The demand for light emitting diode (LED) lighting in India is expected to grow by about 40 per cent per annum over the next five years, lighting solutions manufacturer NTL Lemnis said on Wednesday.
"I personally feel the LED market (in India) would grow by about 40 per cent year-on-year basis at least for the next five year," global chief executive officer of NTL Lemnis Arun Gupta told IANS in an interview.
The size of the current lighting market in India stands at around Rs.96 billion and the LED lighting industry's share is around Rs.10 billion, he added.
According to the Association of Electrical Lighting Manufacturers in India (ELCOMA), the lighting industry in the country has been growing at nearly 17-18 per cent annually over the past two-three years.
Although the overall lighting market growth is going to be slower, the LED lighting market offers very high growth opportunity, Gupta said.