In January 2020, the Indian Ministry of India mentioned that the country had installed over 361.3 million LED bulbs distributed across the country and 10.3 million smart LED streetlights were installed under the UJALA and LED Street Lighting National Program, which is estimated to save energy of over 6.97 billion kWh/year. International Energy Agency (IEA) has also welcomed this progress and stated that the country had considered it as an opportunity for the central and state government to gain energy efficiency implementation across the public sector.
– Moreover, according to the latest publication by the Rural Electrification Corporation Limited, over 72% of the homes in India have received electric connections. In addition to this, the report has also estimated that more than 94% of the villages in India will have access to power by the end of 2020. This is further expected to drive the demand for residential LED lightings in the country.
Outdoor Application is Expected to Grow Significantly
– Out of the total electricity generated in the country, a significant part of it is consumed for the illumination purpose. Hence, over the years, the country is more focused on adopting energy-efficient lighting solutions. The government of India is also taking initiatives, such as Smart Cities or National LED Program. This is expected to create more demand for LED lightings for outdoor applications in the country. Bhopal Smart City project is one of the instances, where more than 21,000 LED street lights are installed. The segment is expected to grow in full swing due to the continuous infrastructural expansions, such as roads, airports, metro, and railways.
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