India lighting source market to grow at 28 pc CAGR till 2018

BRNABY, CANADA: The growing construction, automotive and infrastructure industries in India have been identified as the key growth contributors to the lighting source market.

According to the recently published TechSci Research report ‘India Lighting Source Market Forecast & Opportunities, 2018', the lighting source market in India is expected to grow at the CAGR of 28 per cent during 2013-2018.

According to the report the major players operating in the Indian lighting source market include Philips Lighting India, Surya Roshni, Crompton Greaves, Bajaj Electrical and Wipro. It adds that most of the traditional lighting sources are being manufactured in India. The import of lighting sources is impacted by the Anti-Dumping Duty which restrains the imports of lighting sources in India.

Analyzing the trends, the TechSci Research report mentions that the electricity demand has surged over the past few years as a result of rapid industrialization and urbanization in India. Also, the real estate and infrastructure sectors have witnessed growth of over 10 per cent over the last five years. There is also an influx of new residential and commercial infrastructure projects across Tier I and Tier II cities. These trends are fuelling the growth of lighting industry i.e. lighting source and lighting fixtures.

The report also reveals some very critical info on the lighting source market in India. It mentions that within the lighting source market, incandescent bulbs dominate the market because of its high penetration in rural areas along with easy and low price availability. Even though the government is increasing its efforts aimed at promoting the usage of CFLs (Compact Fluorescent Lamp), the penetration of incandescent bulbs in India continues to remain high.

‘India Lighting Source Market Forecast & Opportunities, 2018' report also highlights the growing significance of energy efficient lighting. As a result of increasing focus towards energy efficiency, the lighting source manufacturers are emphasizing on energy efficient lighting. According to the report, the sales of LEDs (Light Emitting Diode) are expected to grow at a faster rate than all the other traditional lighting sources.

"The penetration level of LEDs is anticipated to increase as the government is in the process to standardize and promote LEDs as an efficient lighting source. However, the high price of LEDs can be attributed as the key reason for its low market penetration, restricting its usage in urban markets," said Karan Chechi, research director, TechSci Research.

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