India Smart Lighting Market Size Shines Brighter by Expanding at Significant CAGR of 7,65% to Touch USD 6.10 Billion by 2030

India Smart Lighting Market is flourishing due to the government's initiatives to promote the adoption of energy-efficient lighting solutions, rising energy costs and need for efficiency, rapid urbanization, an increasing number of smart city projects, and growing adoption of IoT and connected devices.

Report Ocean, a leading strategic consulting and market research firm, in its recent study, estimated the India Smart Lighting Market size at USD 4.28 billion in 2023. During the forecast period between 2024 and 2030, Report Ocean expects the India Smart Lighting Market size to expand at a CAGR of 7.65% reaching a value of USD 6.09 billion by 2030. The Smart Lighting Market in India is propelled by the increasing adoption of innovative technology, which replaces conventional lighting fixtures, such as incandescent bulbs, halogens, and CFLs, with more efficient LED lights and sensors aimed at conserving energy. India, as the world's most populous nation and a significant consumer of electricity, grapples with a widening gap between electricity demand and supply, leading to frequent power shortages and blackouts nationwide. Currently, the lighting sector consumes about 18% of India's total electricity. Consequently, the government is actively promoting the adoption of energy-efficient alternatives in the lighting sector, which is expected to propel the smart lighting market in the country. In addition to curbing high energy consumption and reducing electricity expenses, smart lighting offers various benefits to consumers. Unlike traditional switches and buttons, smart lights utilize motion sensors to automatically activate and deactivate lights as individuals enter or exit a room. Also, smart LED bulbs can be controlled via smartphone applications, allowing users to adjust brightness and color according to their preferences and remotely switch lights on or off. Others factors further fueling the growth of the Smart Lighting Market in India, including the rising affordability of smart lighting solutions, technological advancements, the development of smart cities, and growing levels of awareness among consumers.

Impact of Escalating Geopolitical Tensions on India Smart Lighting Market

Geopolitical tensions can have a multifaceted impact on the India Smart Lighting Market by introducing uncertainties in the supply chain, impacting imports of crucial components like LEDs and smart lighting technology. Heightened geopolitical risks may lead to increased trade barriers, tariffs, or supply chain disruptions, consequently affecting product availability and pricing. Moreover, investor confidence and market sentiment could be adversely affected, deterring investments and expansions in the smart lighting market. To mitigate these impacts, diversification of supply chains, strategic partnerships, and proactive risk management strategies are essential for stakeholders in the India Smart Lighting Market to navigate geopolitical uncertainties effectively.

India Smart Lighting Market

Segmental Information

India Smart Lighting Market - By Communication Technology

Based on communication technology, the India Smart Lighting Market is bifurcated into Wired Technology and Wireless Technology segments. The wireless segment is expected to hold a higher share in the India Smart Lighting Market by communication technology during the period in analysis. It can be attributed to the incorporation of cutting-edge technologies, like Bluetooth, ZigBee, and Wi-Fi, into lighting solutions. The rise in the adoption of Internet of Things (IoT) devices has been instrumental in propelling the Smart Lighting Market forward. Lighting component manufacturers are now prioritizing wireless connectivity integration into their fixtures, spurred by advancements in IoT and wireless communication technologies. Furthermore, the tech-savvy young population increasingly embraces innovative features and technologies. There is a discernible trend toward replacing traditional systems, fueled by mounting consumer awareness regarding energy-efficient and sustainable solutions.

Competitive Landscape

The India Smart Lighting Market is fragmented, with numerous players serving the market. The key players dominating the India Smart Lighting Market include Bajaj Electricals Ltd, Philips India Ltd, Schneider Electric India Pvt Ltd, Syska LED, Wipro, LG Electronics Inc., Xiaomi, GE Lighting, Jaquar India, Turnpoint Technologies Private Limited, and Lutron. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Smart Lighting Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Smart Lighting Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.