India Lighting - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

India Lighting - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

The India Lighting Market is was valued at USD 3.4 billion last year and is expected to reach USD 8.15 billion by the end of the forecast period, at a CAGR of 15.7% over the forecast period. Moreover, With technological developments such as artificial intelligence and LED lighting, business has been able to concentrate on the interior of their facilities in order to create a functioning working environment. Continuous innovation in the market for commercial lighting products, which might have a material impact on light bulbs, has been taking place to reduce energy costs.

Key Highlights

• Due to various supporting factors, conventional light bulbs in India are easily replaced by LED lights. Furthermore, as LEDs are progressively used in automotive headlamps, aviation, general lighting, advertising, lighted wallpapers, medical devices, camera flashes, and traffic signals, the LED lighting market is expanding throughout the country. In addition, the entry of Chinese LED light producers in India has enabled Indian manufacturers to offer innovative products.
• More than half of India's population resides in urban cities, and the ratio continuously increases with each passing year. Moreover, this rate is even higher in highly dense cities such as Delhi, Mumbai, and Kolkata. Rapid urbanization has resulted in significant infrastructure development, including the construction of highways for connecting cities, commercial malls, and airports, over the past few years. Hence, the demand for outdoor LED lighting is increasing.
• Some of public places, such as commercial buildings, including malls, stores, restaurants, hospitals, and schools, Significant amounts of energy consumption are attributable to lighting, which accounts for a large part of overall energy consumption. It is evident that these facilities would be aiming to reduce their operating costs. The government push has driven domestic manufacturing companies to target new opportunities in the market.
• Also, parking lots in commercial buildings in India often get packed with vehicles during peak hours. A poorly lit parking lot can result in thieves and burglars unethically breaking into the vehicles. Since LED lights provide brighter and better illumination than conventional lighting solutions, they light up the entire space uniformly to ensure safety at all times.
• LED fixtures, on the other hand, are new lighting fixtures that are developed and manufactured with LED technology and may be used to replace any current lighting solutions. Therefore, any disruption in real estate or construction industry will negatively impact the lighting solutions worldwide.
• In the global lighting industry, the consequences of the COVID 19 pandemic will be felt for a long time. Some examples of the possible impacts on suppliers, manufacturers or consumers are extended production time and depleted supplies as well as premium prices. Nearly all of the smaller enterprises in this sector have been hit hard by a sharp drop in revenues.

Lighting in India Market Trends

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.

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..

Lighting in India Industry Overview

The India Lighting Market is highly competitive owing to the presence of many large and regional players in the market. The market players are adopting strategies like product innovation, partnerships, mergers, and acquisitions to extend their geographic reach and stay ahead of the competitors. Some of the major players in the market are Signify N.V., Havells India Limited, SYSKA, Wipro Ltd., and Bajaj Electricals Ltd, among others.

• August 2023 - Signify N.V. has announced collobration with Brahmaputra Volleyball League (BVL) to light up 20 community volleyball courts in the rural districts of Assam in India, where project aims to support the growth and adoption of volleyball amongst rural communities in the state.
• June 2022 - HELLA launched Energy-Efficient Work Lamps And Floodlights in India. HELLA’s floodlights and work lamps are used wherever ideal illumination of the work area is required to increase worker safety.

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