Vying to gain an upper hand in the low carbon technologies to tackle the upcoming struggles regarding climate change, many organizations and enterprises had tried their luck to leverage clean energy sources.
This is especially an uphill task to conquer for a developing country like India that has limited capabilities and resources to innovate and produce low-carbon technologies themselves and therefore had to import these sources often.
But it is not feasible in the long run, is it?
The key question that must be asked is how can a developing country like India, which supports a bursting amount of people under their small geographical space, leverage an emerging energy-efficient technology while also advancing their technological capabilities simultaneously?
The answer lies in the rapidly progressing market of Light Emitting Diodes (LEDs) that not only is cost-effective at the production stage but is also energy efficient at the same time.
The LED Market in India has shown tremendous growth in the country in the last few years while making India the second-biggest consumer of these LED lights.
And this statistic represents only the LED Bulbs strewn all around the country, LED Market in India is another story altogether.
Without wasting more of your time, let’s check out some of the basic background and market scenarios of the LED Market in India in 2021.
Origins of LED Market
Tracing its history back to the early 1900s, Henry Joseph Round, a British inventor, worked for the Marconi Company, accidentally discovered LED when he experimented with radio technologies to improve Marconi’s original equipment in 1907.
But the discovery was not paid much attention and after several years of being behind the scenes, the discovery of LED light saw the light of the day as Nick Holonyak, Jr. invented the first successful LED that could produce visible red light in 1962.
For his successful invention, Holonyak gained the title of Father of the Light-Emitting Diode.
And as the 1970s rolled around, LED Market gained its much-needed foothold in every part of the world.
Reason for Preferring LED Market in India over Others
To gain a stronger insight into LED lighting technology, one must understand some of the basic reasons why LEDs are often preferred as the more sustainable option.
One of them includes its strong presence in the lighting market as the technology is up to 75% more sustainable and energy-efficient than its traditional counterpart, incandescent and compact fluorescent (CFL) bulbs.
LEDs also play a significant role to ensure easy electricity access supporting a lower carbon footprint.
LED Market in India comes up as the first choice in every part of industrial, commercial as well as domestic applications due to its low energy consumption, low production as well as selling costs, diverse modular designs, and easy usage level.
And as suggested above, LED Market in India is not limited to lightbulbs only.
Another diverse usage of LEDs can be witnessed in the TV sector of the modern world as the advent of Smart LED TVs is making rounds.
OLED or Organic Light-Emitting Diode is another form of LED Market in India and is a type of display technology that consists of a carbon-based film being placed between two conductors where once we pass current can cause the film to emit light.
The backlighting offered by LEDs as well as OLEDs is like none of the other widely available TV technologies that can match their level.
Latest Scenario of LED Market in India
Gaining strong backing from the government of India, the LED Market in India has grown by leaps and bounds in recent years on account of the ever-growing population and the subsequent rate of urbanization.
Showing an incredible hunger for electricity consumption, the demand for an eco-friendly and cost-effective lighting solution like LED Market in India is also gaining momentum.
Thus, leading to the sudden surge of the LED Market in India that has started to penetrate the mainstream general lighting market of India.
Another factor for the uprising is due to several government initiatives done in the last few years like Unnat Jyoti by Affordable LEDs for All (UJALA) and Street Lighting National Program (SLNP) that become the biggest demand drivers for the LED Market in India.
To promote awareness among the consumers for the steady adoption of LED bulbs over conventional incandescent bulbs or CFL lights, the government proposed to replace over 1.34 crore conventional street lights in India with LED ones under SLNP.
Around 1.04 crore street lights were already replaced with LED ones as recorded in November 2019.
Speed Bumps Ahead
It is a known fact that the road to achieving success of India’s Atmanirbhar or self-reliance plan will have to come at the expense of China.
Till the LED Market in India is not efficient enough to compete against the mega manufacturing hub of China whose LED Market is known to manufacture inferior quality LED bulbs in bulk, India’s fledgling LED manufacturing market will not gain ground.
So, the first step to tackle this speed bump is to rely heavily on the goods made in the country itself to boost the country’s manufacturing sector at a rapid pace.