India LED Packaging Market Growing at a CAGR of 5.4% in 2021-2027
Published | 29 October 2021
The growing demand for smart-lighting solutions in end-use industries and the increasing use of LEDs in displays in televisions, mobiles, and other devices are among the major factors driving the growth of the Indian LED packaging market…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that India LED packaging market is set to grow at a CAGR of 5.4% during the forecast period (2021-2027). LED lighting systems are mostly in demand in North and South India. Rising urbanization rates and a growing number of government initiatives encouraging LED lighting are behind this trend. In the commercial, retail, and residential sectors, LED lamps have also grown in popularity as a result of various government policies supporting energy-efficient lighting. These are the primary factors driving the growth of the India LED packaging market.
Favorable Government Initiatives Favoring the India LED Packaging Market
Several government initiatives, including "Unnat Jyoti by Affordable LEDs for All" (UJALA), were responsible for the rapid growth of the India LED packaging market. In a competitive bidding process, LED prices were lowered to allow bulbs to be sold through kiosks and registered sellers at profitable but lower-than-retail prices. Moreover, more than 2.1 million conventional streetlights have already been replaced with LED streetlights across the country under the Street Lighting National Program (SLNP).
As India's LED market expands and its manufacturing capabilities are bolstered, it has a great opportunity to expand its manufacturing capabilities and improve bulb quality. It would require a concerted effort to strengthen the entire value chain, including R&D, production, demand-side management, and job creation.
India LED Packaging Market: By Packaging Material
The India LED Packaging Market is grouped into plastic, nanoceramics, ceramics, silicone materials, epoxy molding compound, metal alloys, polymers, glass composites, and others. Among these, the plastic packaging material has accounted for a significant market share in 2020 and is likely to dominate the market during the forecast period. Light-emitting diode (LED) lighting has progressed from specialist applications to more popular commercial and residential applications as the industry has matured. Due to the material's characteristics and versatility, there has been an increasing interest in plastics, particularly polycarbonate. Polycarbonate is now widely used in LED lighting. The mechanical integrity and longevity of the product have prompted the industry to place a premium on polycarbonate. In the LED lighting sector, certain polycarbonate properties, including heat resistance and transparency, are significant, which has propelled the demand for polycarbonate during the forecast period.
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India LED Packaging Market: Impact of COVID-19
As a result of the electronic component supply shortage, LED light prices spiked nearly 10% in India during the pandemic, according to the Electric Lamp and Component Manufacturers Association (ELCOMA). According to ELCOMA, about 60% of mechanical components in LED bulbs are domestic, while roughly 30% of electronic drivers or chips are imported from Chinese vendors who were short-supplied during the outbreak of COVID-19. Additionally, the manufacturers were looking to import components from other countries like Taiwan, Hong Kong, and South Korea to balance the demand-supply gap. Thus, the pandemic has had a negative impact on the India LED packaging market.
North India Leads the India LED Packaging Market
North India has dominated the India LED packaging market in 2020 and is likely to maintain its dominance throughout the projected period (2021-2027). Growth in the region can be attributed to the upcoming infrastructure projects across the residential, industrial, and commercial realms throughout the region. For instance, the Bhopal Smart City project is one of the significant examples where more than 21,000 LED street lights hve been installed. Due to continuous infrastructure improvements, such as roads, airports, metros, and railways, the region is expected to grow significantly during the forecast period.
The India LED Packaging Market is highly fragmented due to the numerous global players involved in the market. In order to remain competitive, companies consistently develop new products and engage in expansions and acquisitions. Some of the leading players are also increasing their global footprint by acquiring overseas producers. Some key players in the India LED packaging market are Signify NV, Surya, Crompton, Bajaj, Halonix, Havells, and Other Prominent Players.
In February 2020, Signify, the world leader in connected LED lighting systems, software, and services, launched a new integrated Philips Combo Charge Controller for streetlights, allowing hybrid solar systems to arise. With this innovation, the company expects to open up a new market for solar-powered outdoor lighting in Asia, Africa, South America, Australia, and Spain, where solar-powered lights have previously been placed.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India LED packaging market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India LED packaging market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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