Government support, ample solar resources depletion of fossil fuels, dependence on conventional energy, public awareness on the advantages of solar water heaters are the factors driving the solar water heater market in India.
According to recently published report of Bonafide Research “India Solar Water Heater Overview” the volume sales of solar water heaters are expected to increase four times till 2020 as it is expected that both the types i.e., ETC and FPC will get cheaper in price with passing time resulting in increase of sales. With government enhancing the concept of solar energy by providing subsidies and rebates the market is expected to increase in a very drastic pace. In terms of volume sales the solar water heater market is expected to register CAGR of about 25% from the period 2015 to 2021.
Solar Water Heaters (SWH) is a system that uses solar thermal collectors to convert and capture the heat from the sun to renewable resource such as solar energy to heat water for domestic and industrial purposes. ETC and FPC are the two technologies in India governing the solar water heater market. ETC is basically used in the residential sector while FPC is preferred in the industrial and the hospitality sector. Karnataka, Maharashtra, Tamil Nadu, Andhra Pradesh, and Gujarat are expected to lead in SWH deployment by contributing about more than 60% of the country.
The increasing market demonstrates how renewable sources of energy can reduce poverty through improved quality of life and increased livelihood opportunities in remote , non-electrified villages of India that are not likely to get electricity from the grid. Though, Per capita consumption of electricity in India is low, In India SWH market is on an increasing scale. Around half the country’s population does not have access to electricity. Solar water heating system can be a suitable alternative to meet the growing hot water demand requirement in the country without exerting further demand pressure on electricity generation capacity in the country.