Signify India is expecting good opportunity in the solar lights segment moving forward, not only in the rural market, however, also in the urban market as per latest reports. Signify India, which has reported a turnover of Rs 3,500 crore in the previous financial year, expects to continue its growth momentum in the lighting market with double-digit growth.
Moreover, the company is moving towards smart lighting solutions worldwide. In addition, Signify aims to make sure all LED lighting products sold by them are connectable to smart devices by 2022. Around 29 million connected light points have already been installed by Signify globally.
The rise in the demand of solar-based lighting products is mostly due to input cost coming down, making it affordable, which would eventually increase the adoption rate.
The cost of battery and solar panel is coming down dramatically and it is becoming far more affordable for people to go for this kind of solution as it is also sustainable. The country is going to witness a big growth in the solar segment and it is expected in both remote areas as well as urban centres.
Furthermore, if the solar is also getting connected then it is going to be the most sustainable solution and will result in multi-fold benefits owing to its connectivity.