Press release
India LED Lighting Market: Key Drivers and Future Outlook for Businesses by 6Wresearch
India's LED lighting market is set to witness remarkable growth, driven by government initiatives, rising energy demands, and advancements in smart lighting solutions. According to 6Wresearch, the market is projected to grow at a CAGR of 9.2% during 2024-2030, supported by the Smart Cities Mission, increasing housing demands, and a surge in infrastructure development.
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Market Drivers and Trends
The market has grown significantly as a result of extensive government programs like SLNP, PLI, and UJALA that have made it easier for people to adopt energy-efficient LED lighting. The market has grown as a result of the increased emphasis on smart city initiatives and rural electrification.
Furthermore, the number of homes completed in India's real estate market has increased from 2.5 lakh in 2018 to 4.35 lakh in 2023, which has increased demand for LED lighting.
In 2023-2024, India's total energy demand is projected to increase by 8.6% to 11,02,887 MU from 10,15,908 MU in 2022, underscoring the urgent need for energy-efficient alternatives like LED lighting.
Another factor driving the need for IoT-integrated LED lighting systems is the quick uptake of smart home solutions, which increased by 12.8% in 2023.
Check top 10 leading company in India LED Lighting Market: https://www.6wresearch.com/market-takeaways-view/top-10-companies-in-india-led-lighting-market
Market Segmentation
By Types
The growing need for landscape lighting in infrastructure projects and floodlights in stadiums is predicted to drive the luminaires segment's fastest growth rate. The construction of 18 stadiums and 1,000 playgrounds by the Uttar Pradesh government, as well as India's quest to host the 2036 Olympics, is anticipated to increase demand for luminaires in major projects.
By Applications
The market for LED lighting is dominated by indoor applications, thanks to growing use in office buildings, shopping centers, upscale residences, and hospitality projects. By 2028, the smart home market is expected to have grown by 9.14% to reach INR 0.7 lakh crores. The construction of 120 million square feet of office space is also anticipated to be finished by 2025, which will increase demand for indoor LED lighting options.
By Sales Channels
The institutional sales channel is predicted to increase at the quickest rate, surpassing both B2B and B2C channels. Large-scale LED distribution and purchase have been made possible by government-backed programs like SLNP and UJALA. The need for LED lighting in the institutional sector is also anticipated to be driven by infrastructure investments in railroads, airports, and highways.
By Regions
The Northern region is anticipated to grow quickly due to an increase in peak electricity consumption, which is predicted to rise from 73 GW in 2021-2022 to 127 GW by 2031-2022. The region's dominance in the LED lighting market would be further supported by the surge of real estate developments, especially in Delhi-NCR.
For Latest Press Release: https://www.6wresearch.com/press-release/india-led-lighting-market-is-projected-to-grow-at-a-cagr-of-92-during-2024-2030
Future Outlook
India's LED lighting industry is expected to grow steadily as the Smart Cities Mission is extended until 2025 and 93 million housing units are needed by 2036. In order to fulfill the country's rising energy demands, smart, energy-efficient, and Internet of Things-integrated lighting systems will become increasingly popular. The LED lighting sector is expected to be crucial to India's energy revolution as infrastructure projects expand and sustainability measures pick up steam.
Check More Reports
1. North America LED Lighting Market: https://www.6wresearch.com/industry-report/north-america-led-lighting-market
2. Africa LED Lighting Market: https://www.6wresearch.com/industry-report/africa-led-lighting-market
3. Europe LED Lighting Market: https://www.6wresearch.com/industry-report/europe-led-lighting-market
4. Middle East LED Lighting Market: https://www.6wresearch.com/industry-report/middle-east-led-lighting-market
5. Mexico LED Lighting Market: https://www.6wresearch.com/industry-report/mexico-led-lighting-market
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