February 13, 2015: A study by a global research agency has revealed that India’s LED market will grow by 32 per cent in the next five years. The LED market in the country has already taken the path towards a robust development, thanks to the recent policies by the government which are favouring it and a schemes which are driving the increasing use of LED lighting for both commercial and domestic purposes.
The study conducted by Canada based TechSci Research says, “India’s LED (light emitting diode) lighting market is currently at a nascent stage. Though the LED market is already growing at a robust pace over the last two to three years, the country offers huge growth potential, especially over the next five to 10 years.”
The reason for this growth has been attributed to the declining prices of LED products and the fast pace at which the government, commercial and residential sectors are equally adopting the LED technology. The research firm’s research director’s statement on this reconfirmed the fact. He said, “With manufacturing cost witnessing a decline every year and various government initiatives backing LED adoption, the LED lighting market in country is anticipated to grow robustly through 2020.”
The study particularly stressed on the fact that the increasing awareness about the LED technology’s benefits is expected to play a vital role in shaping the country’s robust LED market in the next five years. People need to be educated or well informed about the fact that LED technology is something that can provide better and cleaner forms of energy at a much lesser cost. In fact, with India eventually becoming a healthy market major lighting companies are planning to set up their manufacturing units in India. This can be a major boost to Prime Minister Narendra Modi’s ‘Make in India’ campaign as well.
