According to IMARC Group’s latest report, titled “Indian LED Lighting Market: Industry Size, Share, Trends, Growth, Opportunity and Forecast 2021-2026”, the Indian LED lighting market reached a value of US$ 3.58 Billion in 2020. Looking forward, the market is expected to grow at a CAGR of 28.3% during 2021-2026.
A light-emitting diode (LED) refers to a semiconductor device that emits light when the electric current is passed through a microchip. LED lighting products offer compact size, high durability, low heat output, minimum radiation emission, and consume less power. LED lights are more efficient in comparison to other light bulbs, owing to which, incandescent and fluorescent lights are prominently being replaced by LED lighting systems.
The increasing demand for energy-efficient lighting system, along with a significant decline in the price of LED, is primarily augmenting the Indian LED lighting market growth. Furthermore, the growing environmental concerns have propelled the use of LED lighting products for reducing the carbon emissions from conventional fluorescent lights in the country. Moreover, the rising use of LED lights in automotive parts, signals and signage, mobile devices, etc., is also augmenting the market growth. Additionally, the increasing demand for LED in architectural lighting across both commercial and residential sectors is further bolstering the growth of the Indian LED lighting market.
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Indian LED Lighting Market 2021-2026 Competitive Analysis and Segmentation:
The competitive landscape of the Indian LED lighting market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the Indian LED lighting market on the basis of product, end-use sector, region, public & private markets and indoor & outdoor markets.
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Key highlights of the report:
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