After the initial hiccups, the solar water heater market has started to pick pace by giving stiff competition to the other alternatives available, due to favorable policies and regulations along with increase in informed populace. The industry is expected to flourish in the years to follow.
The solar radiation incident on the surface of the earth can be conveniently utilized for the benefit of human society. One of the popular devices that harness the solar energy is solar hot water heaters. A solar water heater consists of a collector to collect solar energy and an insulated storage tank to store hot water. The solar energy incident on the absorber panel coated with selected coating transfers the hat to the riser pipes underneath the absorber panel. The water passing through the risers get heated up and are delivered the storage tank. The re-circulation of the same water through absorber panel in the collector raises the temperature to 80 C (Maximum) in a good sunny day. The total system with solar collector, storage tank, and pipelines is called solar hot water system. Increasing utilization of solar water heaters will reduce a significant portion of the conventional energy being used for heating water in homes, factories and other commercial and institutional establishments.
The market is dominated by electric based water heaters but increased awareness for conserving energy and contribute towards benefit of environment have shifted the preferences of the consumers to avail solar water heaters instead of going for other choices. The government along with the companies in the segment has been making all the due efforts to promote solar water heaters in the domestic as well industrial and institutional applications by providing various schemes and rebates in taxes and electricity bills as well. The majors in the segment have been marketing the products with quality assurance coupled with competitive pricing and improved after sales support.
According to recently published report of Bonafide Research "India Solar Water Heater Market Outlook, 2021", solar water heater market is growing with a CAGR of more than to 60% from 2010 to 2015 and is projected to have significant share in the water heating industry. The major players in the market are EMMVEE, TATA power, Anu Solar and V-Guard who own significant share and rest of the market is in the hands of un-organized players. The solar water heater market is segregated between well-established and un-organized players, where the un-organized players due to almost double the pricing difference capture the lion’s share of the market. Nevertheless, the country is witnessing paradigm shift and changing preferences for quality over cost. This have made the organized players to bank upon the solar water heaters market which has been showing immense growth potential in the years to come.
Major companies operating in the solar water heater market of India are EMMVEE Solar Systems Pvt. Ltd., TATA Power Solar Systems, Anu Solar Power Private Limited, V-Guard Industries Ltd., Racold Thermo Pvt. Ltd., Vikram Solar Private Limited, Bosch Limited, Chemtrols Solar Private Limited and Supreme Solar Systems.