Heat Meter Market Size to Worth Around US$ 1,965.2 Mn by 2030
Precedence Research
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Precedence Research, Recently Published Report on “Heat Meter Market Size, Share, Growth, Trends Analysis, Segmentation, Regional Outlook and Forecasts 2021 - 2030”
OTTAWA, March 02, 2021 (GLOBE NEWSWIRE) -- The global heat meter market size was valued US$ 923.6 million in 2020 and is projected to be worth around US$ 1,965.2 million by 2030, exhibiting CAGR of 9.2% during the estimate period 2021 to 2030.
Heat meters are employed to quantify heat energy dispersed through an area or centralized civic heating arrangement. In a heating arrangement the thermal energy is straightly proportional to the output of the fluid movement frequency and the fluid temperature variance. A heat meter comprises of flow quantification equipment, a duo of temperature sensors to quantify the temperature variance, and a calculator to ascertain the thermal energy on the base of the contributions from the temperature and flow variance. Temperature quantification is usually executed by means of platinum resistance thermometers (PRTs) that offer exceptional accuracy over a widespread temperature array (–200 to +850 °C). Alternate sensors for temperature quantification comprise digital temperature devices.
The heat meter industry has grown constantly in the recent past, initially motivated by the developed German market and more lately by evolving Turkish, Russian, and Chinese markets. Nevertheless, the economic and political uncertainty in some regions has stalled the market progress during 2014 and 2015. The market however has revived post 2017 due to heavy investment by governments in emerging regions.
Increasing construction activity in developing regions, changes in the climate conditions, rapidly growing awareness in customers, increasing number of heat meter installations by individuals in order to monitor energy spending, and growth in the luxury housing market are among major factors boosting growth of the global industry. Additionally, technological advancements and integration of latest technologies is fueling growth of the heat meter market worldwide. Moreover, rapidly increasing awareness regarding energy conservation is having positive impact on the growth of global industry. Further, increased focus on the improvement of energy infrastructure in developing regions and growing investment by major market players on research and development are other factors to boost growth of the global market during the forecast time frame.
With the growing cost of energy and stress on energy saving, reliable and accurate metering of all services has become essential for measuring and supervising energy expenses. Though, in the year 2011, the Chinese government’s emphasis on substituting coal as a source of housing heating flattened the shipments. This decelerated the pace of new construction in China and hindered the total heat meter industry. Likewise, economic & political slowdown in Russia & Turkey also weakened the heat meter industry.
Currently the market progress has mostly caught up in China, where the shipments have augmented rising year over year. In 2013, the Chinese administration laid out the key alignments for urban development in China, encompassing a proposal to rebalance urban progress by restraining urban sprawl and augmenting compaction of cities. The construction sector offers greater room for better efficiency, both for new creation and also through the revamp of existing structures.
Based on type, ultrasonic meters reported largest revenue in 2020. This is accredited to high durability and accuracy of the ultrasonic meters. Further, advantages such as lower energy consumption are expected to boost the growth of the segment in the near future.
On the basis of technology, static accounted for the weighty share in the target industry. This is due to increasing demand for combined cooling and heating applications.
Based on application segment, residential accounted for the largest revenue with significant portion in estimate period of time. Factors such as rapidly increasing demand for home automation systems are driving growth of the segment.
Landis + Gyr and Kamstrup are major companies operating in the global heat meter market.
Regional Analysis:
The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, Asia Pacific dominated the global market with a market share of more than 41%. China represented the highest share in the Asia Pacific region primarily due to high urbanization, strong growth in construction activities, and availability of latest metering products. Moreover, growing awareness regarding energy conservation is expected to have positive impact on the industry growth. North America is expected to account for the second largest share in the heat meter industry in terms of revenue in 2020. The growth in the North American region is attributed to availability of latest products, high requirement for energy monitoring, and developed construction sector. Europe is anticipated to grow at the highest CAGR during the projected time-duration majorly due to high demand from new markets such as Turkey, Russia, and Germany. Growth in the research and development activities is a major factor that is projected to have optimistic impact on the growth of the target industry in the European countries.
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Key Market Players and Strategies:
The major companies functioning in the worldwide heat meter are Weihai Ploumeter Co. Ltd., Landis + Gyr, Quadlogic Meters Canada Inc, Zenner International GmbH & Co. KG, Kamstrup, Micronics Ltd, MWA Technology Ltd, Qundis, Apator S.A., Qundis, Sontex SA, Siemens AG, WECAN Precision Instruments Co. Ltd., Ista, Huizhong Instrumentation Co. Ltd., Techem, Secure Meters Ltd, and Weihai Ploumeter Co. Ltd. among others. Huge investment in the technological development of heat meter along with business-related collaborations are the crucial business strategies started by the major players operating in the global heat meter market.
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