Lighting Science Group and  electronics products manufacturer Dixon Technologies India Pvt. Ltd, have jointly to announce the world’s first sub-$15 omnidirectional 60-watt equivalent A19 LED bulb.

According to the two companies, the new product that will be available in India by the end of the year and will be sold worldwide by Lighting Science Group early next year.

The bulb is the first in a series of products being jointly manufactured and distributed by the two companies. The full line of products will include street lights, outdoor and industrial light fixtures and replacement bulbs that will set a new standard for lighting product performance, producing more light for less energy than any similar products currently available in India.

The Indian market for LED lighting is expected to grow to $400 million by 2015 (53% per annum), making it one of the fastest-growing sectors of one of the fastest-growing economies in the world. According to India’s Ministry of Power, the country plans to build 80 new coal-fired power plants to keep up with rising electricity demand over the next 5 years, and the potential savings from simply changing light bulbs to the new LED technology can significantly reduce the county’s electricity demand by as much as 40%.

“With India’s peak load electricity deficit expected to increase upwards of 15% in the near-term, the adoption of energy efficient technologies will prove critical in meeting India’s infrastructure needs and demands of continued economic growth. Our partnership with Lighting Science Group will make LED technology available for large scale implementation in the Indian market and we expect to be the market’s leading seller of LED lighting within two years,” said Sunil Vachani, chairman and managing director of Dixon Technologies.