Indian Smart Lighting Market Size, Share, Demand, Growth Rate and Forecast 2023-2028

IMARC Group has recently released a new research study titled "Indian Smart Lighting Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

Industry Overview:

The Indian market for smart lighting is poised for impressive growth, with an anticipated compound annual growth rate (CAGR) of 34.4% between 2023 and 2028. Smart lighting entails a lighting system that connects to the internet, enabling remote control via devices such as smartphones, tablets, or other internet-connected gadgets. This system typically comprises intelligent LED light bulbs, sensors, and a hub or bridge for internet connectivity.

Smart lighting empowers users to conveniently adjust brightness, color, and temperature settings for their lights, create schedules and timers, and even command the lights through voice control. This technology offers numerous advantages, including energy efficiency, user-friendly convenience, and heightened security. Additionally, it provides users the flexibility to craft personalized lighting schemes tailored to their preferences and moods.

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What are the growth prospects and trends in the industry?

The increasing demand for energy-efficient lighting solutions represents a key factor driving the market growth across India. This is primarily attributed to the rise in energy prices and increasing environmental concerns. Smart lighting technologies, such as LED lights, aid in reducing energy consumption significantly by reducing electricity bills, thus driving the market growth.

In addition to this, the Government of India (GoI) has launched various initiatives to promote energy conservation, which, in turn, is contributing to the growth of the market. For instance, the Bureau of Energy Efficiency (BEE) has launched the Unnat Jyoti by Affordable LEDs for All (UJALA) scheme to promote the use of LED bulbs.

Other factors, such as the extensive adoption of the Internet of Things (IoT), rapid urbanization, and technological advancements, are creating a positive outlook for the market.

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Market Segmentation:

The report has segmented the market into the following categories:

Breakup by Offering:

• Hardware
• Software
• Services

Breakup by Communication Technology:

• Wired Technology
• Wireless Technology

Breakup by Installation Type:

• New Installation
• Retrofit Installation

Breakup by Light Source:

• LED Lamps
• Fluorescent Lamps
• Compact Fluorescent Lamps
• High Intensity Discharge Lamps
• Others

Breakup by Application:

• Commercial
• Residential
• Public Infrastructure
• Others

Regional Analysis:

• North India
• West and Central India
• South India
• East India

Top 6 Companies in the Indian Smart Lighting Market: https://www.imarcgroup.com/top-smart-lighting-companies-india

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

This release was published on openPR.