This growth can be attributed to factors such as the requirement for the accurate measurement of heat consumption, the legislative mandate to install heat meters, and increased savings through heat conservation.
The heat meters market, by type, is segmented into mechanical and static. The static heat meter segment held the largest market share in 2017 and is projected to grow at the highest CAGR during the forecast period. Static meters are available in a wide range of flow rates, which are used in building technology and automation and in district heating. Furthermore, static meters use a fluidic oscillator principle for providing reliable flow and energy readings.
The report segments the heat meters market, by connectivity, into wired connections and wireless connections. The wired heat meter segment is expected to hold the largest market share during the forecast period. The trend is expected to change soon with the growing awareness about wireless connection.
The report segments the heat meters market, by end-user, into residential, commercial & public, and industrial. Residential heat meters segment held the largest market share in 2017 and is projected to grow at the highest CAGR during the forecast period. Increasing consumer awareness and growing installation of heat meter have empowered residents to have control over their energy consumption. Residential heat meters have witnessed a large-scale adoption in the residential sector, which includes large multifamily buildings, luxury apartments, and single-family homes.
The Asia Pacific region is estimated to be the largest heat meter market from 2018 to 2023. The increase in construction activities and change in climatic conditions offer high growth opportunities for the heat meter market in this region. Furthermore, rapid urbanization in China has raised the demand for thermal comfort, which is likely to drive the heat meter market. These factors have made China one of the most lucrative markets for heat meter manufacturers.
The capital cost associated with heat meters and the increasing competition from alternative heat sources could act as restraints for the heat meter industry. Consumers with centralized heating systems are increasingly in favour of heat meters but often cannot afford them. It is also observed that in some cases, district heating service providers are reluctant to bear the cost of heat meters as it further adds to their operational expenses. The growth in other alternatives such as renewable heat technologies, which have several policy supports and legislative incentives, is expected to weaken the need for heat meter installation.
The global heat meter market is dominated by a few major players that have a wide regional presence. The leading players in the heat meters market are Siemens (Germany), Diehl (Germany), Danfoss (Denmark), Kamstrup (Denmark), and Wasion Group (China). New product development was the most commonly adopted strategy by the top players. This was followed by investments & expansions and contracts & agreements.