The global heat meter market is projected to grow at a CAGR of 7.50%, from 2018 to 2023
LONDON, Oct. 17, 2018 /PRNewswire/ -- The global heat meter market is projected to grow at a CAGR of 7.50%, from 2018 to 2023.
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The global heat meter market is projected to reach USD 1,218.9 million by 2023, from an estimated USD 849.1 million in 2018, at a CAGR of 7.50%. This growth can be attributed to factors such as requirement for accurate measurement of heat consumption, legislative mandate to install heat meters, and increased savings through heat conservation. However, increasing competition from alternative heating technologies and capital cost associated with heat meter operations could act as restraints for the market.
The Static segment is expected to be the fastest growing market from 2018 to 2023.
The static segment held the largest market share in 2017 and is estimated to be the fastest growing segment during the forecast period.Static meters use fluidic oscillator principle for providing reliable flow and energy readings.
Static meters are available in a wide range of flow rates, which are used in building technology and automation and in district heating.
The Wired heat meters segment is expected to be the largest market from 2018 to 2023.
The wired heat meters segment is expected to hold the largest market share during the forecast period because of the increased adoption of wired meters in poor connectivity areas where residential dwellings are connected with district heating.The Asia Pacific market is expected to hold the largest market for wired heat meters with rapid adoption in countries such as China and Japan.
Europe region is expected to be the fastest growing market for wired connection during the forecast period.
Increasing district heating connectivity is expected to drive the residential segment market between 2018 and 2023.
The residential heat meter segment held the largest market share in 2017 and is estimated to be the fastest growing segment during the forecast period.These heat meters have witnessed a large scale adoption in the residential sector, which includes large multifamily buildings, luxury apartments, and single-family homes.
Increasing consumer awareness and growing installation of heat meter have empowered residents to have control over their energy consumption.
Europe: The fastest growing market for heat meter market
The European region is expected to be the second largest market for heat meters by 2023 and is projected to grow at the highest CAGR of 8.16% during the forecast period. The heat meters market in this region is mainly driven by the increasing focus on improving energy efficiency for ensuring secured energy supply, rise in demand for space cooling systems, and the mandates for the reduction of GHG emissions. Targets set by the EU to achieve EU's 20-20-20 goals (20% increase in energy efficiency, 20% reduction of CO2 emissions, and 20% renewables by 2020) are expected increase heat meter installation in respective user premises.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
• By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
• By Region: North America- 11%, Europe- 44%, Asia Pacific- 32%, Middle East- 8%, and South America- 5%
Note: Others includes sales managers, marketing managers, product managers, and product engineers.
The tier of the companies is defined on the basis of their total revenue as of 2017. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3:
The global heat meters market is dominated by a few major players that have a wide regional presence. The leading players in heat meters market are Siemens (Germany), Diehl (Germany), Danfoss (Denmark), Kamstrup (Denmark), and Wasion Group (China).
Research Coverage:
The report defines, describes, and forecasts the global heat meters, by type, connectivity, end-user and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the heat meters market.
Why Buy this Report?
1. The report identifies and addresses key markets for heat meters, which would help manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and will help in making better strategic decisions.
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