Heat Meter Industry Overview, Driving Factors, Segments and Forecast to 2023
Posted by Anvi on March 11th, 2020
Global Heat Meter Market Overview
Heat meters are generally used in industrial applications to measure boiler output from a chiller unit. It also finds extensive use in district heating systems for the measurement of the heat delivered to consumers. Accurate measurement of heat consumption by heat meters elevates its demand and subsequently induces market growth. Other important factors that promote market growth include the rising digitalization of power utilities, accelerating adoption of district heating systems, mounting demand for reliable heat metering system, and rapid advancements in commercial and residential formations. The Heat Meter Industry potentially record a growth rate of 7.25% during the forecast period (2018-2023).
With the rapidly increasing cost of energy coupled with rising focus on energy reduction, reliable and accurate metering of utilities has become necessary in measuring as well as managing energy costs. Heat meters help calculate the heat energy that is transported, by analyzing the fluid flow rate along with any temperature change it undergoes from the outflow to the return flow of the system.
Heat meters also enjoy high demand in the market owing to their features like low energy consumption, high durability, long-term stability, and data accuracy. Considerable investments in the expansion of service sectors around the world are also working in favor of the market. With that said, the market growth can take a hit in the near future, given the steep capital costs of heat meters. On the bright side, the booming district heating infrastructure across the globe seems to hold a lot of weight and can provide the market with a host of growth opportunities in the following years.
Global Heat Meter Market Segmentation
The worldwide market for heat meter has been extensively analyzed with respect to segments like type, connectivity, and end-user.
Given the type segment, the market includes static and mechanical. Out of these, the static segment can attain the fastest growth rate in the market, since these meters make use of fluidic oscillator principle to provide reliable flow and energy readings.
Connectivity-wise, the market includes wired and wireless. Wired heat meter is expected to be the top segment in the market, on account of the high adoption of wired meters in areas with poor connectivity, consisting of residential buildings that are connected with district heating.
The global heat meter market, on the basis of end-user, comprises industrial, residential, commercial, and others. Commercial segment is all set to amass the biggest share in the global heat meter market during the given timeframe.
Asia Pacific (APAC), North America, the Middle East and Africa (MEA), and Europe are the primary markets for heat meter.
The APAC market for heat meter has noted the highest traction across the globe, on account of the surge in construction activities coupled with the change in climatic conditions. Mounting demand for efficient energy management systems, in addition to the surging need for individualized metering across residential buildings can further stimulate the growth of the heat meter market in the region.
North America was identified as the second-most profitable market for heat meter in 2018. The United States (U.S.) is the most lucrative market for heat meter in the region, backed by the soaring number of government policies along with guidelines for utilities for metering coupled with the increasing focus on reduction of cost and energy efficiency.
The Europe heat meter market is expanding on the back of favorable regulations as well as energy conservation efforts. Numerous regulations mandating the replacement of old heat meters can also work in favor of the regional market. MEA is noting sizeable investments in heat meter projects, which can benefit the market over the conjectured period.
Leading vendors in the global heat meter market include Honeywell Elster (US), Landis+Gyr (Switzerland), Sontex (Switzerland), Diehl (Germany), Zenner (US), Danfoss (Denmark), Qundis (Germany), Itron (US), Kamstrup (Denmark), Siemens AG (Germany), to name a few.
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About the AuthorAnvi
Joined: October 25th, 2019
Articles Posted: 461
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