India Solar Lighting Market, By Components (Hardware and Software & Services), Light Source (LED and Others), Grid Type (Off-Grid, Hybrid), Capacity (Less than 5 Watt, 5 Watt to 20 Watt, 20 Watt to 35 Watt, 35 Watt to 50 Watt and Above 50 Watt), End Use (Highways & Roadways, Residential, Commercial, Industrial and Others), Application (Indoor, Outdoor), Installation Type (New, Retrofit), Sales Channel (Direct Sales, Wholesales/Retail, Online) – Industry Trends and Forecast to 2029
Market Analysis and Size
The demand in the India solar lighting market is mainly driven by the growing renewable energy sector. Rising infrastructure development and the increasing need for energy-efficient lighting systems have been driving the demand in the Indian market. The rise in the growth of LED technology has further created opportunities for market growth.
Data Bridge Market Research analyses that the solar lighting market is expected to reach the value of USD 650.44 million by the year 2029, at a CAGR of 16.8% during the forecast period. Hardware accounts for the most prominent component segment in the respective market as this includes components such as solar PV modules, batteries, and lighting fixtures which constitute most of the cost of the solution. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
|
Report Metric
|
Details
|
|
Forecast Period
|
2022 to 2029
|
|
Base Year
|
2021
|
|
Historic Year
|
2020 (Customizable to 2019 - 2014)
|
|
Quantitative Units
|
Revenue in USD Million, Pricing in USD
|
|
Segments Covered
|
Components (Hardware and Software & Services), Light Source (LED and Others), Grid Type (Off-Grid, Hybrid), Capacity (Less than 5 Watt, 5 Watt to 20 Watt, 20 Watt to 35 Watt, 35 Watt to 50 Watt and Above 50 Watt), End Use (Highways & Roadways, Residential, Commercial, Industrial and Others), Application (Indoor, Outdoor), Installation Type (New, Retrofit), Sales Channel (Direct Sales, Wholesales/Retail, Online)
|
|
Countries Covered
|
India
|
|
Market Players Covered
|
Renesas Electronic Corporation, Steelhacks IndustriesWipro Lighting, Signify Holding, Fevino Industries LLP, GautamSolar, UM Green Pvt. Ltd., Systellar , Urja Global Limited, Inter Solar Systems, NESSA, Solmitra Power & Steel Pvt Ltd., Easy Photovoltech Private Limited., Sun World Solar Systems, Solex Energy Limited
|
Market Definition
Solar lighting system operates on electricity from batteries, charged through the use of solar photovoltaic panels. It is composed of a battery, solar panel, LED lamp, and charge controller. The working principle of the solar lighting system lies in the collection of solar energy and transforms it into lighting by using the photovoltaic effect which is being used in a photovoltaic panel and solar panel. The stored energy is collected in a rechargeable gel cell battery used later to produce lighting at night. The rapid infrastructure development in all sectors of India is pushing local solar light manufacturers to compete and deliver innovative solar lighting products at low prices to increase their presence in the market.
Market Dynamics of the Solar Lighting Market Include:
Drivers-
- Growing renewable energy sector
Renewable energy is produced from natural sources or from renewable resources that are constantly replenished. India is third-largest consumer of electricity in the world after U.S. and China. The increasing demand for electricity is forcing India to search for new ways, especially renewable, to produce energy due to which India is constantly investing and developing its renewable energy sector.
- Rising infrastructure development
The growth in the infrastructure of highways, railways, inland highways, ports, and aviation is acting as drivers for the Indian solar lighting market because of government schemes, ease of street light installation, and minimum maintenance post installation
- Increasing need for energy-efficient lighting systems
As solar lighting products are now more sophisticated with LED and microcontrollers, it allows the user to control the illumination level of solar lighting products hence consuming less energy. This advantage of solar lighting systems and the need for energy-efficient systems act as drivers for the Indian solar lighting market.
- Increasing use of solar lanterns in rural areas
The increased use of solar lanterns in rural areas is hoisting the market growth of the Indian solar lighting market by providing the various option of solar lantern products at subsidies rates.
