Essential Factors and Future Perspectives

India’s LED lighting market is poised for substantial growth, projected to expand at a CAGR of 9.2% from 2024 to 2030, fueled by government initiatives, increased energy demands, and advancements in smart lighting technologies. Key programs such as the Smart Cities Mission, along with the rising number of housing projects—evident in the increase from 2.5 lakh homes in 2018 to 4.35 lakh in 2023—are driving this trend. With a projected energy demand increase of 8.6% for 2023-2024, the shift towards energy-efficient LED lighting is becoming essential. Notably, the demand for luminaire products, propelled by infrastructure projects like the construction of new stadiums and real estate developments, is also on the rise. The Northern region is expected to witness the fastest growth, supported by increasing peak electricity consumption and ongoing real estate booms, while the institutional sales channel is anticipated to outperform both B2B and B2C segments due to government support for large-scale LED initiatives. Overall, the LED lighting sector plays a crucial role in India’s energy revolution amid expanding infrastructure and sustainability efforts.

Essential Factors and Future Perspectives

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