The internet of things bleeds over various industries and lighting is no exception for it, making it a smart lighting market. The application of smart lighting products has increased in commercial spaces, factories, streets, and homes. The automation to the product helps the user to adjust lighting remotely. Its demand and production have recently increased in India, making it a growing market in the Indian lighting industries.
The smart lighting market is projected to reach a value of INR 373.7 Bn by 2023 in India. The CAGR for the same is estimated to be around 38.44% during 2018-2023.
AS the government has begun encouraging programs such as digital India and smart city mission. This has led to increased adoption of smart homes in the country. As a result, the encouraged projects have boosted growth in the India smart lighting market.
The application type of smart lighting market, its communication technology, lighting source, and offers make it to the segmented base market, them having various sub-segments. The latest Smart Lighting Market Report analyzes the various segments and present crucial insights to the reader.
The LED bulbs have the largest share ~68% due to their salient features such as energy saving, cost-effectiveness, etc. The Indian government is also pushing the street light program which will likely be another success in the smart lighting market growth.
Which industry leverages smart lighting the most:
The application of smart lighting is seen more indoors in India summing up to ~55% across the economy. It is observed in both, commercial and residential zones with a steady adoption system.
Indians today have become more aware of modern technology as digital platforms are trending in the country. This has led to Indian consumer adopting advanced technologies and a better lifestyle, thereby causing a push to the demand for smart lighting products.
The research report provides you with information on how the high cost of IoT-enabled systems is hindering the growth of the smart lighting market in India.
Category: Technology Market Research
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