Smart Lighting Market in India to Expand at 38.44% CAGR Till 2023
According to a new Research On Global Markets report, smart lighting market in India is expected to reach a value of INR 373.7 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 38.44% during the 2018-2023 period. Growth of the smart lighting market is due to the government initiatives like ‘Smart City Mission’, and ‘Digital India’ programs, as well as rising adoption of smart homes across the country.
According to the report, the smart lighting market in India is segmented based on offering, lighting source, communication technology, and application type. Among the different smart light sources used in India, the Light Emitting Diode (LED) bulbs segment holds the largest share (68%), owing to its cost-effectiveness and energy saving features. Attractive discounts and rebates are also driving the market for LED bulbs, which are used for smart lighting across the country.
In terms of application, 55% of smart lighting is used indoors, while the remaining is used for outdoor locations. Steady adoption of connected lighting systems in residential and commercial zones is primarily contributing to the greater share of indoor applications in the Indian smart lighting market. Moreover, within the communication technology segment, wired technology dominates the market with almost 62% market share, according to Research On Global Markets.
The market research report attributes the positive outlook on the smart lighting market in India to the rising per capita income and awareness about contemporary technological advancements, which is considerably influencing the consumers toward adopting these technologies. However, high cost of IoT-enabled systems is hindering the growth of the smart lighting market in India.
Research on Global Markets tracks the performance of some of the major players operating in the smart lighting market in India including Ajanta India Ltd., Bajaj Electricals Ltd., Havells India Ltd, Osram India Pvt Ltd., Philips India Ltd., Samsung India Electronics Pvt. Ltd., Schneider Electric India Pvt. Ltd., Syska LED Lights Pvt Ltd., and Wipro Ltd., among others.
Key highlights of this report:
- Smart lighting market in India - definition and structure
- Market size and growth forecast – value-wise (2017-2023e)
- Smart lighting market in India - market segmentation
- Key market trends
- Comprehensive analysis of the government initiatives in this market
- Key growth drivers of the market
- Key deterrents to the growth of the market
- Comprehensive analysis of the competitive landscape
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for smart lighting solutions in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.