Indian water heater market is anticipated to grow at a CAGR 10.4% during the forecast period. India is regarded as one of the fastest growing economies across the globe; therefore, it contributes a significant contribution to the water heater market. The increasing urban population coupled with the growing adoption of the solar water systems contributing to the growth of the market in the region.
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According to the World Bank data, India accounted for 33.1% urban population in 2016 that increased to 33.6% in 2017. With the trend of growing urbanization and increasing disposable income raises the demand for advanced and smart features in the residential and commercial segment in terms of water heating that propel the market growth in the market. Moreover, increasing installation of solar water heating system is propelling the growth of the market in the region. The IEA (International Energy Agency) Technology Collaboration Programme on Solar Heating and Cooling increases the number of systems installations in India by 26% in 2017.
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Market Segmentation
Indian Water Heater Market by Energy Source
- Gas
- Electricity Water Heaters
- Hybrid Water Heaters
- Solar Water Heaters
Indian Water Heater Market by Mode of Water Supply
- On-Demand Or Tankless Water Heaters
- Storage Or Tank Water Heaters
Indian Water Heater Market by End-User
- Residential
- Commercial
- Industrial
Company Profiles
- O. Smith Corp.
- Bajaj Electricals Ltd.
- Crompton Greaves Consumer Electricals Ltd.
- Haier electronics group Co., Ltd.
- Himin Solar Group Co., Ltd.
- Havells India Ltd.
- JiaxingJinyi Solar Energy Technology Co., Ltd.
- Hangzhou Kangquan Water Heater Co., Ltd.
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