India Smart Lighting Market Share, Industry Size, Trends, and Forecast to 2030

The recent research report published by Quadintel gives an insight into the global India Smart Lighting Market. According to this published competitive intelligence analysis, the global India Smart Lighting Market is expected to experience a promising annual revenue increase (USD in Mn) in 2021. A comprehensive overview and precise insights into possible future scenarios for the worldwide market are provided in this study.

In terms of revenue, the India smart lighting market was valued at INR 7.63 Bn in 2018, which is expected to reach INR 80.56 Bn by 2024, expanding at a CAGR of ~48.87% during the forecast period.

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Key Companies Covered in the India Smart Lighting Market Research are Bajaj Electricals Limited, Wipro Lighting, Philips India Limited, Syska LED Light Private Limited, Osram India, Schneider Electric India Private Limited, Samsung India Electronics Private Limited, Xiaomi Technology India Private Limited, Svarochi Lighting, Halonix Technologies Private Limited and other key market players.

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.

Market insights

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.

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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.

Segmentation insights

Based on application, the smart lighting market 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

Competitive insights

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.

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This release was published on openPR.