India LED Lighting Market Size
| Study Period | 2018- 2028 |
| Base Year For Estimation | 2022 |
| Market Size (2023) | USD 5.69 Billion |
| Market Size (2028) | USD 8.28 Billion |
| CAGR (2023 - 2028) | 7.79 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India LED Lighting Market Analysis
The India LED Lighting Market size is expected to grow from USD 5.69 billion in 2023 to USD 8.28 billion by 2028, at a CAGR of 7.79% during the forecast period (2023-2028).
- The demand for outdoor LED lighting has historically been subjected to moderate growth due to the considerable change in the need for LED technology with enhanced features and use, which is projected to boost the expansion of the market during the forecast period.
- LED lights consume 75% less power and last 25 times more than incandescent bulbs. They have the highest possibility for conserving energy and cost. Hence, substituting old lighting systems with LED lighting has been useful. The need for new outdoor LED lighting installations is greatly increasing.
- Further, the LED penetration for outdoor applications in India has constantly increased, and government initiatives to structure regulations for promoting LED adoption drive market growth. For instance, Energy Efficiency Services Limited (EESL), a JV under the Ministry of Power, strives to install 1.6 crore smart LED streetlights nationwide by 2024.
- The constant transformation and infrastructure development projects are anticipated to surge the need for LED lighting, leading to market growth. For instance, initiatives like Smart City are expected to help develop India's LED lighting market.
- The COVID-19 pandemic had a considerable effect on the market. The COVID-19 impact was observed at the first or starting node of the market value chain, i.e., lighting products manufacturers. Additionally, the market is witnessing halting production and disruption in the supply chain, leading to drained industrial output gain and decreased light manufacturing output across significant manufacturing hubs. However, as things went back to normal and the market started growing steadily and is expected to grow more over the forecasted period.
- Furthermore, the initial expense of the LED lighting housing can sometimes rely on the environment. Lighting systems installed in harsh conditions must be protected to withstand intense conditions. Such a safeguarding arrangement can raise the cost of the equipment.
India LED Lighting Market Trends
LED Lamps Segment to Hold a Significant Share
- An LED lamp or bulb uses a semiconductor to transform electricity into light. They are extremely more energy-efficient than other types of incandescent and fluorescent lamps. In addition, commercial LED lamps have a longer lifespan than incandescent lamps.
- The massive energy-saving potential of LED lamps, connected with their lowering prices over the past few years, has boosted the demand for these lighting products across India. Additionally, numerous current government policies have been executed to expand their adoption.
- For instance, in the recent past, India launched the Gram Ujala scheme presenting cheap LED bulbs in rural areas at INR 10 (USD 0.13). In its first phase, established from Arrah in Bihar, about 15 million LED bulbs were distributed across villages of Arrah (Bihar), Varanasi (Uttar Pradesh), Vijayawada (Andhra Pradesh), Nagpur (Maharashtra), and western Gujarat.
- Further, as per the union power ministry of India, Convergence Energy Services Limited (CESL) distributed 5 million LED bulbs under the Gram Ujala program by December 2021. The distribution resulted in energy conservation of 71,99,68,373.28 units per year with savings of INR 250 crores (USD 30.4 million).
- Product innovation continues to rise, with many new product launches. For instance, in March 2021, Realme India announced plans to launch Realme Smart LED bulbs in India. The product has a rated power rating of 9W with an input voltage of AC 120~250V. The Realme Link application, Google Home, or Amazon Alexa can control the lights.
- Furthermore, According to the Office of Economic Advisor (OEA(India)), the Wholesale Price Index(WPI) for electricity in India from 2013 to 2022 increased to 117.4, considered from the base year of 2012 with a WPI of 100. It is predicted to increase more in the future, which impacts the retail electricity price to the consumer. The consumer would likely switch to the LED light to save power consumption and expense and drive the LED lighting market.
Outdoor Application is Expected to Grow Significantly
- Numerous government policies drive the adoption of LED lighting in India's highway and roadway infrastructure. The Indian government's zero-subsidy LED Street Lighting National Programme (SLNP) & Unnat Jyoti by Affordable LEDs for All (UJALA) celebrated their seventh anniversary in 2022. SLNP is the world's most vast streetlight replacement program, and UJALA is the world's biggest domestic lighting project. Both have been executed by Energy Efficiency Services Limited (EESL), a joint venture of PSUs under the Ministry of Power, Government of India.
- Further, the increasing usage of government projects provides substantial opportunities for the market segment in the forthcoming years. For instance, in February 2023, The Bidhannagar Municipal Corporation (BMC) announced a tender for installing 200W LED Flad Light of Rabindra Maydan Play Ground at Santi Nagar Ward under Bidhannagar Municipal Corporation. Such activities by various municipal corporations across the country will also fuel the growth of this segment in the coming years.
- Moreover, traditional high-intensity discharge (HID) and fluorescent lighting systems could be more efficient in industrial settings with high, hard-to-reach ceilings and vast spaces, making lighting challenging & ineffective. Hence many industrial facility managers adopt customized LED lighting solutions that increase savings and enhance performance throughout their facilities. Additionally, HID systems are incompatible with advanced sensors & wireless controls; long strike-up times usually force facilities to keep these lights on for extended periods. Hence, LED lighting solutions with advanced lighting manage the harvest daylight to lower energy usage or turn lights on and off at pre-designated times in pre-designated zones are noticing significant demand in India.
