Market Size of India LED Lighting Industry
| 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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
