Published By : 18 Jan 2016 | Published By : QYRESEARCH
The solar water heater market in India is projected to witness massive growth in the coming few years. Although presently, electric water heaters are more popular in the market. The electric water heater market in India is reaching its maturity stage, and continuous innovation from manufacturers is driving this market. Nevertheless, the solar water heater market in India is projected to gain traction in the coming few years.
This growth is propelled by the rising efforts from government and the growing demand from conscious consumers. Consumers in India are getting more aware about energy issues and are demanding for energy efficient and environmentally friendly products. On the other hand, the gas water heater market in India is still at its infancy stage; however, it is expected to gain pace due to the support from government to expand the piped gas network. Some other factors driving the solar water heater market in India include the rising disposable income rates, the improving standard of living, and the growing awareness among users related to the benefits of branded water heaters.
The demand for solar water heaters in India is high in the residential sector. This sector is presently the largest revenue generator in the country in the solar water heater market. This elevated contribution of the residential segment is attributed to the rise in housing projects in the nation. The number of construction project in the urban areas of the country is rising, which, in turn, is driving the demand for solar water heaters. Nonetheless, the water heater use in the country is not limited to the residential segment only, they are also being increasingly adopted in other segments such as the industrial and commercial segment.
Some of the top companies in the solar water heater market in India are Bajaj, V-Guard, Venus, Racold, and A.O. Smith. In addition to this, international companies are entering this market with innovative projects. One such technology introduced in the solar water heater market in India is Wi-Fi enabled water heaters. Small and medium businesses (SMBs) also hold a substantial share in the solar water heater market in India.