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India's Solar Water Heater Market

The solar water heater market in India is expected to reach $1.37 billion by 2021, dominated by ETC heaters. Karnataka and Bangalore have the highest adoption rates. The top players are Emmvee, TATA BP Solar, and Anu Solar, who are expected to increase market share through expansion. While the market fluctuates, it has grown since 2012 due to India's participation in a UNDP effort and is now 80% residential. Globally, the market is forecast to increase from $4.7 billion in 2019 to $6.7 billion in 2027 at 6.1% annually. Solar water heaters use solar panels to heat water and can reduce energy costs but backup heating is needed when

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36 views3 pages

India's Solar Water Heater Market

The solar water heater market in India is expected to reach $1.37 billion by 2021, dominated by ETC heaters. Karnataka and Bangalore have the highest adoption rates. The top players are Emmvee, TATA BP Solar, and Anu Solar, who are expected to increase market share through expansion. While the market fluctuates, it has grown since 2012 due to India's participation in a UNDP effort and is now 80% residential. Globally, the market is forecast to increase from $4.7 billion in 2019 to $6.7 billion in 2027 at 6.1% annually. Solar water heaters use solar panels to heat water and can reduce energy costs but backup heating is needed when

Uploaded by

Ben Hiran
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Market performance of solar water heaters

The market for solar water heaters in India is anticipated to reach INR 1369 crore by 2021,
according to India Solar Water Heaters Market Overview. The solar water heater industry is
likely to be dominated by ETC type solar water heaters. In India, Karnataka and Bangalore
have the highest proportion. Emmvee, TATA BP Solar, and Anu Solar are the main players
in the Indian solar water heater market, according to the study, and their revenue share is
anticipated to rise during the forecasted period as a result of their development plans and
expanding dealership networks.

The SWH market in India has had numerous ups and downs. As illustrated in the graph
below, the market fluctuates dramatically over the course of a year, then stabilizes for a bit
before declining again. In 2011, the Ministry of New and Renewable Energy (MNRE)
reported a total SWH market of 65 crore. Since 2012, the market for solar water heaters has
been growing, thanks to India's participation in the UNDP's effort to expand the worldwide
market for solar water heaters. The home sector is driving the demand for solar water heaters.

The residential sector now accounts for about 80% of the market. Solar water heaters are also
becoming more popular among businesses and other commercial institutions. From 2020 to
2027, the worldwide solar water heater market is expected to increase at a CAGR of 6.1
percent, from $4.7 billion in 2019 to $6.7 billion in 2027. A solar water heater is a device that
uses the sun's energy to heat water. It uses a solar collector to gather heat, which is then
transferred to a water tank through a circulating pump.

Solar electricity, unlike natural resources such as natural gas or fossil fuels, is free, which
aids in energy consumption. When there isn't enough light, though, a backup heating system
is necessary. Solar water heaters range in price from $3,000 to $7,000 for a fully integrated
system. In the residential, commercial, and industrial sectors, this is frequently utilized.
Cumulative installation of solar water heaters in India
Attitude

A person with a positive attitude is more inclined to purchase a product, which


leads to the potential of enjoying or disliking it. Consumers have strong
sentiments about particular items or brands. These sentiments are sometimes
founded on particular ideas, and other times they are not.

Consumer attitudes, self-image, and behaviors are some of the major individual
intervening variables. You're aware that the purchasing decision-making
process begins with the identification of an unmet demand.

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