Signify Innovations Predicts Growth in Solar Lights Segment

Solar street lights for Sunderbans villages

Signify Innovations India is expecting a good opportunity in the solar lights segment going forward, not only from the rural market but also from the urban market.

Signify Innovations India (earlier Philips Lighting India), with 29 million connected light points worldwide is expecting good opportunity in the solar lights segment going forward, not only from the rural market but also from the urban market, a top company official confirmed.

Signify Innovations India, which has reported a turnover of Rs 3,500 crore in the previous financial year, expects to continue its growth momentum in the fast-growing lighting market with double-digit growth. Besides, the company, which is shifting towards smart lights solutions globally, aims that by 2022, all LED lighting products sold by it would be connectable to smart devices. 

Over growth of solar-based lighting products, Chief Executive Officer Sumit Padmakar Joshi said the input cost is coming down, making it affordable, which would, in turn, increase the adoption rate. “The battery cost and the solar panel cost is coming down dramatically and it is becoming far more affordable to people to go for this kind of solution, which is also sustainable. We are again seeing big growth in the solar segment.”

According to him, this category is set to grow rapidly not only in the remote areas but also in urban settings. “Imagine solar is also getting connected. You have the most sustainable solution, which could also be connected, then the benefit would be multi-fold,” he said. 

Joshi further added that the sale of conventional lighting products as bulbs and CFL is coming down. “Sale of LED is going up. It is now 80 percent (of the total contributions). Some years ago, it used to be around 50 percent only. In the LED segment, we are sensing a good growth both in the professional segment, which is close to around 40 percent, and overall LED, whose growth is around 20 percent,” he added. 

The Indian lighting industry, which is estimated to be Rs 15,000 crore-20,000 crore, is shifting towards LED-based solutions and now accounts for almost 75 percent.