Consumer durables company Videocon Industries Ltd on Tuesday launched hybrid solar powered air conditioners which will use sunlight to generate power without consuming electricity.

Priced at Rs99,000 and Rs1,39,000, Videocon has introduced two products—one 1 tonne and one 1.5 tonne ACs under its solar-powered range. “We have spent close to one year in the research and development of this technology. The product will be available in market in 10-15 days. We are planning to extend this technology to other categories as well," said Akshay Dhoot, head of technology and innovation at Videocon, adding that the company will also launch solar-powered refrigerators, washing machines and television sets by the end of this year.

With the launch of new products in the AC range, Videocon which competes with LG Electronics and Tata group-owned Voltas Ltd is looking to capture 13% market share in the AC segment in 2017, from the current 9%.

The company is also planning to make its entire range of air conditioners compatible with solar energy so that the consumers can switch to solar powered products whenever they want. “Consumers won’t have to change the existing ACs and buy new ones. They will simply be able to switch to solar panels down the line," Dhoot said.

Videocon’s move comes ahead of a new efficiency rating system for air-conditioners being made compulsory by government starting January 2018. All air-conditioners will need energy-saving and intelligent regulation of compressors in place of the conventional thermostat-triggered cut-offs, according to a Mint report dated 25 August, 2016.

“Government is putting a lot of resources in promotion of renewable energy. We have introduced this technology keeping in mind the government policies and the future challenges of the consumers. We are expecting to sell 6.5 lakh units of air conditioners this year. The AC market is growing rapidly in the country driven by technology, infrastructural developments, and increase in the consumer spending," said Sanjeev Bakshi, chief operating officer, AC division at Videocon.

The company which earned Rs1,200 crore in revenue in 2015-16 from its AC division is expecting a 45% jump this year, with plans to close 2016-17 at Rs1,750 crore. It is further planning to invest Rs50 crore in a 360 degree advertising and marketing campaign to popularize the solar-powered products.

According to a study by consulting firm EY and Consumer Electronics and Appliances Manufacturers Association, India is also expected to rank fifth in the consumer durables market in the world by 2025.

“The Indian market for consumer electronics and appliances is around $9.7 billion and has grown at a compound annual growth rate of 9.7% over the 2010-2014 period and is poised to reach $20.6 billion by 2020," the report said.

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