Solar water heaters are a 120 Crore market in India
In a country like India, there is a market of Rs 600 Crore only in domestic water heater, in which Rs 120 Crore consists of solar water heaters and the rest consists of electric and gas heaters. But the market of solar water heaters of Rs 120 crore is not too much if we consider the population of India. India’s population is around 120 Crores, which means 5 Rs per year a person is being spent on domestic water heater.
There are almost 200 million houses in India in which 40 million households reside the middle class. Out of them, only 10 million households have their yearly income more than Rs 5 lakhs.
It is very necessary to use solar water heaters in India as only 0.7 million households use solar water heaters which is less than 2 percent of the total middle class families present. On the other hand, there are 25 million families who are using solar water heaters in China.
As China is using the resource in a very useful way, and it is successful as well, which means that this technique has a potential to replace other means to heat water. According to some newspaper there will be a growth of around 500 to 600 percent in the solar water heater segment by 2022.