Light emitting diode (LED), with its higher energy efficiency than conventional lights, should make the most of the opportunities in the residential as well as the non-residential sector. Having analysed this market for the last four years, Frost & Sullivan believes that LED lighting is expected to grow significantly in the near future.
Bajaj Electricals Ltd and Hong Kong-based Megaman, an LED technology company, recently extended their two-year-old marketing tie-up to technology transfer. Considering an increase in the demand for eco-friendly LED lighting products, Bajaj Electricals has announced plans to start manufacturing LED products at its Nashik facility in 2013.
In March this year, Bajaj Electricals announced the launch of its new range of ‘futuristic’ LED products, under the brand name of iLED, in Kerala. The company is currently manufacturing compact fluorescent lights (CFLs) at Nashik.
After introducing 25 LED products so far, Bajaj Electricals aims to launch another 45 this year. The products range includes panel lights, down lighters and tube lights.
Established with an investment of about Rs 500 million, Bajaj Electricals said its R&D centre in Mumbai should start working in 2014. The company is looking at Rs 600 million business in LED segment in the current financial year with its product range, said a Business Line report.
The LED segment is expected to be about Rs 30 billion by 2014-15.
