Estimate follows govt's decision to switch to LED for all street lamps and public space lighting.
The market size of Indian may touch Rs 21,600 crore by 2020 on the back of government's decision to switch to LED for all street lamps and public space lighting, an industry official said.
The Indian LED industry was pegged at Rs 1,925 crore out of the lighting industry's aggregate turnover of Rs 13,000 crore in 2013.
As projected, the turnover of Indian by 2020 will be Rs 35,000 crore and LED will account Rs 21,600 crore, which is significantly over 60 per cent of this total turnover, Managing Director Raju Bista told PTI.
Bista pointed out that in the wake of continual Narendra Modi-led government's support for the promotion of LED lighting, this market is expected to grow substantially.
The government has decided to switch to LED for all street lamps and public space lighting.
Moreover, the 'Make in India' initiative launched by Prime Minister Narendra Modiwill provide a boost to the LED industry, he said and added that Surya has already commenced in-house production of indoor and outdoor LED products at its plants.
These include LED bulbs, down-lighters of various shapes and sizes as well as street lights.
The company's is to educate and promote only sustainable energy efficiency and drive the LED segment forward.