Signify Innovations India, earlier known as Philips Lighting India, is expecting good opportunity in the solar lights segment going forward, not only from the rural market but also from the urban market, said a top company official.
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 a double-digit growth.
"We have committed that by 2022, all our light would be connectable (with smart devices). Whether it's home light, solar light, office light, we would make it connectable. The way products would be designed, if you want to get connected," Signify Innovations India Chief Executive Officer Sumit Padmakar Joshi told PTI.
He further said, "When the light has become digital, there are multiple possibilities, which it offers. Our whole focus is on connected lighting and we are doing well. We are bringing new innovations into that."
Signify has already installed 29 million connected light points worldwide.
Over growth of solar-based lighting products, Joshi said 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 a big growth in the solar segment," he said.
According to him, this category is set to grow rapidly not only in the remote areas but also in the urban settings.
"Imagine solar is also getting connected. You have 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 per cent (of the total contributions). Some years ago, it used to be around 50 per cent only. In the LED segment, we are sensing a good growth both in the professional segment, which is close to around 40 per cent, and overall LED, whose growth is around 20 per cent," he added.
Currently, Signify Innovations India's turnover is at around Rs 3,500 crore and the company is growing in double digits. Around 80 per cent of this is contributed from LED segment.
"In 2019, the lighting industry is expected to grow in high single-digit rates and Signify India will perform comparatively better," 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 per cent.