Demand for Heat Meter Market to Rise Significantly from Key End-use Industry Sectors
A heat meter is an instrument used to determine the thermal energy distributed to a sink or provided by a source. The heat meter helps for determination of the flow rate of the heat transfer and the adjustment in its temperature between the return back and outflow of the system. The heat meter is generally used in the power plants for testing boiler output. Along with that, the heat meter is also used to determine the cooling or heating output of a chiller unit as well as heating output of a boiler. The key purpose of a heat meter is to deliver the data required for optimization and billing.
Nowadays, various governments have set the mandatory rules and regulations for installation of heat meters. These rules and regulations are playing the vital role in driving the heat meter market globally. Moreover, governments across the world are developing policies to boost the use of heat saving, owing to, energy import that is taken place in several emerging economies.
According to the regulatory guidelines of the International Energy Efficiency (IEE), heat meter installations hold a vital role in warming de-carbonization. Low carbon district heating providing better flexibility can decarbonize warming in constructions by installing heat meters, which is another strong factor assisting growth of the global market.
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Global Heat Meter Market: Segmentation
The global heat meter market has been segmented on the basis of product type, conductivity type, end use, and region.
The global heat meter market segmentation on the basis of product type:
- Multi Jet
The global heat meter market segmentation on the basis of conductivity type:
- Wireless Connection
- Wired Connection
The global heat meter market segmentation on the basis of end use:
- Commercial & Public
Global Heat Meter Market: Competition Landscape
The prominent manufacturers of the heat meter are focusing on acquisitions and partnerships. Along with that, the manufacturers are engaged in providing the technologically improved and enhanced heat meter for better performance.
- For instance, in 2019, Diehl Stiftung & Co. KG, one of the German based perominent manufacturer of the heat meter has acquired, NEW ENGINEERING AND SUPPORT CENTER (ESC) IN DEBRECEN, HUNGARY, for expanding regional footprint and to provide better quality of the products to the global customers.
- Also, in 2018, Schlumberger Limited, announced that they have entered into a definitive agreement for Shearwater to acquire the marine seismic acquisition assets and operations of WesternGeco, the geophysical services product line of Schlumberger.
These merges, acquisitions, partnerships by the key manufacturers is ultimately expanding the product portfolio of the company, and boosting the growth of the heat meter market across the globe during the forecast period.
Some of the prominent players in the global heat meter market are Diehl Stiftung & Co. KG, engelmann, Kamstrup A/S, Schlumberger Limited., Ista, Itron., Qundis, Landis+Gyr, Sontex, Zenner, Trend, WEIHAI PLOUMETER CO., LTD, Wecan Precision Instruments, Sensus., Huizhong Instrumentation Co., Ltd., and SUNTRONT TECH CO., LTD.
Global Heat Meter Market: Regional Overview
On the basis of geography, the governments with a strong economy, such as U.S. in North America is estimated to capture the significant share in terms of revenue in the field of heat meter market. The strong presence of chemical industries as well as refineries in the North America region is considerably fueling the demand for heat meters. The stringent regulations regarding the heat meters and their installations in the region, is another prominent factor influencing the demand for heat meters in the market.
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The Asia Pacific is expected to hold the prominent share in the field of heat meter market during the forecast period. Owing to, the countries in the Asia Pacific region, such as Japan, China, and India are having the most significant industrial output as compared to the other countries in the world. Thus, Asia Pacific also expected to capture the considerable share in the field of the heat meter market.
Looking at strong growth of the automobile industry in the European countries such as Germany and the UK, the market for heat meters is anticipated to grow at significant CAGR in the forecast period. These parameters are potentially boosting the growth of the heat meter market across the globe during the forecast period.