Switching to a Sustainable Market
Despite COVID-19, the lighting and switches market will grow with innovative solutions and greater customisation, discovers CW.
The Indian lighting and switches market is expected to grow at a CAGR of about 12 per cent by 2023. “Major demand drivers include integrated lighting control systems, smart LED lights and modular switches,” says Kishan Jain, Director, Goldmedal Electricals.
The lighting market stands at Rs.150 billion, with LED lighting constituting almost 80 per cent.
The LED industry was expected to grow in high single digits; however, with the current Coronavirus outbreak, growth may be more muted during the rest of the year, believes Sumit Joshi, Vice Chairman and Managing Director, Signify Innovations India (previo