The water heaters industry in India has the potential to be about Rs 12,000-15,000 crore in the next five to ten years, Pune-based Racold Thermo, a wholly owned subsidiary of Italy-based Ariston Thermo Group, today said.
"Right now, the industry in India is valued at Rs 1,500 to Rs 2,000 crore and has the potential to be about Rs 12,000- 15,000 crore in the next five to ten years," Racold Thermo Private Limited Managing Director V Ramnath said.
Ramnath earlier announced the launch of new range of solar water heaters Alpha Pro, which has a unique Smart-Float feature.
The Alpha Pro water heater is priced at Rs 19,000 across the country, available across residential as well as commercial usages like hospitality, healthcare and industrial applications, he told reporters here.
"The company has its strategy in place to face competition coming from a foreign company like Ferroli. We will concentrate on consumer-focused innovations and strengthen distribution - these will be the two forces for us to keep the edge in the Indian market."
"Racold and Bajaj alone cannot make a market. So, when the market is so nascent, competition is bound to take place, which is good for this segment," he added.
The Italian heating and air-conditioning products company Ferroli had entered the Indian market last year with electric water heaters. Among other products, Ferroli has launched Wi-Fi enabled water heating systems which is controlled by mobile phones by downloading an application.
However the entry of foreign players in the market would only benefit the industry and will help in expanding the business, Ramnath said.
Asked to update on the plans of building second plant, Ramnath said: "Currently we have enough capacity to fund the growth also have large space for more production ... We will leverage and construct the new plant as and we believe it is necessary," he said.
