Commercial Water Heater Market Share

 Asia Pacific industry is likely to account for largest revenue share by 2037, propelled by growing usage of renewable energy and energy efficient products in the region.The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the growing usage of renewable energy and energy efficient products, and rising presence of market players in the region. For instance, China was the largest consumer of renewable energy in the Asia Pacific region in 2019, consuming about 7.8 exajoules of energy. India on the other hand held the second position, with an energy usage of approximately 1.4 exajoules. Additionally, the market in North America is anticipated to grab the largest share during the forecast period in view of the high consumer spending, increasing installation of instant water heating systems, and escalating expansion of piped gas networks in the region. Apart from these, economic transformations resulting in extensive electricity distribution network, is expected to boost the region’s market growth in the future.