Signify Set for a Bright Future with Ambitious Growth Plans in India by 2024
Signify, previously recognized as Philips Lighting, is setting a bold target for its operations in India. Aiming for exponential growth, the company eyes double-digit volume expansion in its Indian business come 2024. This ambition comes on the back of its robust performance in both consumer and professional lighting sectors, where it has notably consolidated its leadership.
India, with its vast market and significant global outreach potential, stands as a pivotal arena for Signify. The ambition transcends merely dominating the local market; it involves leveraging India as a springboard to influence global markets. According to Sumit Joshi, Signify’s CEO and Managing Director, India’s role in Signify’s global aspirations is increasingly prominent, hinting at the strategic importance of the subcontinent in the company’s future plans.
In detailing the company’s blueprint for growth, Joshi accentuated the dual approach that revolves around consumer (B2C) and professional lighting solutions (B2B). With a pronounced growth in the consumer segment already marking the first half of the year, the projections for the festival season and thereafter are even more optimistic. The professional segment, buoyed by infrastructure developments such as new roads, airports, and metro rail projects, is expected to outpace the consumer market growth. This optimism is also fueled by a growing demand for sophisticated architectural and connected lighting solutions across new offices, buildings, and historical monuments enhancements.
As the narrative on sustainable and energy-efficient lighting solutions gains momentum, Signify leads the charge with its transition towards an almost exclusive LED portfolio. The company has also introduced innovations tailored for the Indian market, including the Ecolink brand targeting the affordable segment, and the façade lighting brand CK (Color Kinetics). Its Internet of Things (IoT) platform, Interact, underscores Signify’s commitment to pioneering smart lighting solutions. These strides are emblematic of Signify’s resolve to facilitate a more energy-efficient India while retaining its market leadership amid stiffening competition.
The latest addition to Signify’s innovative line-up is NatureConnect, a lighting solution inspired by the principle of biophilic design. By simulating the natural dynamics of sunlight, NatureConnect aims to revolutionize indoor environments. The company asserts that this solution can significantly enhance well-being by fostering a healthier circadian rhythm, improving mood and focus, and possibly even augmenting sleep quality. This launch is a testament to Signify’s continuous endeavor to merge technological advancements with human-centric benefits.
With these concerted efforts and strategic initiatives, Signify not only reinforces its commitment to the Indian market but also underscores its vision to lead the transformation towards advanced and sustainable lighting solutions globally. The onward journey for Signify in India is not just about dominating the lighting industry but about pioneering a future where lighting solutions enhance lives and preserve ecological balance.
