Heat meter market is set to grow on account of rising need for effective power management systems coupled with requirement of individualized metering across residential apartments. Cost saving, accurate billing, multiple communication options and power consumption monitoring are key parameters responsible for product adoption. Furthermore, growing demand for accurate and reliable metering technologies along with integration of IoT devices will enhance the industry landscape. In line with the increasing deployment of heating and cooling systems mainly across cold climatic regions, heat meters market will generate a revenue of more than USD 1 billion by the end of 2024.
Commercial heat meter market will grow on account of development of combined heating and cooling technologies along with growing adoption of sustainable building codes and standards. In addition, flourishing service sector coupled with upsurge in investments toward the development of residential establishments will positively impact the product penetration. Ongoing expansion of innovative energy efficiency solutions, efficient heating infrastructure and energy management systems will encourage the product demand.
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Upsurge in demand for effective energy management systems along with rising need for individualized metering across multistory buildings will foster the heat meter market growth. Billing accuracy, cost saving, energy consumption monitoring and various communication options are some of the key features which make its adoption preferable. In addition, the growing need for reliable and accurate metering systems coupled with deployment of IoT platform will further boost the industry growth.
The transforming technology trends across the globe have also had a significant influence on heat meters market share over the last few years. The development of smart meters is one of the next-generation product inventions that helps customers track daily energy use very easily. Considering the benefits of modern technologies to improve the energy efficiency, leading giants in the heat meters market have been adopting various new technology advancements such as IoT (Internet of Things) and AI (artificial intelligence). For instance, a team from the Danish smart metering company, Kamstrup, and Finnish electricity firm, Herrfors Nät-Verkko have recently planned to use NB-IoT technology in smart metering. With the help of this technology, the Finnish company can monitor more than 6,000 heat and electricity meters that will result in 10% cost savings.
Static heat meter market is set to grow on account of growing adoption of advanced and automated building technologies along with rapid expansion of commercial and industrial establishments across the emerging economies. Accelerating demand for trigeneration technologies along with high data precision recording mechanism will positively influence the product growth.
The U.S. heat meters market size is set to exceed installation of 510 thousand units by 2024. Ongoing regulatory mandates toward the development of policies for energy metering along with rising focus toward energy efficiency and cost saving will accelerate the business growth. For instance, the U.S. Department of Energy has established policies and guidelines for utilities for metering the energy consumption in their federal buildings.
Japan heat meter market will grow on account of increasing concerns toward security of supply along with large-scale deployment of sustainable heating systems. In addition, rapid economic growth coupled with stringent regulatory norms toward emission reduction will further encourage the product adoption. Technological advancement in product design and development backed by extensive research and development activities by leading industry players will accelerate the business growth.
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