- However, major sports stadiums in India still need to utilize LED lighting. For instance, The Karnataka State Cricket Association (KSCA) in recent past announced the deployment of a new floodlight structure at an estimated cost of INR 4.5 crore (USD 457 thousand) at the M Chinnaswamy stadium, yet to substitute metal-halide lamps with LED fixtures.
- Moreover, malls and showrooms consider required actions to attract the eyes of their customers and trigger the purchase intent. Relevant and attractive Illumination is essential to make the presented products look more desirable in those scenarios. LED lights are versatile and functional in different colors, sizes, wattage, and shapes, utilized for decoration during India's festive seasons. These factors fuel the usage of LED lighting in such commercial spaces.
- Furthermore, according to The Ministry of Electronics and Information Technology (MEITY), India, Light emitting diodes production across India was valued at about INR 163 billion (USD 1.98 billion) in the financial year 2021 and is expected to grow more in the future and be a driving factor to the market.
India LED Lighting Industry Overview
The Indian LED lighting market is highly fragmented, with many domestic and international players in the country. Due to the fragmented nature of the market, the competition among the players is high. Due to the continuous fall of LED prices in the country, the competition has increased among the manufacturers, driving further innovation, broader product choices, and lower costs.
In May 2022, Halonix Technologies Pvt Ltd. announced Styl LED Batten under its sub-brand Halonix Prime. It offered three modes, Relax, Work, and Designer, and would be available in leading electrical stores across Delhi, Lucknow, Mumbai, Banglore, Ahmedabad, and Kolkata, as well as on Amazon and Flipkart.
In March 2022, Signify launched Philips Motion Sensing LED Batten in India; with its superior inbuilt motion sensor, the batten automatically turns on upon catching motion within a 6-meter radius. Its automatic switch-on function offered a convenient lighting solution for less accessed house areas, like balconies, staircases, washrooms, and parking areas.
India LED Lighting Market Leaders
Surya Roshni Ltd
Luminous India
Wipro Ltd
Jaquar Lighting
Syska LED Lights
*Disclaimer: Major Players sorted in no particular order
India LED Lighting Market News
- December 2022: The Thiruvananthapuram International Airport Limited (TIAL) installed 13,350 LED lights which amounted to 99.1% conversion, ensuing conservations of 4,96,620 kWh/year compared to conventional lights as per comparison reference drawn from the U.S. Environmental Protection Agency and other government sources.
- August 2022: Union Minister Jitendra Singh launched India's first saline water lantern named 'Roshni,' which uses seawater to power LED lamps. Further, these lamps, along with Power Ministry's undertakings like solar study lamps, were expected to fuel a vigorous renewable energy program strived at gaining energy security and energy access and lowering the carbon footprints of the national economy.
India LED Lighting Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Impact of COVID-19 on the LED Lighting Industry in India
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Favorable Government Policies Towards Promoting Energy Efficiency
5.1.2 Declining Prices of LED (Coverage on Pricing Trends Over the Years Included)
5.2 Market Challenges
5.2.1 Challenging Power Conditions to Affect the LED Functionality and Life-time Operability
5.2.2 Competition from Chinese Players, Since Their Products Are Available At Cheaper Price Points
5.3 Market Opportunities
5.3.1 Growth in Construction Industry Due to Government Initiatives Such as The National Infrastructure Pipeline
5.3.2 Future Demand From Tier 2 and Tier 3 Markets Especially On Street Lighting and Industrial Lighting Categories
6. MARKET SEGMENTATION
6.1 By Application
6.1.1 Residential
6.1.2 Commercial
6.1.3 Industrial
6.1.4 Street Lighting
6.2 By Product Type
6.2.1 Lamps
6.2.2 Luminaires
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Surya Roshni Ltd.
7.1.2 Luminous India
7.1.3 Wipro Ltd.
7.1.4 Jaquar Lighting
7.1.5 Syska LED Lights
7.1.6 Havells Indta Ltd
7.1.7 Eveready Industries India Ltd
7.1.8 Magik LED
7.1.9 K-LITE Industries
7.1.10 Orbit Lightings
7.1.11 UM Green Pvt. Ltd.
7.1.12 ANR Pvt. Ltd.
7.1.13 Diamond Modular Pvt Ltd
7.1.14 Nirvana Light
7.1.15 Eltecks India
7.1.16 Signify Holding
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
India LED Lighting Industry Segmentation
LED lighting refers to a type of lighting technology that uses Light Emitting Diodes (LEDs) as the primary light source. They are semiconductor devices that convert electrical energy directly into light using electroluminescence. LED lighting can be used in various residential, commercial, industrial, and street lighting applications.
The LED Lighting Industry in India is segmented by Application (Residential, Commercial, Industrial, and Street Lighting) and Product Type (Lamps and Luminaires). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Application | |
| Residential | |
| Commercial | |
| Industrial | |
| Street Lighting |
| By Product Type | |
| Lamps | |
| Luminaires |
India LED Lighting Market Research FAQs
How big is the India LED Lighting Market?
The India LED Lighting Market size is expected to reach USD 5.69 billion in 2023 and grow at a CAGR of 7.79% to reach USD 8.28 billion by 2028.
What is the current India LED Lighting Market size?
In 2023, the India LED Lighting Market size is expected to reach USD 5.69 billion.
Who are the key players in India LED Lighting Market?
Surya Roshni Ltd, Luminous India, Wipro Ltd, Jaquar Lighting and Syska LED Lights are the major companies operating in the India LED Lighting Market.
LED Light in India Industry Report
Statistics for the 2023 India LED Lighting market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India LED Lighting analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
