New York, Jan. 25, 2023 (GLOBE NEWSWIRE) -- As per a study conducted by Persistence Market Research, the global heat meters market is anticipated to secure US$ 3.03 Billion in 2022, whereas, it was valued US$ 2.9 Billion in 2021. Owing to the integration of technology in heat meters is increasing the use of the same in various sectors.
The market for heat meters is likely to flourish significantly, securing US$ 4.61 Billion while recording a CAGR of 4.3% during the forecast period from 2022-2032.
Mandatory regulations in some countries that require installation of heat meters have turned out to be a major driver for the progress of the worldwide heat meter market. Moreover, administrations around the world are developing guidelines to encourage the usage of energy conservation, because of energy import carried out in numerous developing economies.
The technological advancement has today changed the entire usability of heat meters. There are smart heat meters with billing meters designed to offer landlords and service providers a reliable, cost-effective and secure metering solution.
This brings the customer a feature-rich and intuitive system which provides information to make informed decision in their energy usage. The credit billing mode and pre-payment mode options are the features among them which indirectly enable the consumer to increase their saving by heat conservation.
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Key Takeaways from the Market Study
- By application, residential sector is expected to possess 45% market share for heat meters market.
- By product, ultrasonic segment is expected to register considerable revenue in 2022 and is expected to depict a growth rate of nearly 4.5% through 2032.
- The Asia Pacific heat meters market is poised to register a growth rate of 2.5% through 2032
- North America is expected to possess 40% market share for heat meters in 2022.
- U.S. is projected to register a CAGR of 4% for heat meters market in the forecast period 2022-2032.
- India is expected to register a CAGR of 3.5% for heat meters market in the forecast period 2022-2032.
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Competitive Landscape
Key players in the Heat Meters Market are
- BMETERS
- Diehl
- Kamstrup
- Siemens
- Sontex
- ista Energy Solutions
- Apator
- Secure Meters
- Micronics
- Zenner International
- Landis+Gyr
- Axioma Metering, and
- Danfoss, among others.
Recent developments in the Heat Meters Industry
- In June 2021, Kamstrup, announced that the company will live up to its heat and cooling meters standard and ix planning to exceed the same by innovating various features. The company plans to launch these heat and cooling meters in the latter half of 2022.
- In September 2022, Siemens announced that the company will be supplying two advanced distribution management systems for Alexandria Supervisory Control Center and West Alexandria Distribution Control Center. Thus, the company will be supplying 300,000 smart meters.
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About the Industrial Automation Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations - the industrial automation team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on industrial automation of which 100+ reports specific for industrial automation. The team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the industrial automation industry.
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