Date : October 14, 2022
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Various new technologies to heat up the water heater market in India: Bonafide Research

Various new technologies to heat up the water heater market in India: Bonafide Research

The water heater market is seeing continuous innovation and it will be the innovation in the segment that will carry the market in the coming years. The industry majors are set to invest heavily on the research and development activities as the demand for water heaters is throughout the year; also the ownership of water heaters is not restricted to one unit.

Heated water finds uses in several different applications, ranging from cooking and washing in households to chemical processing and thermal energy generation in the industrial sector. While electricity has conventionally been the medium that powers water heaters, the market has many models that are compatible with different energy sources. The Indian water heater market is fragmented between organized and un-organized players both enjoying their part of share in different categories of water heater market.

There is growing inclination of the educated of the educated class towards energy conservation. Be they fans, refrigerators, air conditioners, or lighting fixtures the idea now is to use every electricity unit and it no different with water heaters, there is the paradigm shift which is acting as a major demand driver which is taking the water heater market to newer heights. Manufacturers are acting in accordance of the growing need by offering gamut of innovative features. Although there are many traditional methods for heating the water as such boiling or using immersion heating rod, Indian households are spending roughly around 1000-1200 Crore on purchasing water heaters. The main reason being increasing awareness and adapting technologically advanced products which aids to modern lifestyle of nuclear as well as joint families. The water heater industry is primarily a “new points” market and is dependent upon the growth of construction. The growth of new dwellings, along with rising disposable incomes of households has thrown up more opportunities for water heater manufactures. Today’s customer has an expectation of better standard of living and is hence willing to spend more on well equipped and good looking bathrooms. The housing industry has been doing well, with more and more developers nowadays offering water heaters as the standard fixture in the bathrooms as well as kitchens.

According to the report, “India Water Heater Market Overview, 2022-28”, the market is anticipated to grow with more than 15% CAGR for 2022-2028. The water heater market is categorized between Electric, solar and gas water heaters. The most popular in the segment is electric water heaters due to its lower cost of ownership as compared to solar based water heaters. The added safety features with the cutting edge technology also drives the market for electric based water heaters. Solar water heater have started to gain pace in recent times as consciousness regarding use of renewable source of energy and conserving energy has raised, by the various government initiatives. Gas water heaters are experiencing stabled market as it faces competitive issues as it is hazardous for health as well as environmental point of view. The market is capture by industries majors as Racold, A.O.Smith, Venus, V-Guard, and Bajaj Electricals. The sanitary ware major has Hindware has also entered the water heater segment under the brand name “Hindware-Atlantic” accompanied with European multinational Ferroli. Companies covered in the report include Havells India Ltd., Racold Thermo Pvt. Ltd., Bajaj Electricals Ltd., Venus Home Appliances (P) Ltd., Crompton Greaves Consumer Electricals Ltd., Usha International Ltd., A. O. Smith Corporation, Kitchen Appliances India Ltd. and V-Guard Industries Ltd.

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Various new technologies to heat up the water heater market in India: Bonafide Research

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