Signify India's Role in Global Lighting Revolution

Signify India's market significance is rising, boosted by its role in global growth and R&D under the China Plus-One strategy. The company is leveraging India's expanding electronics ecosystem and governmental incentives to increase manufacturing capabilities. This shift is leading to a transformative period in the Indian lighting industry, moving towards LED and smart connected lighting.

Signify's India market is gaining prominence daily as the company evaluates its manufacturing capacity in the country under the China Plus-One strategy, a senior official disclosed.

Signify India's Vice-Chairman and Managing Director, Sumit Joshi, highlighted that the Indian market is not only vital for domestic business but also in propelling Signify's global growth from India. Formerly known as Philips Lighting, Signify India is instrumental in the design and R&D for the global lighting business, with a burgeoning role in the electronics ecosystem as semiconductor development advances.

"India's market is extremely crucial due to its domestic potential and the increasing global importance," Joshi told PTI. The company envisions India as a significant manufacturing base for global markets, driven by the China Plus-One strategy.

Joshi noted that India's electronics ecosystem is expected to mature over the next 6-7 years, despite the current lack of crucial components like semiconductors. "A concerted effort by the government and private players will enhance this ecosystem, expanding the role of manufacturing," he added.

Signify's R&D transformation in India is evident, spurred by the Indian government's successful PLI scheme for LED light manufacturing. The company has utilized this scheme for substantial capital investments and is keenly awaiting its next phase. Signify operates R&D facilities in Noida and Pune, an innovation lab in Bengaluru, and a manufacturing plant in Vadodara.

Brands like Ecolink, created in India for the affordable segment, now operate in over 15 countries, with Signify exporting to around 15 markets from India. The Indian lighting industry, transitioning from CFL to LED, is witnessing growth driven by consumer upgrades to smart connected lighting.

Joshi emphasized that the next phase of lighting evolution involves smart connected lighting, expected to see significant uptake in various sectors including hospitality, healthcare, and residential uses. The industry's shift towards efficient LED technology is also helping India in energy consumption.

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