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In a move to diversify its portfolio, SG Mart - a B2B player in the construction materials industry - has officially entered the renewable energy sector under the new brand APL Apollo SunSteel. The company’s first venture in this space focuses on supplying solar module mounting structures, a critical component in solar project installations.
Marking an impactful debut, SG Mart has already secured orders worth INR 266 crore (excluding GST) from multiple Independent Power Producers (IPPs). Deliveries for these orders have also commenced. The company expects this segment to become a strong growth vertical in the near term, backed by India's expanding renewable energy landscape.
Capitalising on Steel and Distribution Strengths
According to Shiv Bansal, Joint Managing Director at SG Mart, the market response has been “encouraging” across both IPPs and EPC contractors.
“The demand momentum validates our decision to diversify into the renewable space,” he stated. The company is leveraging its existing steel procurement capabilities - as steel is the core raw material for solar structures - along with a wide distribution network to meet pan-India demand efficiently.
The company’s leadership believes its strategic strengths will enable SG Mart to shorten delivery timelines and optimise logistics operations, allowing it to serve the expanding solar sector more efficiently.
A Booming Market Opportunity
Globally, the solar PV mounting systems market is witnessing robust growth. As per Global Market Insights, the industry was valued at USD 44.5 billion in 2024 and is projected to grow at a CAGR of 4.4 percent between 2025 and 2034.
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Solar PV mounting system market share by product. Source: GMIBased on product, the solar PV mounting systems market is segmented into ground-mounted and rooftop. The ground-mounted segment accounted for about 63.9 percent market share in 2024; rooftop arrangement contributes the rest.
The Asia-Pacific region, particularly the renewable development in India, is expected to drive a major share of the expected growth due to national renewable energy targets and policy incentives.