Innovation, interconnected experience disrupt lighting landscape in 2024

As we conclude another year, it is essential to reflect on the key developments, challenges, and achievements that have shaped different sectors throughout the past 12 months. The year 2024 has been marked by dynamic shifts, rapid innovation, and the continued adaptation to both external factors and emerging trends.

Adgully’s annual feature – REWIND – revisits different sectors and identifies the key developments as well gauges the long-term impacts of those developments. We speak to a cross-section of industry leaders to bring a 360-degree view of the industry landscape, the growth trends, financial performance, disruptions, innovations, challenges and more.

In this Rewind 2024 article, Nikhil Gupta, Head of Marketing, Strategy, Government Affairs & CSR - Signify, Greater India, shares his insights on how 2024 unfolded for the industry and the Indian economy as a whole. He delves into the trends and developments that dominated the sector throughout the year, highlights Signify’s performance during 2024, and outlines key developments and achievements.

Overview of the industry and Indian economy in 2024

2024 proved to be a dynamic year for the Indian economy and the industries within it. The Indian government’s focus on infrastructure development and digitalization continued to create opportunities for various sectors, showing resilience and innovation. Overall, the economy demonstrated a mixed bag of challenges and opportunities, requiring businesses to adapt and strategize for sustained growth. Specifically, we saw a surge in digital adoption across sectors, influencing consumer behaviour and creating new avenues for businesses to connect with their target audiences. This digital transformation became a key driver of growth and innovation.

Lighting industry highlights

The lighting industry in 2024 underwent a significant transformation, driven by evolving consumer preferences and technological advancements. The shift towards smart lighting solutions accelerated, with consumers seeking greater control, personalization, customization and energy efficiency. The market witnessed increased demand for connected lighting systems that integrate with other smart home devices, offering seamless and intuitive control.

Sustainability became a paramount theme, influencing product development and marketing strategies. The rise of quick commerce also impacted on the sector, requiring companies to adapt their distribution models and offer faster delivery options. Overall, Signify 2024 was characterized by innovation, disruption, and a focus on delivering enhanced value to consumers.

Key trends and developments

The year 2024 witnessed several key trends and developments that shaped the trajectory of the lighting industry:

• Sustainability as a Core Value: Drove demand for energy-efficient LED lighting and spurred innovation in areas like circular economy practices and reduced packaging.
• Smart Lighting Ecosystem Expansion: This created a seamless and interconnected experience for consumers, offering greater control, automation, and data-driven insights.
• Personalization and Customization at the Forefront: Consumers increasingly demanded personalized lighting experiences, driving the trend towards customizable lighting solutions.
• Human-Centric Lighting Gaining Momentum: The understanding of light’s impact on human well-being continued to grow, leading to increased adoption of human-centric lighting solutions to enhance mood, productivity, and sleep quality.
• Quick Commerce Disrupting Distribution: The rise of quick commerce platforms significantly impacted the lighting industry's distribution landscape. Consumers expected faster delivery options, requiring companies to adapt their logistics and fulfillment strategies.

Signify’s performance in 2024

Signify had a successful 2024, marked by strong performance and several key achievements:

Launch of NatureConnect, Redefining Indoor Lighting: introducing an industry-first lighting system that brings the benefits of natural light indoors. This innovative solution resonated with consumers seeking enhanced well-being and a deeper connection with nature.

Strategic Partnership with Rahul Dravid, Amplifying Brand Reach: Our partnership with Rahul Dravid as brand ambassador proved highly effective in amplifying our brand message and connecting with a wider audience. His credibility and values aligned perfectly with Signify's commitment to legacy, leadership, excellence and sustainability.

#HumRaatonMeinSoorajUgaateHain Campaign: resonated deeply with consumers, highlighting the transformative power of light in everyday life. The campaign's emotional storytelling and impactful visuals strengthened our brand image and drove consumer engagement. Bringing in a healthy mix of digital and traditional marketing initiatives, the campaign garnered over 200 million impressions.

Record-Breaking Illuminated Modak Installation, Showcasing Innovation: The creation of the largest illuminated Modak installation not only showcased Signify's innovation but also demonstrated our commitment to celebrating India's rich cultural heritage. This achievement generated significant positive publicity and reinforced our brand presence.

Continued Commitment to CSR, Impacting Communities: Our CSR initiatives continued to make a positive impact on communities across India, bringing sustainable lighting solutions to underserved areas and empowering individuals through access to light.

Launch of Ecolink Fans: Signify introduced a revolutionary range of energy-efficient fans under the Ecolink brand. This product line includes five innovative models – AiroGeometry, AiroJewel, AiroZephyr, AiroSerenade, and AiroSleek – designed to provide superior air delivery, efficient performance, and significant energy savings.

Ayodhya City Solar Lighting Project: Signify executed the world’s largest solar city lighting project in Ayodhya, installing over 600 Philips UrbanSpark solar streetlights. This project transformed Ayodhya into a beacon of smart solar lighting, enhancing the city's aesthetics and providing sustainable lighting solutions.

Ram Mandir Lighting Project: Signify played a pivotal role in illuminating the Ram Mandir in Ayodhya with state-of-the-art lighting solutions. This project aimed to create a divine ambiance for devotees and visitors, highlighting the temple’s intricate architectural elements.

Bandra-Worli Sea Link Lighting Project: Signify contributed to the spectacular lighting of the iconic Bandra-Worli Sea Link in Mumbai. The project featured a captivating display of colorful lights, enhancing the visual appeal of the sea link and creating a memorable experience for viewers.

Also Read: Driven by growth, innovation, adaptability, 2024 a pivotal year for OOH advertising