According to the report analysis, ‘India Light Emitting Diodes (LEDs) Market – Drivers, Opportunities, Trends, & Forecasts: 2015-2022’ states that the LEDs market in India is estimated to increase at a significant CAGR of 32% during the review period to reach USD 3.4 billion by 2022. Moreover, the report also suggests that there are numerous key players which actively functioning in this sector more actively for leading the fastest the market growth and registering the highest value of market share across the India while developing the technologies of manufacturing light emitting diodes and enhancing the working techniques of the producers and young workforce more positively includes Kwality Photonics Pvt Ltd, Bag Electronics India Pvt Ltd, Havells India Limited, Laxman Energy Products Limited, Syska Led Lights Pvt Ltd, Osram India Pvt Ltd and several others.
Whereas, the Indian region is a fast improving the economy with augmenting the per capita income and enormous consumer base. The growing environmental and technological consciousness coupled with the growing disposable income has occasioned in the huge probable the market for the novel technologies, creating India a key market for new products and technologies, specifically in the consumer market sector. The Indian government in indulgence of LEDs product utilization has rolled out consumer subsidies and assistances. Further, the government has also been supportive with the favorable trade tariffs for importing LEDs for product manufacturing. LEDs lighting dissemination in India is predictable to augment the exponentially during the review period substituting the traditional halogen and incandescent lamps even in rural areas.
Furthermore, the application field of lighting has further been separated into sub-application areas of indoor lighting and outdoor lighting along with the bifurcation into the products of bulbs, street lights and spotlights. Outdoor lighting is estimated to increase with the maximum growth rate among application areas for LEDs in the Indian market.
A few years ago, the application of LED was inadequate to assured specific lighting requirements and had not arrived the mainstream common lighting the applications. The entrance of LED in applications such as general lighting has provided a resilient thrust to the market. LED is predicted to take over the conservative CFL and CCFL lighting market owing to the advanced features. Moreover, it is a cost effective solution for all lighting as well as other application determinations such as backlighting in mobile devices and great screen displays, automotive lighting and many others.
Not only has this, the augment in the government aim on the energy saving solutions, augmented in the utility rebates, and increasing the display and enormous screen back lighting market are the aspects that fuel the market growth. In addition, the growth of smart lighting and extraordinary efficacy LED boom up the growth of the LED market.
Yet, it is anticipated that in the near future the market of light emitting diodes across the India more positively over the coming years with the handsome amount of investment by the coming investors and existing players in the weaker sectors of the market for improving them more significantly.
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Ankur Gupta, Head Marketing & Communications