Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "India Professional Lighting Market 2024-2030: Share, Revenue, Trends, Companies, Forecast, Growth, Analysis, Outlook, Size, Industry & Value: Market Forecast By Products, Usages, Sales Channel, Technology, Sectors, End Users, Region and Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
India Professional Lighting Market is projected to grow at a CAGR of 7.8% from 2024-2030F.
The professional lighting market in India has seen notable growth in recent years, driven by a combination of government initiatives and increasing technological awareness among individuals. Key initiatives such as the UJALA (Unnat Jyoti by Affordable LEDs for All) program, the Production Linked Incentive (PLI) scheme, and the Street Lighting National Programme have played significant roles in stimulating demand for professional lighting solutions across various sectors.
Moreover, the Smart Cities Mission aims to transform 100 existing cities across India into smart cities, leveraging technology and innovation to address urban challenges efficiently. The integration of advanced lighting solutions into smart city projects aligns with the mission's objectives of promoting sustainable urban development and enhancing citizen well-being.
In the forthcoming years, the India professional lighting market is projected to witness additional growth, propelled by the burgeoning real estate sector. Remarkably, country's real estate is forecasted to reach a value of INR 83.3 Lakh Crores by 2030, marking a substantial rise from INR 16.67 Lakh Crores in 2021.
Additionally, the office sector in India is experiencing swift evolution. Elements such as the urbanization of Indian cities, the rise of sizable structures, and the introduction of new policies favoring the development of strong commercial real estate are substantially bolstering the sector's expansion and would consequently drive the need for professional lighting in the coming years. For instance, India is experiencing a sharp increase in urbanization, with approximately 600 million people expected to reside in cities by 2030. This substantial shift towards urban living would create a significant market opportunity for professional lighting in the Indian market.
Market Segmentation by Products
The anticipated growth of facade lighting in the upcoming years is attributed to the swift urbanization and modernization occurring throughout the nation, resulting in a notable increase in construction endeavors encompassing commercial buildings, hotels, malls, and public infrastructure.
Market Segmentation by Usages
Outdoor lighting has acquired the largest revenue share in the professional lighting market of India as the demand for well-lit outdoor environments, both for functional and aesthetic purposes, has consequently surged. The outdoor lighting segment has been further boosted by urban construction, which accelerates the construction of outdoor spaces such as parks, stadiums, streets, and highways.
Market Segmentation by Sales Channel
In the landscape of India's professional lighting market, the B2C sales channel has the major revenue share owing to the expansion of urban areas and the development of smart cities, which have spurred the demand for innovative lighting solutions for both indoor and outdoor spaces, thus driving sales through the B2C sales channel.
Market Segmentation by Technology
By technology, non-smart lighting has the largest revenue share in India professional lighting market due to its lower upfront costs and the requirement for less complex installation and maintenance, making it more accessible to a wider range of end users. Moreover, smart lighting technology is gaining traction, especially in urban areas and high-end commercial projects, thus this trend will propel its market share by 2030.
Market Segmentation by Sectors
The unorganized sector has the maximum revenue share in the landscape of India's professional lighting market, mainly due to the presence of large number of small-scale manufacturers, suppliers, and distributors operating within the unorganized sector that offer a diverse range of lighting products at competitive prices. These entities often cater to specific regional markets, niche segments, or customized requirements, thereby meeting the diverse needs of customers across India.
Market Segmentation by End Users
The hospitality sector is expected to maintain its higher growth rate in the coming years due to government initiatives aimed at promoting tourism and infrastructure development, coupled with increasing investments in hospitality projects across the country. These factors would contribute to the sustained growth of the hospitality sector within India's professional lighting market.
Market Segmentation by Region
The Northern region has garnered a major revenue share and is anticipated to further dominate in India's professional lighting market owing to the development of expressways such as Dwarka and Jewar. Additionally, the boosting tourism sector in cities like Varanasi and Ayodhya is contributing to the rapid development of the hospitality sector in the region along with the enhancement of other public places such as parks and streetlights.
Key Attractiveness of the Report
- 10 Years of Market Numbers.
- Historical Data Starting from 2020 to 2023.
- Base Year: 2023
- Forecast Data until 2030.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report
- India Professional Lighting Market Overview
- India Professional Lighting Market Outlook
- India Professional Lighting Market Forecast
- Industry Life Cycle
- Porter's Five Forces Analysis
- SWOT Analysis
- Historical Data and Forecast of India Professional Lighting Market Revenues by Product, Usages, Sales Channel, Technology, Sectors, End Users, Region for the Period 2020-2030F
- India Professional Lighting Market Evolution & Trends
- India Professional Lighting Market Region-wise Analysis
- Market Opportunity Assessment
- Competitive Benchmarking
Company Profiles
- Signify Innovations India Limited
- Wipro Lighting
- Bajaj Electricals Ltd
- Orient Electric Ltd.
- Havells India Ltd.
- Eveready Industries India Limited
- Surya Roshni Ltd.
- Crompton Greaves Consumer Electricals Ltd.
- RR Kabel Ltd
- Panasonic Life Solutions India Pvt. Ltd
- Halonix Technologies Private Limited
For more information about this report visit https://www.researchandmarkets.com/r/1r4kzb
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