Signify Targets Double-Digit Growth in India's Lighting Market for 2024

Signify, formerly Philips Lighting, aims for double-digit growth in its Indian operations in 2024. The company plans to enhance exports and continue its leadership in both consumer and professional segments. Their new NatureConnect lighting, inspired by biophilic design, aims to improve well-being by mimicking natural sunlight.

Signify, previously known as Philips Lighting, is ambitiously targeting double-digit volume growth from its India business in 2024, said a leading company official.

Primarily leading the Indian lighting market, the company also aims to increase its export footprint, playing a larger role globally, according to CEO and MD Sumit Joshi. ''India is a crucial market not just domestically but also for the role it can play globally for Signify,'' Joshi told PTI.

In the Indian market, Signify is active both in the consumer (B2C) and professional lighting solutions (B2B) segments. Joshi emphasized that the company has successfully extended its leadership in these areas. ''We aim for continuous growth in the consumer part of the business, targeting high single-digit volume growth in the first half, with hopes for an increase during festival seasons,'' said Joshi.

The growth in the professional segment is projected to surpass that of the consumer side due to the development of new infrastructure such as roads, airports, and metro rail projects. Additionally, there is growing demand for facade lighting, more illuminated monuments, new office buildings, and connected lighting solutions.

Signify has successfully launched specific brands in India like Ecolink, targeting the affordable segment, and facade lighting brand CK (Color Kinetics), along with its IoT platform Interact. Joshi highlighted that more than 95% of the company's products are now LED, signifying robust support from teams, customers, and partners in this transformation.

On Friday, Signify launched NatureConnect lighting, designed to enhance well-being by bringing the benefits of natural light indoors. Inspired by biophilic design principles, NatureConnect mimics the natural rhythm of sunlight, fostering a healthier circadian rhythm, better mood, enhanced focus, and improved sleep quality.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)