The demand for LED lighting in India market would increase by about 40% annually at least for the next five years, global chief executive officer of NTL Lemnis Arun Gupta said yesterday.
The size of the current lighting market in India is around 96 billion rupees (Rs.) and the LED lighting industry's share is around Rs.10 billion. According to the Association of Electrical Lighting Manufacturers in India (ELCOMA), the lighting industry in the country has increased by nearly 17% to 18% per annum over the past three years. Although the growth rate of overall lighting market is low, the LED lighting market gets very high growth opportunity.
According to Gupta, the growth of Indian LED lighting industry may range from 8,000 to 12,000 crores in the next five years, and NTL Lemnis is focusing on seize a 5% market share. The India LED Industry is expected to reach around $500 million by 2015. The demand for LED street lights and LED solar lights in India market is likely to grow rapidly in the near future.