India Smart Lighting Market: Market Research by Knowledge Sourcing Intelligence
India Smart Lighting market is projected to witness a CAGR of XX.XX% during the forecast period to reach a total market size of US$XX.XX million by 2023, increasing from US$XX.XX million in 2017. Rising investments by the Government of India to develop smart cities with reduced carbon emission and energy consumption in the country is the major driver of India Smart Lighting market. Declining prices of LEDs coupled with their advantages over conventional energy-inefficient lighting solutions are boosting their adoption for both residential and commercial applications which, in turn, positively impacts the smart lighting market in the country. Rising use of smartphones and other mobile devices coupled with expanding internet penetration has led to a growth in the IoT market in India. The emerging trend of smart homes will propel the growth of India smart lighting market in the coming years.
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| Sample View of India Smart Lighting Market Forecast |
India Smart Lighting Market by Type:
By type, India Smart Lighting market is segmented as LED lamps, fluorescent lamps, and high-intensity discharge (HID) lamps. LED lamps market in India is projected to grow at the highest CAGR between 2017 and 2023 owing to the shift from conventional lights that consume more energy coupled with supportive government policies regarding the use of LEDs at both commercial and residential places in the country. The market for fluorescent lamps will also grow exponentially on account of the introduction of regulations to reduce the mercury content in these bulbs. Even though LED lamps are a much greener option than fluorescent lamps, the latter’s relatively low capital cost and shorter paybacks propel the growth of India fluorescent lamps during the projected period.
The emerging smart home market in India owing to rising penetration of smartphones and internet connectivity is encouraging smart lighting manufacturers to connect LED lights with IoT. Since conventional lighting solutions, especially HID systems, are not compatible with advanced sensors and wireless solutions which is augmenting the demand for LED smart lights. Delhi-based Cube26 has recently launched IOTA Lite product which allows the user to control LED bulbs via Bluetooth. Philips’ Hue wireless smart lighting system can be connected with Google Home, Amazon’ Echo, and Apple’s Homekit to control smart LED lighting systems through voice commands. The market research provides a detailed analysis of india smart lighting market on the basis of the various segment like- by type, by application, etc.
India Smart Lighting Market by Application:
Industrial Smart Lighting market in India is projected to grow at a CAGR of XX% during the forecast period to reach a total market size of US$XX billion in 2023 from US$XX billion in 2017. Smart lightings in India are being used across various applications, ranging from automotive to cold storage facilities. Rising disposable incomes with improving living standards and expanding urbanization positively impact the growing Indian automotive market. With falling LED prices and lower operational costs, smart lighting market players are expanding their presence in the country’s automotive market wherein automotive manufacturers are providing energy-efficient LED lights not only in premium models but also in medium-priced cars, thus bolstering the growth of smart lighting market in the country.
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| Sample View of India Smart Lighting Market by Application |
india smart lighting market size
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The company’s total sales of LED lights has a share of over 60% of its total light sales in India, more than the global average of around 55%.
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