'Indian LED market to grow 32 percent in five years'

Declining LED lighting prices coupled with favorable government initiatives will drive the market growth in India by over 32 percent till 2020, said a study by a global research agency.

"India's LED (light emitting diode) lighting market is currently at a nascent stage. Though the LED market is already growing at a robust pace over the last two to three years, the country offers huge growth potential, especially over the next five to ten years," said the study conducted by Canada based TechSci Research.

The study said government, commercial and residential sectors equally are adopting LED lighting at a fast pace.

"With manufacturing cost witnessing a decline every year and various government initiatives backing LED adoption, the LED lighting market in country is anticipated to grow robustly through 2020," the firm's research director Karan Chechi said in a statement.

The study further said growing awareness among consumers is expected to play a vital role in shaping the country's LED market over the next five years.

The report highlights that considering the growing adoption of LED lighting, major lighting companies are planning to set up their manufacturing units in India.

LED is an energy saving cost effective technology used extensively across premium lighting and television segments in the country.