Heat Meter Market Scenario
The global Heat Meter Market Size is estimated to expand at 7.25% CAGR during the forecast period. Heat meter is a measuring device which measures thermal energy provided by a source by measuring the flow rate of the heat transfer fluid. It is ideally used in plants for measuring boiler output. It is also used to measure the heat or cooling output of a heating boiler and chiller unit respectively. The major function of a heat meter is to provide a data needed for billing and optimization.
The growing demand for Heat meter market is attributed to the need for savings through heat conversion and mandates required to install heat meter. Also, accurate measurement of heat consumption is driving the market for heat meters. One of the major restraints for the global heat meter market is cost associated with heat meters.
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Industry Segmentation
The market for heat meter market is segmented based on connectivity as wired and wireless. Wired heat meter segment dominates the market as these heat meters are mainly used in case of poor connectivity, especially in district areas. For instance, Asia-Pacific is expected to hold the largest share for wired heat meters with countries such as China, Japan, and India adopting heat meters at a fast pace.
Based on type, the market is segmented into mechanical heat meter and static heat meter. The static segment is estimated to grow at the fastest rate during the forecast period as these meters use fluidic oscillator principle for providing reliable flow and energy readings. Considering the connectivity, the market is segmented as wired and wireless. Wired heat meter is estimated to dominate the market due to increased adoption of wired meters in poor connectivity areas where residential buildings are connected with district heating. The end-user segment includes residential, commercial, and industrial. The residential segment is expected to hold the largest share during the forecast period due to increasing residential complexes across the globe.
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Asia-Pacific accounts for the largest market share as well as the fastest growing region.
Region wise, Asia-Pacific held the largest market share of the global heat meter market in 2017. It is estimated that Asia-Pacific region will continue to dominate the market during the forecast period, mainly due to the growing district heating infrastructure, rise in population, and climate change.
Asia-Pacific is expected to foresee increasing manufacturing, meanwhile its dependency on energy imports is growing. Hence, the demand for heat meter will be needed for conserving the energy being consumed. Similarly, North America being the second largest economy is also focusing towards energy conservation programs by implementing heat meters within different application areas.
Key Players:
The key players of the global heat meter market are Diehl (Germany), Danfoss (Denmark), Landis+Gyr (Switzerland), Itron (US), Honeywell Elster (US), Kamstrup (Denmark), Zenner (US), Sontex (Switzerland), Qundis (Germany), and Siemens AG (Germany).
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