( MENAFN - GlobeNewsWire - Nasdaq) Dublin, June 04, 2024 (GLOBE NEWSWIRE) -- The "India LED Lighting market 2023-2029 Revenue, Size, COVID-19 IMPACT, Trends, Companies, Value, Share, Analysis, Forecast, Growth & Industry: Market Forecast By Types, By End-User, By Application, By Sales Channel, By Region And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering. The Indian LED Lighting Market has experienced growth in recent years, driven by government initiative like UJALA, PLI scheme and Street Lighting National Programme along with an increased focus on smart cities and growing technological awareness among individuals.
This growth is in line with the Smart Cities Mission, launched on June 25, 2015, as a collaborative effort between the Ministry of Housing and Urban Affairs (MoHUA) and all state and Union territory (UT) governments. The mission aims to transform 100 existing cities in India into smart cities, which, in turn, has positively influenced the LED lighting market in the country. However, in 2020, the outbreak of the coronavirus had a detrimental impact on the growth of the LED lighting market in India.
The demand for LED lighting products declined significantly due to the nationwide lockdown imposed by the government and disruptions in the supply chain, resulting in the suspension of manufacturing operations. Although, the market has shown signs of recovery owing to growth in the luxury real estate sector, with ultra-luxury properties .
