Solar Water Heater Market Share

On the basis of geographical analysis, the global solar water heater market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific industry is set to account for largest revenue share by 2037, backed by technological innovations to achieve energy efficiency at limited costs, and transition towards the use of clean and renewable energy in the region. In 2020, China headed the consumption of renewable energy in the Asia Pacific region, accounting for about 8 exajoules of energy. Moreover, the market in the Middle East & Africa is also projected to occupy a significant share during the forecast period, which can be credited to the trend of replacement of fossil fuel as a primary energy source with alternative fuels. In addition, escalating usage of solar energy for water heating purposes is also anticipated to accelerate the solar water heater market growth in the region in the near future.