Heat Meter Market Is Expected to Grow with a CAGR of 6.5% During the Forecast Period, 2016-2028
The Global Heat Meter Market is projected to reach USD 1.32 billion by 2028, growing at a CAGR of 6.5% during the forecast period. A heat meter is also called as a flux calorimeter. It is a tool that measures thermal energy supplied by a source or delivered to a sink by measuring the heat transfer fluid flow rate and changes in its temperature between the system’s outflow and return legs. It is usually used for the measurement of boiler yield and heat taken by the system in industrial plants and for the measurement of heat supplied to consumers by district heating schemes.
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Digitalization to boost the Heat Meter market growth in coming years
The global heat meter market is expected to experience significant growth in the upcoming years, owing to the rising number of digitalization of power utilities, increasing adoption of district heating systems, growing demand for accurate and reliable heat metering systems, and rapid development of commercial as well as residential applications. Supportive government rules and regulations relating to energy efficiency along with the rising concerns related to energy conservation are expected to further fuel the global heat meter in the years to come. However, the huge capital cost of heat meters may hamper the growth of the heat meter market in the future.
Segmentation for better understanding of this market and its growth prospects
Based on type, the heat meter market is segmented into static, mechanical, vortex and others. Static heat meter is expected to hold a prominent share in the global heat meter market. Increasing the implementation of automated and radical construction techniques combined with the growth of district heating systems across industrial and commercial formations is anticipated to boost demand for the static heat meter. Growing demand for combined heating and cooling application with high precision data recording with a static measurement principles will encourage product penetration. Increasing demand for regeneration technologies along with high data precision recording mechanism will definitely influence the product growth.
Based on connectivity, the wireless connection segment of the heat meter market is expected to grow at a high rate during the forecast period. The growth of this segment is attributed to the development of technologies, low cost of installation and maintenance, higher reliability, and ease of use.
The residential heat meters segment held the largest share in the heat meter market based on end-users and is projected to grow at the highest rate during the forecast period. The growth is attributed to the growing demand for home automation systems with effective planning & management of energy consumption. Increasing flexible integration with innovative metering and management systems are expected to complement the business growth. Increasing consumer awareness and the growing installation of heat meter have empowered residents to have control over their energy consumption. Residential heat meters have witnessed a large-scale adoption in the residential sector, which includes large multifamily buildings, luxury apartments, and single-family homes.
Interesting Developments in the Heat Meter Market:
o In January 2019, Diehl Stiftung & Co. KG(Germany), one of the prominent manufacturer of the heat meter has acquired, New Engineering and Support Center(Hungary), for expanding the regional footprint and to provide a better quality of the products to the global customers
o In August 2018, Schlumberger Limited(US), announced that they have entered into a definitive contract for Shearwater to acquire WesternGeco’s geophysical services product line Schlumberger’s seismic marine procurement assets and activities
Regional fragmentation to understand growth patterns-
Asia Pacific region is expected to lead the global heat meter market due to the upsurge in construction activities and change in climatic conditions. Increasing demand for effective energy management systems along with the growing need for individualized metering across residential buildings is expected to boost the heat meter market growth. Heat meters offer a feature such as billing accuracy, cost-saving, energy consumption monitoring, and various communication options are some of the key features which make its adoption preferable.
The increasing need for reliable and accurate metering systems coupled with the deployment of internet of things platform will further boost the heat meter market growth in this region. In addition, China’s fast urbanization has increased the demand for thermal comfort, which is likely to drive the heat meter market.
Europe is also expected to have a significant share in the heat meter market. This is mainly due to the effect of national legislation based on the Energy Efficiency Directive (EED) 2012 published in several EU member states. The EU member states are mandated to have national regulation based on the EED 2012, which implies the installation of measurement devices for individual apartment billing. In addition, heat meter devices will be included within several projects for new construction and renovation of district heating networks complying with EU standards in the short-term future, with Poland, Denmark, and France providing some of the largest volumes for heat meter shipments.
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Companies Covered: Major Companies profiled in the report which are key players in the global heat meter market include Diehl, Kamstrup, Qundis, Landis+Gyr, Haifeng, Zhifang, Sontex, Siemens, Engelmann, Zenner, MWA Technology Ltd., Quadlogic Meters Canada Inc., and WeihaiPloumeter Co. Ltd.
What will mainly influence the growth of heat meter market?
o The rising number of digitalization of power utilities
o Increasing adoption of district heating systems
o The rapid development of commercial as well as residential applications
o Supportive government rules and regulations relating to energy efficiency along with the rising concerns related to energy conservation
o Huge capital cost of heat meters
Market Segmentation:
By Type:
Static
Mechanical
Vortex
Others
By Connectivity:
Wired
Wireless
By End User:
Residential
Commercial
Industrial
By Region:
North America
By Country (US, Canada, Mexico)
By Type
By Connectivity
By End-User
Western Europe
By Country (Germany, UK, France, Spain, Rest of Western Europe)
By Type
By Connectivity
By End-User
Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Type
By Connectivity
By End-User
Asia Pacific
By Country (China, Japan, India, Rest of Asia Pacific)
By Type
By Connectivity
By End-User
Middle East
By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)
By Type
By Connectivity
By End-User
Rest of the World
By Region (South America, Africa)
By Type
By Connectivity
By End-User
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