WASHINGTON, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Heat Meter Market finds that the new product launches and Research and Development (R&D) among principal vital players, the mandatory legislation required in warmth meters, and the increasing call for blended heating & cooling structures in step with the adoption of superior heating infrastructure are anticipated to augment the growth of the Global Heat Meter Market during the forecast period.
The Global Heat Meter Market revenue is expected to reach a value USD 2.7 Million in 2028.
The Global Market revenue was valued at USD 2.3 Million in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 2.9% during the forecast period; states Vantage Market Research, in a report, titled “Heat Meter Market Size, Share & Trends Analysis Report by Type (Mechanical, Static), by Connectivity (Wired Connection, Wireless Connection), by End-User (Residential, Commercial & Public, Industrial), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Industry Findings & Insights from the report:
- The global Heat Meter Market was valued USD 2.3 Million in 2021 and is all set to surpass USD 2.7 Million by 2028, exhibiting a CAGR of 2.9% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Heat Meter industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
Market Dynamics:
Drivers:
Increase in Concerns about Global Warming to Drive the Market Growth
Today, various governments have put forth extraordinary efforts to regulate the temperature of the air. These laws and regulations play a vital role in driving the market globally. In addition, governments worldwide are developing policies that will improve the use of heat energy as a result of the influx of energy that is taking place in several developing countries. For example, according to the International Energy Efficiency (IEE) regulatory guidelines, the installation of Heat Meter Market plays a vital role in carbonization. In addition, low carbon temperatures that provide better flexibility can remove structural heat by installing Heat Meter Market, another factor contributing to global market growth.
Furthermore, rising concerns about global warming have prompted governments to incentivize citizens and industries to reduce and monitor their use of thermal energy to reduce the effects of climate change caused by human activities. This has increased the need for Heat Meter Market in various fields. In addition, the increase in energy-related concerns and relevant government laws and regulations related to energy efficiency are expected to further the growth of the market.
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Rise in Digitalization
In the last few years, heaters have undergone remarkable technological advances. These technological innovations were revealed primarily in increasing consumer demand for durable products that provide better performance at lower costs. Additionally, the sensor used in the temperature meter has significantly improved. For example, efforts are being made to develop image-sensing sensors to monitor areas and sensors which can accurately measure the composition of fuel and oxidants in industrial systems. This is due to the increased digital production of electricity resources and the increasing adoption of regional heating systems. In addition, increasing demand for accurate and reliable thermal measurement systems and rapid development of the commercial and residential sectors contributes to market growth.
COVID-19 Impact Analysis:
The outbreak of COVID-19 has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced many challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Heat Meter Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
Regional Analysis:
North America is Dominating the Global Heat Meter Market
North America is expected to dominate the growth of Heat Meter Market in 2021 due to increased awareness among individual governments and various national and international organizations of the need to achieve energy efficiency and reduce fuel consumption of fossil fuels. The increase in the adoption of regional energy services in the region in the last few years is expected to impact the growth of the regional heat exchange market. This is evidenced by the fact that members of the International District Energy Association (IDEA) reported a commitment to 350 North American buildings on regional energy services in 2016 compared to 158 buildings in 2015.
List of Prominent Players in Heat Meter Market:
- Danfoss (Denmark)
- Siemens (Germany)
- Diehl (Germany)
- Wasion Group (Hong Kong)
- Landis+Gyr (Switzerland)
- Itron (US)
- Zenner (Germany)
- Ista (Germany)
- Elster (Germany)
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Heat Meter Market Size, Share & Trends Analysis Report by Type (Mechanical, Static), by Connectivity (Wired Connection, Wireless Connection), by End-User (Residential, Commercial & Public, Industrial), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
In 2020 - Siemens India agreed to acquire Delhi-based electrical & electronic equipment maker C&S Electric for a cash consideration of Rs 2,100 crore in its largest acquisition in the country to date outside the group. This will help Siemens to strengthen their position as the provider of low-voltage power distribution &electrical installation technology in the country.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Heat Meter Market for the base year and forecast period?
This market titled “Heat Meter Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
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