Opportunities-
- Rise in growth of LED technology
LED lights have massively entered into residential, commercial, streetlight and yard lighting but still it has to go long way. The Indian LED Lighting market is growing as LEDs have gained a mainstream in the lightings market due to continuous declining LED prices in the country and favourable government initiatives, such as UJALA and SLNP, offering LEDs at a subsidized cost and solar LED system installation projects for streetlights, respectively. Thus, boosting the use of LED as lighting source and solar energy sector is providing a lucrative opportunity for the growth of Indian solar lighting market.
- High presence of off-grid population
Presence of high population off grid and frequent electricity cut in the rural areas has attracted rural population towards solar energy and this is providing growth opportunities for Indian solar lighting products and services in rural areas.
Restraints/Challenges Faced by The Solar Lighting Market
- High dependence on conventional source of energy for electricity generation
This high dependency on coal and other fossil fuel for electricity generation has slowed the transition and decency on solar energy restraining the demand and growth of solar lighting in the Indian market.
- Lack of awareness about renewable energy
High initial cost of installing solar lighting system is therefore acting as a major challenge for the growth of India solar lighting market.
This solar lighting market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Solar Lighting Market contact Data Bridge Market Research for an Analyst Brief. Our team will help you make an informed market decision to achieve market growth.
Recent Developments
- In June 2021, Wipro Lighting and Enlighted signed a strategic partnership. Under this partnership, the company had to utilize the Internet of Things (IoT) solutions of Enlighted to innovate and produce solutions for solar farms, panels and commercial buildings for various customer segments. Through this step, the company is aiming to capture more market share in solar lightning and commercial lightning.
- In March 2020, Signify partnered with SRF Foundation to provide the lighting solution to five school playgrounds in Mewat, Haryana. Through this partnership, the company promotes its solar light product in rural India. The company is aiming to boost the sales of its solar product after this partnership.
India Solar Lighting Market Scope
The solar lighting market is segmented on the basis of components, light source, grid type, capacity, end use, application, installation type, and sales channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Component
- Hardware
- Software & Services
On the basis of the components, India solar lighting market is segmented into hardware and software & services.
Light Source
- LED
- Others
On the basis of the light source, India solar lighting market is segmented into LED and others.
Grid Type
- Off-Grid
- Hybrid
On the basis of the grid type, India solar lighting market is segmented into off-grid and hybrid.
Capacity
- Less than 5 Watt
- 5 Watt to 20 Watt
- 20 Watt to 35 Watt
- 35 Watt to 50 Watt
- Above 50 Watt
On the basis of the capacity, India solar lighting market is segmented into less than 5 watt, 5 watt to 20 watt, 20 watt to 35 watt, 35 watt to 50 watt and above 50 watt.
End Use
- Highways & Roadways Lighting
- Residential
- Commercial
- Industrial
- Others
On the basis of the end use, India solar lighting market is segmented into highways & roadways lighting, residential, commercial, industrial and others.
Application
- Indoor
- Outdoor
On the basis of the applications, India solar lighting market is segmented into indoor and outdoor.
Installation Type
- New
- Retrofit
On the basis of the installation type, India solar lighting market is segmented into new and retrofit.
Sales Channel
- Direct Sales
- Wholesale/Retail
- Online
On the basis of the sales channel, India solar lighting market is segmented into direct sales, wholesales/retails and online.
Competitive Landscape and Solar Lighting Market Share Analysis
The solar lighting market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the solar lighting market.
Some of the major players operating in the solar lighting market are Renesas Electronic Corporation, Steelhacks IndustriesWipro Lighting, 7Signify Holding, Fevino Industries LLP, GautamSolar, UM Green Pvt. Ltd., Systellar, Urja Global Limited, Inter Solar Systems, NESSA, Solmitra Power & Steel Pvt Ltd., Easy Photovoltech Private Limited., Sun World Solar Systems, and Solex Energy Limited among others.
SKU-