India Lighting Market Size

Lighting in India Market Analysis

The India Lighting Market is was valued at USD 3.4 billion last year and is expected to reach USD 8.15 billion by the end of the forecast period, at a CAGR of 15.7% over the forecast period. Moreover, With technological developments such as artificial intelligence and LED lighting, business has been able to concentrate on the interior of their facilities in order to create a functioning working environment. Continuous innovation in the market for commercial lighting products, which might have a material impact on light bulbs, has been taking place to reduce energy costs.

• Due to various supporting factors, conventional light bulbs in India are easily replaced by LED lights. Furthermore, as LEDs are progressively used in automotive headlamps, aviation, general lighting, advertising, lighted wallpapers, medical devices, camera flashes, and traffic signals, the LED lighting market is expanding throughout the country. In addition, the entry of Chinese LED light producers in India has enabled Indian manufacturers to offer innovative products.
• More than half of India's population resides in urban cities, and the ratio continuously increases with each passing year. Moreover, this rate is even higher in highly dense cities such as Delhi, Mumbai, and Kolkata. Rapid urbanization has resulted in significant infrastructure development, including the construction of highways for connecting cities, commercial malls, and airports, over the past few years. Hence, the demand for outdoor LED lighting is increasing.
• Some of public places, such as commercial buildings, including malls, stores, restaurants, hospitals, and schools, Significant amounts of energy consumption are attributable to lighting, which accounts for a large part of overall energy consumption. It is evident that these facilities would be aiming to reduce their operating costs. The government push has driven domestic manufacturing companies to target new opportunities in the market.
• Also, parking lots in commercial buildings in India often get packed with vehicles during peak hours. A poorly lit parking lot can result in thieves and burglars unethically breaking into the vehicles. Since LED lights provide brighter and better illumination than conventional lighting solutions, they light up the entire space uniformly to ensure safety at all times.
• LED fixtures, on the other hand, are new lighting fixtures that are developed and manufactured with LED technology and may be used to replace any current lighting solutions. Therefore, any disruption in real estate or construction industry will negatively impact the lighting solutions worldwide.
• In the global lighting industry, the consequences of the COVID 19 pandemic will be felt for a long time. Some examples of the possible impacts on suppliers, manufacturers or consumers are extended production time and depleted supplies as well as premium prices. Nearly all of the smaller enterprises in this sector have been hit hard by a sharp drop in revenues.