Future Growth Potential Enhanced by Growth Opportunities in Smart City Projects
Connected lighting refers to luminaries that are seamlessly integrated into the network of a building/space/city such that they can be monitored and provide valuable information regarding their usage. The luminaires are either programmed to operate in a particular pattern or fitted with sensors to capture information. Connected lighting systems provide energy-saving benefits as well as a wealth of information and can thereby help optimize how space is being used and also enable other resources to be utilized to their maximum potential. A connected lighting system provides innovative experiences to people, supports management in devising a granular energy management approach, and helps in integrating the entire system.
The connected LED lighting market in India is forecast to generate revenue of INR6,922.2 million by FY2025 expanding at a compound annual growth rate (CAGR) of 19.3% from FY2020.
The wireless smart lighting market will grow significantly at a CAGR of 20%-22% between 2020 and 2025 owing to the integration of advanced technologies, such as Bluetooth, ZigBee, and Wi-Fi into lighting solutions.
The proliferation of Internet of Things (IoT) devices has paved the way for the growth of the smart lighting market. With advancements in IoT and wireless communication technologies, lighting component manufacturers have started focusing on enabling wireless connectivity into lighting fixtures. The tech-savvy young population is also increasingly adopting new technologies and features. There is a growing need for replacing conventional systems, coupled with increasing consumer awareness toward the adoption of energy-efficient and sustainable solutions.
The analyst recommends lighting players to focus more on R&D and in-house manufacturing which in the long run will bring down operational costs and, at the same time, help them develop specific products to the Indian market. Companies should also think about designing various business models to target organizations in the government end-user segment.
This industry report on the connected LED lighting market in India offers the most up-to-date market data by region and by technology. The research includes data from FY2020 to FY2025 and gives a future outlook on the smart lighting market in India. It will be an invaluable resource for industry executives, marketing, sales and product managers, analysts, and other people looking for key industry data in readily accessible and clearly presented tables and graphs.
Key Issues Addressed
- What are the key growth opportunities for connected LED players in India?
- What are the initiatives by governments that drive growth opportunities?
- What are the leading connected lighting technology trends to watch out for in future?
- What are the mega trends driving the growth of the connected lighting market in India?
- What are the key trends accelerating market growth?
- Which product types will witness maximum growth?
