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.
According to the IEA, solar thermal capacity that is mostly used for water heating projected a significant growth in India. The total solar thermal capacity in India accounted for 2.8 GWth in 2010 and it is increased to 7.7 GWth in 2017. India has the sixth largest installed capacity for solar thermal across the globe. Further, this capacity offers significant opportunities for the installation of solar water heating systems in the region that propel the growth of the Indian water heater market during the forecast period.
Indian Water Heater Market Segmentation
By Energy Source
- Gas
- Electricity Water Heaters
- Hybrid Water Heaters
- Solar Water Heaters
By Mode of Water Supply
- On-Demand or Tankless Water Heaters
- Storage Or Tank Water Heaters
By End-User
- Residential
- Commercial
- Industrial
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Company Profiles
- A.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.
- Rinnai Corp.
- Racold Thermo Pvt. Ltd.
- Venus home appliance
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