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Heat Meter Market Trends

ID: MRFR//5514-HCR | 111 Pages | Author: Anshula Mandaokar| July 2024

Global Heat Meter Market Overview:

Heat Meter Market Size was valued at USD 1.6 Billion in 2023. The Heat Meter Market industry is projected to grow from USD 1.72 Billion in 2024 to USD 2.81 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.31% during the forecast period (2024 - 2032). Customers' knowledge is rapidly increasing, and the number of heat meter installations by individuals is increasing are the key market drivers enhancing the market growth.

Global Heat Meter Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Heat Meter Market Trends

  • Increased Concerns about Warming to Drive Market Growth

Market CAGR for heat meter is being driven by the increased concerns about warming. Today, numerous governments have made tremendous efforts to manage the temperature of the air. These laws and regulations play a critical role in shaping the worldwide industry. Furthermore, as a result of the energy flood occuring in various emerging countries, governments around the world are establishing laws to improve the use of heat energy. According to the International Energy Efficiency (IEE) regulatory criteria, for example, the installation of Heat Metre Market plays a critical role in carbonisation. Furthermore, low carbon temperatures that allow greater flexibility can be removed by installing Heat Metre Market, another aspect leading to worldwide market expansion.

Furthermore, rising warming concerns have driven governments to incentivize citizens and industries to minimise and monitor their use of thermal energy in order to mitigate the consequences of climate change induced by human activity. This has boosted the need for the Heat Metre Market in a variety of industries. Furthermore, the rise in energy-related concerns, as well as applicable government rules and regulations pertaining to energy efficiency, are likely to fuel market expansion.

Heaters have made amazing technological improvements in recent years. These technological advancements were mostly highlighted by rising consumer demand for long-lasting products that deliver higher performance at a reduced cost. Furthermore, the sensor in the temperature meter has been greatly enhanced. For example, attempts are being made to develop image-sensing sensors that can correctly measure the composition of fuel and oxidants in industrial systems. This is related to the greater digitalisation of electrical resource generation and the growing usage of regional heating systems. Furthermore, rising demand for accurate and dependable thermal measurement systems, as well as rapid development in the commercial and residential sectors, contribute to market expansion.

Furthermore, larger savings from heat conservation and a statutory requirement to install heat meters are expected to drive market growth in the coming years. Static meters come in a variety of flow rates and are used in building technology, automation, and district heating. Static meters, too, rely on the fluidic oscillator theory to provide accurate flow and energy readings.

Heat Meter Market Segment Insights:

Heat Meter Type Insights

The Heat Meter Market segmentation, based on type includes mechanical, static. In 2022, static category is likely to remain the dominating technology type in the market. Because of considerable utilisation benefits such as accurate data measurement and adaptive and dependable operations, the adoption of effective and sustainable heat management systems that enable real-time data monitoring will drive the market for static heat meters. This technology also provides decreased energy consumption, dependable functioning, and automated billing systems. Consumers' strong preference for smart meters is projected to fuel demand for static heat meter technology.

Heat Meter Connectivity Insights

The Heat Meter Market segmentation, based on connectivity, includes wired, wireless. The wired segment dominated the market in 2022. Wireless heat meters use a number of wireless ways to read the meter, including, among other things, a mobile radio receiver, a Bluetooth interface, and cloud-based technology. The use of radio-frequency modules known as Automatic Metre Reading (AMR) to collect data on heat measurement is a recent breakthrough in heat metering applications. A connected heat meter system provides accurate data readings and a long battery life.   

Figure 1: Heat Meter Market, by Connectivity, 2024 & 2032 (USD Billion)

Heat Meter Market, by Connectivity, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Heat Meter End-User Insights

The Heat Meter Market segmentation, based on End-User, includes residential, industrial, and commercial. In 2022, heat meters are used to measure the heat output of industrial equipment such as chillers and boilers. Companies utilise Heat Metres to control their energy costs and ensure that all equipment functions properly. Heat meters have lately been introduced to the design of district heating and cooling systems. Factors such as constantly increasing demand for home automation systems fuel the segment's expansion. Within the projected time range, the Industrial segment is likely to grow at the fastest compound annual growth rate (CAGR).

Heat Meter Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Heat Meter Market area will dominate this market, owing to National and international organisations, as well as governments from many countries, are increasingly conscious of the need to reduce overall fossil fuel usage and boost energy efficiency. The region's Heat Metre market is expected to increase favorably as a result of the increasing use of district energy services in North America over the last several years.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Heat Meter Market Share By Region 2022 (USD Billion)

Heat Meter Market Share By Region 2022

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Heat Meter Market accounts for the second-largest market share owing to greater government measures for energy conservation through regulation implementation and increased investment in long-term projects. Further, the German Heat Meter Market held the largest market share, and the UK Heat Meter Market was the fastest growing market in the European region

The Asia-Pacific Heat Meter Market is expected to grow at the fastest CAGR from 2023 to 2032. This is because of the hot fluid being cycled via the pipes, which is projected to increase demand. Moreover, China’s Heat Meter Market held the largest market share, and the Indian Heat Meter Market was the fastest growing market in the Asia-Pacific region.

