The Light Emitting Diode (LED) Lighting Market in India is being driven by Declining manufacturing cost of LED lights
The Light Emitting Diode (LED) Lighting Market in India is expected to grow at a CAGR of 11.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 2934.9 million. The LED lighting market in India is experiencing significant growth due to increasing government initiatives and the development of smart cities. For instance, the Maharashtra Industrial Development Corporation (MIDC) and Kalyani Group's collaboration on a smart city project in Khed, Maharashtra, is expected to boost demand for LED lights. This project, part of the Indian government's National Smart Cities Mission (NSCM), will be completed by 2024 and is one of several urban renewal and retrofitting programs driving the regional LED lighting market's expansion in APAC throughout the forecast period.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on Product (Luminaries, Lamps) Application (Indoor, Outdoor) Distribution Channel (Offline, Online) Geography (APAC).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Light Emitting Diode (LED) Lighting Market in India Research Report
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The LED lighting market in India is witnessing significant growth due to the replacement of inefficient lighting systems with energy-efficient LED alternatives. LED technology offers superior illumination strength, supported by Wi-Fi, occupancy sensors, daylighting, and IoT-enabled smart lighting systems. LED solutions include strips, bulbs, tube lights, and luminaires, utilizing wireless communication and smart sensors for occupancy detection and thermal management. Semiconductor devices, such as OLEDs, are employed in various illumination applications, including display and signage, consumer electronics, and building automation systems. The Color Consistency and Color Rendering Index ensure high-quality light output, surpassing traditional lighting technologies like Incandescent and Fluorescent lights. ENERGY STAR certified LED technology and LightGPM technology further boost the market's growth.
The LED lighting market in India represents a significant segment of the larger electrical components and equipment market. Inefficient traditional lighting systems have driven the demand for energy-efficient LED lighting solutions. Technavio's market analysis encompasses LED strips, bulbs, and advanced features such as Wi-Fi connectivity, occupancy sensors, and daylighting. The market size is determined by the revenue generated by manufacturers of LED lighting, in addition to electrical components and equipment like motors, sensors, and HVAC systems. This market caters to various industries, including commercial, industrial, and residential sectors, through both sales and rental services.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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