Research On Global Markets
Syndicated Market Research Report
Smart lights use the Internet of Things (IoT) for lighting homes, factories, streets, and commercial spaces intelligently. They are weather adaptive and allow the consumer to adjust lighting remotely. The government has been pushing the ‘Smart City Mission’ and Digital India program, which has boosted the growth of the smart lighting market and aided the rising adoption of smart homes across the country. According to research by a leading market research company, the Indian smart lighting market is expected to reach a value of INR 373.7 Bn by 2023, expanding at a compound annual growth rate (CAGR) of ~38.44% during the 2018-2023 period. The smart lighting market is segmented on the basis of offering, lighting source, communication technology, and application type. Based on offering, the smart lighting market is classified into hardware, software, and services. Based on the lighting source, the market is divided into LED bulbs, batten lights, downlights, and others. The Light Emitting Diode (LED) bulbs segment holds the largest share (~68%). Attractive rebates and discounts are also driving the LED bulbs market. Based on communication technology, the market is segmented into wired and wireless technology. Wired technology dominated the communication technology segment of the smart lighting market with a share of ~62%. Due to the presence of various company-specific proprietary protocols, wired communication technology is considered to be more reliable. Based on applications, the smart lighting market in India is classified into outdoor and indoor use. ~55% of smart lighting is used indoors, while the remaining is used for outdoor applications. Key drivers of the smart lighting market in India 1. An increase in per capita income along with growing awareness about contemporary technological advancements has influenced the Indian consumer to try out smart technologies. 2. Conventional lighting methods are being replaced by motion-detection lighting systems in smart cities and business hubs in India. Consumers’ awareness of such adverse health impacts is hindering the growth of the smart lighting business in India. Download the free sample reports: https://www.researchonglobalmarkets.com/free-reports
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