Oct 22, 2023
India Smart Lighting Market 2023 Expected to Outperform Competitors with Exceptional Revenue Growth
Report Ocean published a recovery-based report for India Smart Lighting Market that provides crucial details on company opportunities, growth plans, trends, innovations, the competitive landscape in
Report Ocean published a recovery-based report for India Smart Lighting Market that provides crucial details on company opportunities, growth plans, trends, innovations, the competitive landscape in 2022, and the geographic outlook. Based on relevant market and regional segmentation, a thorough assessment of this worldwide market includes the historical analysis of this market (from 2023 to 2030) and develops reliable and approximative timeline estimations up to 2030.
The India smart lighting market was valued at INR 7.63 Billion in 2018, which is expected to reach INR 80.56 Billion by 2024, expanding at a CAGR of 48.87% during the forecast period.
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Digitization is changing the way consumers, government and businesses interact with the physical world. The lighting industry is expected to be the next digital disruptor, owing to the increasing adoption of Internet of Things (IoT).
Smart lighting is an emerging technology that is replacing conventional lightings like halogens, CFLs, and incandescent bulbs with efficient LED lights and sensors for energy conservation. Smart lights have automated controls which make adjustments depending on various conditions like availability of daylight.
Favorable government initiatives like the Smart Cities Mission (SCM), increasing demand for intelligent solutions for street and office lighting and evolving lifestyle of Indian consumers establish a positive environment for the growth of the smart lighting market in India. The government has initiated the smart street lighting installation program in all major cities of the country. The development of third-party apps, voice assistants, and new product formats that connect with people are further driving the smart lighting market.
Although the rapid growth in digitization offers ample opportunities, significant barriers like lack of interoperability and standardization in smart devices, high costs, and complexity in system configuration tend to slowdown the adoption of smart lights in India.
Industry players are moving towards enhanced technologies like Light Fidelity (Li-Fi) and solar-based smart lighting that is expected to transform the smart lighting market.
Based on application, the smart lighting industry can be segmented into smart outdoor and smart indoor lighting. Street lights comprise the most substantial portion of the outdoor lighting segment. Smart outdoor lighting finds its application in industrial and commercial spaces. Smart indoor lights, on the other hand, have their application in smart residential homes.
Based on the lighting source, liquid display bulb, down lights and batten lights are the major segments. DMX, DALI, and power over Ethernet are major wired lighting technologies, whereas Zigbee and Bluetooth are major wireless technologies
The industry is fragmented but comprises a few well-established players like Wipro, Philips and Syska. As smart lighting technology is relatively untapped, new players like Xiaomi, Svarochi and Halonix are rapidly gaining market share. The industry is attracting investments from foreign players offering other smart devices.
Bajaj Electricals LimitedWipro LightingPhilips India LimitedSyska LED Light Private LimitedOsram IndiaSchneider Electric India Private LimitedSamsung India Electronics Private LimitedXiaomi Technology India Private LimitedSvarochi LightingHalonix Technologies Private Limited
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Some Questions Answered in the India Smart Lighting Market Report:
Here are the key highlights of the report:
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