Solar Water Heater to Experience the Fastest Growth in Upcoming Five Years: Bonafide Research

vadodara, November 17, 2015 (Newswire.com) - Solar water heater to experience the fastest growth in upcoming five years: Bonafide Research Higher disposable income, increasing purchasing power of the customers, growing awareness among the people, and immense support from the government side is expected to drive the solar water heater market in the India Water Heater Market.
According to recently published report of Bonafide Research “India Water Heater Market  Outlook 2021”, though the electric water heaters are currently dominating the market, solar water heaters in the country have also gained prominence among Indian consumers over the past few years and are expected to grab a share of 40% by 2021. The solar water heaters are the driving technology in the water heater industry. With the depleting non renewables in the world, the authorities are pushing the consumers to go solar. The government is also trying to convert the already installed water heaters to be converted to solar type water heaters. As the population is increasing, so is the demand for power leading to the consumption of more electricity. With the depletion of existing non renewables, the renewable energy comes out to be the only solution. So it is expected that the market for the solar water heaters will lead the water heater market globally.
Water heater is a household appliance consisting of a gas or electric heating unit under a tank in which water is heated and stored. Electric water heating is the conventional method, solar water heating is gaining significance in the last 5 years or so. Gas water heaters have been stagnant over the last couple of years because of low diffusion of piped gas networks. Since availability of hot water for bathing purposes becomes a necessity during winter months, boiling of water is the most common and affordable practice in the lower socio economic classes (SEC C and below). Higher SECs use electric or solar water heating. Solar water heaters is one of the technology which the customers were not much aware of and were majorly not interested in because of the long installation process, regular maintenance needs and the high cost. But now with government promoting the idea of installing water heaters at home with subsidy benefits, solar water heaters are also on a go.
Solar water heaters are the fastest growing segment in India water heater market. Further, growth in this segment is expected on account of rising awareness among consumers, pertaining to the benefits of solar water heaters both in terms of energy efficiency and being eco-friendly. Gas water heater market in the country is still at a nascent stage, but is expected to pick pace on the back of expansion of piped gas network across the country. The government subsidy is a major plus in the solar water heater segment. The only thing that refrains the solar segment of water heater from having the highest share in the water heater is the inefficiency in the monsoon season. As technology developments are made, this drawback is also expected to be solved till 2021.