Time is ripe to invest in solar water heater business

- Advertisement -

With India facing electricity shortage coupled with the Ministry of New and Renewable Energy promoting the use of solar energy devices with a 30 per cent subsidy on solar products, water heater companies like Racold Thermo expect solar water heaters to become big growth drivers over the next few years, says a Times of India report.

“In the last two years, the market for solar water heaters has grown 15 per cent year on year,” Mathew Job, managing director, Racold Thermo said. The water heater market in India is pegged at Rs 12 billion, with electric heaters dominating the category accounting for half of the market and solar heaters a close second at Rs 4 billion. Several state governments have made it mandatory to use of solar water heaters, driving heater sales.

With industrial establishments and residential projects opting for solar water heating solutions, players like Racold see lot of potential for the segment. “The solar water heater segment is our fastest growing category,” Job said. Racold clocked revenues of Rs 2.5 billion during FY12 with solar water heater’s share standing at 23 per cent. In the next three years, the company expects this figure to move up to 33 per cent. Other major players in this segment include Tata Bp, Bajaj and Venus.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Buzz

H1 2022: Global Smartphone CIS Shipments Drop

0
Weak global economics amid war and pandemic fears keeping the market dull As per the latest Counterpoint Smartphone Camera Tracker report, Global smartphone CMOS image...

Moxion Power Raises $100 Million; Plans To Scale Clean Energy Manufacturing

0
The company aims to meet the increasing demand for its mobile energy storage product lineup In its Series B funding round, the US-based Renewable Energy...

Silicon Labs’ New Address: Hyderabad

0
It is the company's largest global centre for engineering and wireless connectivity innovation Leading global IoT wireless technology company Silicon Labs recently inaugurated its new...

Exclusive

H1 2022: Global Smartphone CIS Shipments Drop

0
Weak global economics amid war and pandemic fears keeping the market dull As per the latest Counterpoint Smartphone Camera Tracker report, Global smartphone CMOS image...

Moxion Power Raises $100 Million; Plans To Scale Clean Energy Manufacturing

0
The company aims to meet the increasing demand for its mobile energy storage product lineup In its Series B funding round, the US-based Renewable Energy...

Silicon Labs’ New Address: Hyderabad

0
It is the company's largest global centre for engineering and wireless connectivity innovation Leading global IoT wireless technology company Silicon Labs recently inaugurated its new...

Important Sectors

Moxion Power Raises $100 Million; Plans To Scale Clean Energy Manufacturing

0
The company aims to meet the increasing demand for its mobile energy storage product lineup In its Series B funding round, the US-based Renewable Energy...

Silicon Labs’ New Address: Hyderabad

0
It is the company's largest global centre for engineering and wireless connectivity innovation Leading global IoT wireless technology company Silicon Labs recently inaugurated its new...

Wind Power Brings Continuum And GE Renewable Energy Together

0
Commercial and industrial establishments will receive the wind power produced in the respective states As per a recent announcement, GE Renewable Energy is set to...

Tech Mahindra Opens Telco Smart Analytics Lab in UK

0
Situated in Milton Keynes, the lab aims to develop data analytics solutions on Google Cloud India-based IT company, Tech Mahindra recently announced its dedicated Google...

GODI India Manufactures 3000F high power supercapacitor

0
Integration with battery packs would improve the battery life of EV, says GODI GODI India, the country's leading company to have homegrown technology to make...

Manufacturing

Moxion Power Raises $100 Million; Plans To Scale Clean Energy Manufacturing

0
The company aims to meet the increasing demand for its mobile energy storage product lineup In its Series B funding round, the US-based Renewable Energy...

Wind Power Brings Continuum And GE Renewable Energy Together

0
Commercial and industrial establishments will receive the wind power produced in the respective states As per a recent announcement, GE Renewable Energy is set to...

Apple Making iPhone 14 In India!

0
As per the latest reports, Apple has started manufacturing iPhone 14 in India. Foxconn’s Sriperumbudur facility situated on the outskirts of Chennai is the...

Global UAV Mkt To Grow At 18.41% CAGR

0
The report 'Global UAV Market 2022-2026' lists the opportunities and challenges lying ahead for this sector A recent report released by Technavio expects the global...

Semiconductors and Display Manufacturing: Ready for Another Boost

0
Govt says that tech nodes of 45nm account for half of the total semiconductor market in India Central Cabinet, in a recent meeting, approved a...