Heat Meters Market Size By Product (Ultrasonic, Vortex), By Technology (Mechanical, Static), By Application (Residential, Commercial {College/University, Office Buildings, Government Buildings}, Industrial), COVID-19 Impact Analysis, Regional Outlook, Com

Heat Meters Market Size By Product (Ultrasonic, Vortex), By Technology (Mechanical, Static), By Application (Residential, Commercial {College/University, Office Buildings, Government Buildings}, Industrial), COVID-19 Impact Analysis, Regional Outlook, Competitive Market Analysis & Forecast, 2022 - 2030

The heat meters market is projected to witness significant growth by 2030 owing to rising demand for combined heating and cooling systems in key regions globally. In addition, high governmental emphasis on green energy systems to lower carbon emissions and encourage sustainable heat management is likely to further boost industry progress over the forecast time period.

The coronavirus outbreak posed a threat to industry growth due to strict lockdowns imposed by governments that caused shutdown of manufacturing units and delays in operations. However, growing demand for sustainable technology has escalated heat meters market growth. For instance, in a January 2022 study published in Energy, the Department of Energy Engineering, University of Basque, Spain, along with others, introduced a data-driven model developed by using smart heat meters for heat load projection in buildings that are connected to district heating.

Moreover, mounting investments from private and public sectors towards green heating systems together with strategic collaborations and ventures have been aiding key participants to expand their presence in the heat meters market, thereby supplementing business growth. For instance, in February 2021, Kamstrup, a metering solutions firm, was chosen by Karlshamn Energi AB, a local energy company in Sweden, to supply smart meters and infrastructure for both heat and water.

To cite another instance, in February 2021, Axioma Metering, a Europe-based metering specialist, started the mass manufacturing of its newly approved Qalcosonic E4 ultrasonic heat meters with a composite flow part. The heat meters have been certified by the Lithuanian Energy Institute’s Thermal Equipment Research and Testing Laboratory.

The heat meters market has been bifurcated in terms of technology, application, product, and region. By product, the market has been split into vortex and ultrasonic. The vortex segment is projected to flourish by 2030 due to the paradigm shift towards the replacement of conventional heating systems, along with stringent government mandates for the adoption of green energy devices.

In terms of technology, the heat meters market has been categorized into static and mechanical. The static segment is estimated to grow at a rate of over 3% through the review timespan.

From the application perspective, the market has been divided into commercial, industrial, and residential. Under commercial, the market has been further subdivided into office buildings, government buildings, and college/university. The heat meters industry share from the college/university segment is speculated to witness substantial growth up to 2030. Increasing investment towards building infrastructure is likely to propel product uptake in colleges & universities.

The government buildings segment is slated to record notable growth through the assessment timeline. Favorable government efforts to deploy advanced metering units are poised to bolster product demand in government buildings. The office buildings segment is anticipated to expand at a rate of approximately 4% by the end of 2030.

On the regional spectrum, the Europe heat meters industry is foreseen to progress at a CAGR of above 4% over the study timeframe.