How lighting industry transforming business practices & customer needs
Continuous product innovation has assisted the industry in improving energy efficiency, providing smart lighting solutions, improving lighting quality, and providing customizable lighting solutions
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In recent years, LED lighting has become a potent source of illumination. They have quickly risen to prominence in the Indian lighting industry due to their numerous advantages over traditional lighting technology. Despite being in its infancy, the Indian LED lighting industry presents countless opportunities for expansion over the coming decades. India is one of the largest lighting markets, making it a profitable choice for LED makers to locate their facilities there. A sustainable environment for the LED sector is provided by skilled labours, ease of doing business, and demographic advantages. In 2022, the size of the Indian LED lighting industry was 3.4 billion dollars. Looking ahead, IMARC Group projects that the market will expand at a CAGR of 23.38 per cent from 2023 to 2028, reaching $11.9 billion.
With a steady growth rate of 10-15 per cent over the last few years, the Indian LED lighting industry has been at the forefront of this change. Initiatives by the Indian government, such as Make in India and the Ujala scheme, have also aided the growth of the LED lighting sector. Over the last few years, the Indian LED lighting market has grown at a steady rate of 10-15 per cent. The Indian LED lighting industry was worth Rs 35.7 billion in 2020 and is projected to be worth Rs 105.5 billion by 2026, growing at a CAGR of 19.8 per cent over the forecast period. (2021-2026). Some of the key factors driving the development of the Indian LED lighting industry are the growing adoption of energy-efficient lighting systems, government initiatives, and the need to reduce carbon emissions.
Energy Efficiency
The development of energy-efficient lighting systems is one of the primary benefits of continuous product innovation in the lighting industry. LED lights use less energy than traditional lighting systems and can help decrease energy consumption by up to 80 per cent. This has resulted in substantial savings on both residential and commercial energy bills.
Smart Lighting
The creation of smart lighting systems has resulted from continuous product innovation. Sensors and other technologies are used in smart lighting systems to adjust lighting levels depending on occupancy, time of day, and natural light. This has resulted in substantial energy savings as well as an improved user experience.
Improved Lighting Quality
Continuous product innovation has resulted in the creation of lighting systems that provide better lighting quality. LED lights have superior colour rendering and a higher colour temperature than traditional lighting systems. This has resulted in increased efficiency and decreased eye strain for customers.
Customizable Lighting Solutions
Continuous product innovation has resulted in the creation of customizable lighting solutions. Customers can now select the colour temperature, brightness level, and lighting design that best fits their requirements. This has resulted in higher consumer satisfaction and sales for lighting manufacturers.
Backward Integration
Backward integration provides businesses with more control over product innovation, through the acquisition of the supply chain process. This gives the business a competitive edge in the market while also increasing its cost-effectiveness. Backward integration aids in the continuing product innovation in the lighting business and helps to stay relevant and ahead in the market.
With the introduction of continuous product innovation, the lighting market is experiencing substantial transformation. With a steady growth rate of 10-15 per cent over the last few years, the Indian LED lighting industry has been at the forefront of this change. Continuous product innovation has assisted the lighting industry in changing business practices and customer requirements by improving energy efficiency, providing smart lighting solutions, improving lighting quality, and providing customizable lighting solutions. The lighting market's future appears bright, with more innovations and advancements anticipated in the coming years.
(The author is Founder and Chairman of Crescent Lighting)
