Heat Meter Market To Attain Revenue USD 2.01 Bn By 2032

Published Date : 25 Dec 2023

The global heat meter market revenue was exhibited at USD 1 billion in 2022 and is projected to attain USD 2.01 billion by 2032, growing at a CAGR of 7.30% from 2023 to 2032.

Heat Meter Market Size and Growth Rate From 2023 To 2032

Market Overview

A heat meter is a device mainly used for industrial, household, and commercial purposes. A heat meter, also known as an energy meter, is a device that is used to measure thermal energy provided by the source by measuring the rate of flow of heat transfer fluid and how, accordingly, temperature changes. Demand for heat meters has increased in the market as they precisely give results and are used for measuring boilers' temperatures in industrial areas. They are also used in a district heating system that can measure the heat energy delivered to customers.

Apart from their application as quantification devices, heat meters provide accurate billing and optimization data, providing flexibility for future adoptions. For instance, Kamstrup's ultrasonic heat meters provide dependable, precise values. The efficient use of energy and its sustainability plays an important role in every market sector. Due to this, the government also has a regulation that encourages using heat meters as a strategic part of energy management.

Also, the development of urban areas has a greater demand for heat meters for tracking and regulating the uses of heat and energy transfer systems. The purpose of such projects is to enhance energy efficiency by centralizing its unit and distributing uniformly without wastage for accurate heat consumption.

Regional Snapshot

North America has dominated the heat meter market so far, with 22% shares in 2022. In this region, product demand has increased in the past few decades due to the increased awareness of optimization of energy consumption systems to avoid wastage and thereby regulate it for optimal uses with an emphasis on environmental sustainability and reducing carbon emission.

  • According to a report from the International Energy Agency, the American region has witnessed a successive increase in energy consumption, up to 2.3% in 2022. Moreover, the integration of renewable energy systems has increased, driving demand for heat meters in the global market.

Asia Pacific is expected to lead the market's growth for heat meters. The primary reason behind this is urbanization and fast-paced industrialization within this region. Heat meters play a crucial role in the efficient energy management process, and billing in heating systems further leads to the growth of the heat meter market in Asia.

Europe is also a leading distributor of innovative solutions in the heat meter market. It's projected to show substantial growth up to the year 2030 as a rise in the commercial application of heat meters, an increase in demand for automated systems in heat technology, as well as rising installation of heat measurement tools among the cities further fuel the heat meter market in Europe. Such Continued research and development for better performance of heat meters will further accelerate the growth of the heat meter market.

  • In June 2022, a HYDROCAL- M4 was launched by B METERS from Italy, which is a compact energy meter used to measure precise values of heating and cooling applications.

Heat Meter Market Report Scope

Report Coverage Details
Market Revenue in 2023 USD 1.07 Billion
Projected Forecast Revenue by 2032 USD 2.01 Billion
Growth Rate from 2023 to 2032 CAGR of 7.30%
Largest Market North America
Base Year 2022
Forecast Period 2023 to 2032
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa


Market Dynamics

Drivers

The rising importance of submeter

As the urbanization of regions prospers, we need more personalized and accurate systems that can be deployed to detect energy consumption and strategically manage energy routes to avoid wastage. That optimizes the overall performance of whole situated systems such as heat meters or energy meters. There has been a significant increase in demand for individual energy meters to acknowledge the inaccurate billing of heat meters. Along with that, governments of various countries have set rules to deploy separate heat meters for distinct families. This further led to an acceleration in the demand for energy meters worldwide.

Technological advancement in heat meter

The worldwide heat meter market has flourished where technology was a top priority to collaborate with heat meter systems, as technological advancement always leads to more explicit and precise systems. For instance, intelligent heat meters can communicate in a two-way process. Radiofrequency technology is applied if the heat meter is deployed in rural areas as it acts as a wireless heat meter.

Restraints

Higher cost

The primary installation process for a heat meter can be costly for consumers looking for budget-friendly options in purchasing heat meters. It requires installation expenses, meters, and upgradation of infrastructure. It could be hinder for small buildings and separate houses.

High maintenance

Implementing heat meters requires high maintenance costs, particularly in established buildings, as it is technically challenging to integrate heating and cooling systems to ensure precise measurements of the heat meter.

Opportunities

Expansion of heat meter sale

The rapid growth of the heat meter market leads to more purchases and sales of heat meters as there is a whopping demand for heat meters, especially in urban areas, which can be a significant opportunity for manufacturers of heating/cooling systems to grow their business and support complex infrastructure with accurate measurements. This will help them to expand globally.

Innovation of smart meter with IoT

Heat meters are becoming more innovative with high connectivity and integrating with the ecosystem of the Internet of Things or IoT. As heat meters generate a vast amount of data, it is essential to collect and manage it to enhance the efficacy of heat meters. Integration of technologies like IoT with meters allows for remote monitoring processes, real-time data collection, and energy management strategy analysis.

Recent Developments

  • In March 2022, an ultrasonic heat meter was launched by Diehl Metering, which is named HYDRUS 2.0. It has a remote monitoring system with wireless communication capabilities to enhance data collection and monitoring.
  • Zenner launched a ZE heat meter in January 2021. This device is designed to provide data consumption and monitoring with an early fault detection system that is way more advanced than conventional heat meters.

Key Market Players

  • 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
  • Weihai Ploumeter Co. Ltd.

Market Segmentation

By Type

  • Turbine Meters
  • Ultrasonic Meters
  • Vortex Meters
  • Others

By Connectivity

  • Wired
  • Wireless

By Technology

  • Mechanical
  • Static

By Application

  • Residential
  • Commercial and Public
  • Industrial

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