Tue, Sep

India leaping towards harnessing solar power

Industry Insights

According to World Energy Outlook 2017 report, India will be the third largest country in the world by 2040 in terms of energy consumption, only behind China and the US. During the period of 2005-15, India registered 5.7% growth of primary energy compared to its global counterpart economies like China’s (5.3%), Russian Federation (0.5%), Japan (1.6%) and US (-0.3%). The rapid pace of economic development has resulted in India being one of the fastest energy consumers in the world. However, one cannot deny the fact that industrial growth and productivity is largely depending on energy. 

Termed as the fastest growing economy of the world, especially with India's exports finished 2017-18 with a healthy rise of 9.78 per cent. Despite of the growth in exports, the country today is grappling with massive national energy shortages owing to inadequate energy infrastructure. Due to population explosion and lack of basic amenities (such as lack of electricity to almost one-fourth of its population: 26% of rural households) the pressure on energy sector is immense. The uneven distribution of resources, restrained accessibility and low affordability add to the grave challenges our country is facing.  With increased energy deficiency and flawed consumption pattern, is India headed towards national energy poverty?

In wake of these challenges, the Government of India has shifted its focus to harnessing renewable sources of energy in an attempt to make India energy efficient. The latest trend being the solar water heaters gaining popularity in India.  

The Solar Water Heater market is growing by 10% YOY CAGR and will witness high growth by 2021 and reach INR of 1300 cores above. The continuous improvement in the products results in companies offering the products at highly competitive price, bagging the top segments in the water heating industry. There is lack of adequate government initiatives for harnessing green energy, energy efficient initiatives to tap the solar waters market is missing. The need of the hour is for the authorities to encourage use of thermal solar energy by supporting citizens with the subsidy to further increase the penetration of renewable energy for a cleaner, greener tomorrow. There is a dire need to spread awareness and propel growth in solar water heater market by government and increase the demand among consumers for energy efficient and eco-friendly products.   

The manufacturers are currently focusing on innovative product developments and are keen to launch new industrial solar water heaters that are durable, strong and  energy efficient  As per figures available from Ministry of New and Renewable Energy (MNRE) until August 2015 cumulative installed capacity of solar water heaters in India was close to 10 million sq.meter.

The demand for  solar water heaters is increasing owing to its potential for saving cost upto 60% and its widespread usability in various sectors like Real Estate, Manufacturing, Educational Institutes, Medical Care and even in domestic purpose.   According to the Global Solar Water Heaters Market report, in countries such as India and China, construction and automotive industry is a booming one and attracts manufacturers. Thus, there is immense growth potential for solar water heaters market.

Application of solar innovation in other products is the current trend and aims to have a sustainable duration. Solar water heaters are helping people take hot water bath at zero cost in the long run. Investing in solar water heaters is a one-time investment and a life time savings.  The market for the Industrial Solar Water Heaters is expected to grow as significant macro-economic factors such as the growth in industrialization, growth in urbanization, growth of construction industry and growth of automotive industry is on a linear side and thus will upsurge the growth of the global Industrial Solar Water Heaters market over the forecast period. The future of our country lies in the hands of optimally utilizing renewable sources of energy and efficiently allocating these resources to benefit the citizens. The realization is slowly dawning in the corporate sector to support government’s energy efficiency solutions. Government should also support and encourage usage of Solar Water Heaters by providing subsidies ensuring we have a cleaner and greener world.

Author: Mr. Anil Bhamre, Vice President Marketing, Ariston Thermo Pvt Ltd.




SolarQuarter Tweets

Follow Us For Latest Tweets

SolarQuarter Our Special Edition- SolarQuarterBazaar 2018 is out on stands! Grab your copy now! https://t.co/Rv2S0XJrqa https://t.co/UNnLv4lyZc
About 10 hours ago
SolarQuarter Click on the link below to view SolarQuarter August REI Special Issue 2018- https://t.co/6MkUwZ7OED https://t.co/lHa7EH3RTZ
About 10 hours ago