India’s geographic location within the tropical belt bestows it with an abundance of solar radiation, which has been a major resource for the solar energy market in the country. India enjoys 300-320 sunny days and 3,000 hours of sunshine each year which is equivalent to over 5,000 trillion kWh. In India, almost all the regions receive 4-7 kWh of solar radiation per sq. meter with about 2,300– 3,200 sunshine hours per year, depending upon the location. Key regions getting very high sunshine are the states of Rajasthan, Gujarat, parts of Tamil Nadu, Madhya Pradesh, Maharashtra, Telangana and Karnataka.
The lighting industry has been seeing a similar push from the Government for the replacement of basic and inefficient incandescent, halogen and fluorescent lamps with modern LED lights in order to reduce electricity consumption. It is expected that LED lighting would reduce energy consumption for lighting across the country from the present 18 per cent level to 13 per cent of the total power consumed in the country.
- It is estimated that about 235,000 additional jobs in the solar industry and about 29,000 additional jobs in the LED industry would be created during the period between 2019-20 and 2024-25.
- The employment growth in these industries would grow at a CAGR of about 12 per cent and 8 per cent respectively, to register an overall growth rate of about 11.6 per cent CAGR during this period.
- Both the solar & LED industries are extremely fast paced industries, not just in terms of market growth, but also in terms of innovation and technology development.
- These emerging technologies require the work force to be trained and re-skilled to cater to the changes expected to be seen in the market.