Positive sentiments for saving energy will add fuel to solar water heater market: Bonafide Research

Water heating industry is witnessing paradigm shift in preferences of the consumers. The consumer base is now more informed and is willing to choose solar water heaters over other alternatives in the market as the need for conserving energy is now taken into consideration 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 is heated up and delivered to 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 is used for heating water in homes, factories and other commercial and institutional establishments. Given the price sensitive populace in the country un-organized segment have captured majority share in the industry by offer pricing at almost double the difference. The reason for such a competitive price is the flooded Chinese quality water heaters in the country, which are marketed by the local or un-organized players. 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. The major players with significant share are EMMVEE, TATA power, Anu Solar and V-Guard. Rest of the market, is in the hands of huge Un-organized market of the country. According to recently published report of Bonafide Research "India Solar Water Heater Market Overview", solar water heater market is growing with a CAGR of over 60% from 2010 to 2015, and is projected to have significant share in the water heating industry. The water heating industry 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. 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.