Market Trends of India Lighting Industry
LED is Expected to Hold a Significant Market Share
- LED is a semiconductor source of power that converts electrical energy into Light Energy. LED lighting has been very popular over the last couple of years because of growing environmental degradation and energy problems. It is cost-effective and durable to use this type of lighting. This product offers a range of advantages compared to incandescent lamps, such as increased reliability, clarity, reduced size, and extended life expectancy. These are expected to support revenue growth.
- Governments and enterprises across the country are seeking numerous solutions for reducing energy consumption and running costs for lighting solutions. LED lighting solutions are technically developed and efficient in energy consumption and luminous intensity compared to their counterparts, such as incandescent lamps.
- Increasing applications, low costs, and the durability of LEDs have contributed to this segment's growth. LEDs deliver a bright light and lower energy consumption. Over the past decade, a number of manufacturers have shifted from fluorescent bulbs to LEDs. The price of LEDs is also low compared to other lights due to their low maintenance cost and easily manageable fitting processes.
- India is witnessing significant launches of smart LED bulbs below 80W. For instance, Panasonic launched a Wi-Fi-enabled Smart LED Bulb that comes with automated scheduling functions and multi-color lighting options. There's a nine watts output on the Panasonic Smart WiFi LED bulb. Almost 16 million shades are available to the user, allowing him or her a broad range of options. The bulb has an advanced function that makes it easy for users to schedule when and if the lights should be switched on. In addition, the lighting settings could be adjusted to make them more suitable for different occasions.
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Commercial is Expected to Hold a Significant Market Share
- The growth of new installations is driven by demand from commercial sectors and new infrastructure development in the country. Consumers from this category are interested in developing and installing a smart lighting system that would help them reduce overall electricity costs in the long run. Smart outdoor lighting is applied in numerous domains, ranging from airports and institutions to smart city lighting systems, bridges, and buildings.
- In May 2022, the lighting company, Signify launched a new campaign for its EcoLink range of LED lighting products to the business sector, which includes airports and office buildings in this country.
- LEDs have become an energy-efficient replacement for fluorescent lamps over the last few years. Even though LED lighting may be slightly more expensive than fluorescents used at an office, it is likely to cut company costs in the long run. Because LED lights generally last more, and do not consume excessive energy from infrared radiations that are similar to those used by incandescent light bulbs.
- As a result of the smart cities initiatives undertaken by governments throughout the country, it has become more popular to adopt intelligent lighting in commercial spaces and is expected to have significant future opportunities..