Heat Meter Key Market Players & Competitive Insights

Leading market players are investing heavily in R&D to expand their product lines, which will help the Heat Meter Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Heat Meter industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Heat Meter industry to benefit clients and increase the market sector. In recent years, the Heat Meter industry has offered some of the most significant advantages to medicine. Major players in the Heat Meter Market, including Honeywell Elster (US). Kamstrup (Denmark), Zenner (US), Sontex (Switzerland), Qundis (Germany), and Siemens AG (Germany) and others, are attempting to increase market demand by investing in R&D operations.

Siemens is a German multinational conglomerate and Europe's largest industrial manufacturing firm. Its headquarters are in Munich, and it has a number of foreign branch offices. The company's primary divisions are Digital Industries, Smart Infrastructure, Mobility, Healthcare (named Siemens Healthineers), and Financial Services. The firm is a notable manufacturer of medical diagnostics equipment; its medical health-care segment, which accounts for around 12% of total revenues, is the corporation's second-most lucrative unit after the industrial automation division. It is considered as a pioneer in this field and the corporation with the largest revenue in the world. In July 2020, Siemens India has agreed to buy Delhi-based electrical and electronic equipment maker C&S Electric for Rs 2,100 crore in cash, making it the company's largest acquisition in the nation outside of the group. This will assist Siemens in strengthening their position as the country's provider of low-voltage power distribution and electrical installation technology.

Danfoss is a Danish multinational corporation headquartered in Denmark that employs about 41,928 people worldwide. Engineer Mads Clausen founded Danfoss in 1933. Danfoss has 41,928 employees globally, with its headquarters in Nordborg, Denmark. Danfoss joined the United Nations Compact in 2002, which consists of nine principles relating to social and environmental responsibility. Bitten Clausen established the Bitten og Mads Clausens Fond as a self-governing institution in 1971. The foundation is now the company's largest stakeholder. Mads Clausen (1905-1966) created Dansk Kleautomatik- og Apparatfabrik in 1933; the firm name was changed to Danfoss in 1946. After analysing imported valves from the United States, the first product was developed: an expansion valve for refrigeration systems. In May 2019, The Danfoss team in charge of the research, manufacture, and sales of Heat Metres and Automatic Metre Reading systems has announced the successful completion of a test with narrowband Internet of Things (NB-loT) wireless data transmission.

Key Companies in the Heat Meter market include

  • Diehl (Germany)

  • Danfoss (Denmark)

  • Landis+Gyr (Switzerland)

  • litron (US)

  • Honeywell Elster (US)

  • Kamstrup (Denmark)

  • Zenner (US)

  • Sontex (Switzerland)

  • Qundis (Germany)

  • Siemens AG (Germany)

Heat Meter Industry Developments

February 2024

Panasonic Corporation today announced that its Electric Works Company will begin accepting orders for the ultrasonic flow and concentration meter for hydrogen, a new product designed specifically for the Chinese market that measures hydrogen concentration and flow in high-humidity environments, on February 14, 2024.

As global efforts to attain carbon neutrality have accelerated in recent years, so have initiatives to promote the use of hydrogen energy. Fuel cells derive their energy from an atmospheric chemical reaction involving hydrogen and oxygen. Anticipated progress in energy efficiency, product durability, and additional cost reductions has led to a heightened significance placed on their research and development.

The ultrasonic concentration and flow meter for hydrogen (GB-L1CMH1A), which was introduced by The Electric Works Company last year, has garnered favorable feedback from several clients in Japan and internationally, including China. In anticipation of rising demand, it will begin accepting orders for the ultrasonic flow and concentration meter for hydrogen on the Chinese market on February 14, 2024. The utilization of this product is anticipated to hasten the investigation and advancement of hydrogen-related apparatus, including water electrolyzers and fuel cells.

Panasonic remains committed to its ongoing support for the advancement of hydrogen energy as a means to foster the proliferation of renewable energy sources and aid in the transition towards a decarbonized society.

The organization intends to exhibit the product at the Panasonic pavilion (No. E45-51) during the 15th International Smart Grid Expo, scheduled to take place at Tokyo Big Sight from February 28 to March 1, 2024.

The attributes

  1. Permits the concurrent determination of hydrogen concentration and flow in environments with high relative humidity.

  2. Capable of monitoring flow and concentration in addition to temperature, pressure, and humidity on an ongoing basis

  3. Hydrogen flow and concentration measurements over a broad range [0 to 2000 L/min (normal*2), 0 to 100%vol%*3] are possible.

In October 2022, Siemens has established a strategic cooperation with Volta Trucks, a Swedish electric commercial vehicle manufacturer, to deploy and scale eMobility charging infrastructure in order to ease the transition to fleet electrification.

In April 2021, and Honeywell worked on the Xupermask, a smart mask made of silicone and athletic mesh fabric that includes LED lighting, 3-speed fans, and noise-cancelling headphones.

In Aug 2019, Measurement Canada expects thermal energy metering to be regulated in the same way that gas and electricity are.

Heat Meter Market Segmentation:

Heat Meter Market By Type Outlook

  • Mechanical

    • Multi-Jet Meter

    • Turbine Meter

  • Static

    • Electromagnetic Meter

    • Ultrasonic Meter

Heat Meter Market By Connectivity Outlook

  • Wired

  • Wireless

Heat Meter Market By End-Use Outlook

  • Residential

  • Industrial

  • Commercial

Heat Meter Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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