Rajat Kharbanda, 6WResearch, ET RealEstate

June 24, 2023

NEW DELHI: Commercial and industrial sectors are expected to drive growth in the lighting industry for the next two-three years, feels Rajat Kharbanda, client partner, 6WResearch.

In conversation with Ankit Sharma of ETRealty, Kharbanda talked about the lighting industry and its performance in India. Edited excerpts:

How has the lighting industry performed in the last two years?

The lighting industry is witnessing a significant growth in Indian market specifically if I talk about LED, it has grown significantly in the last 11 months or we can say in last 2-3 years specifically after the government initiatives such as UJALA scheme, Street Light National Programme (SLNP).

So there are multiple government initiatives which are happening in India and are driving the growth of the market. Further, the consumers are also becoming aware about the benefits of the LED lights, because of that there is a huge penetration which is happening across the different verticals in Indian market.

Which segment will drive lighting industry going forward?

Last 2-3 years, the residential sector was the major driving factor where if we talk about the traditional lights getting replaced by the LED lights.

Now I talk about down the line in next 2-3 years, verticals such as industrial and commercial would be the major driving factor behind the growth of LED lights.

Where is the demand majorly coming from?

Definitely tier-I are the major revenue generating segment right now. Over the years, Tier 1 is mainly the growth drivers. Government plans and replacement of the existing traditional lights and the streetlights with LED lights.

So penetration is happening in the tier-II and tier-III cities as well. But yes, the consumer spending is much higher in tier-I cities.

How has the residential lighting segment performed?

Definitely the challenges are prevailing because of the slowdown in the real estate sector.There is adoption of smart homes in India. So smart homes are gradually adopting the smart lighting technology where in the different kind of sensors are getting deployed.

So right now the cost is relatively higher. There would be economical scale, definitely the price will be coming down and adoption will be happening in terms of smart lighting and smart home business as well.

As of now the penetration is bit low. If I talk about adoption of the luxury lighting, different manufacturing techniques which are happening across the globe to reduce the price of LED.

The prices are relatively coming down and it’s expected the same trend which is happening in the next 2-3 years as well.

What is the status of smart lighting in India?

Right now, the market is still in the nascent stage and the consumers are still not aware what exactly smart lighting is and what are the benefits associated with the smart lighting but once the consumer awareness gains and their toxin will be happening for this segment as well but the market is still relatively very new in the Indian market.

  • Published On Nov 29, 2019 at 10:00 AM IST

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