Data Bridge Market Research analyses that the India 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.
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.
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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
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.
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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)
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.
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