Heat meters are installed in industrial pipes to provide warning and alerts if the temperature of the water exceeds the certain limit, apart from metering purposes. The growing demand for district heating systems in countries with extremely cold climatic conditions is expected to promote the growth of the heat meters market. The increasing demand for energy savings in domestic and commercial buildings and mandatory installation of heat metering devices in newly constructed building are some of the major factors expected to drive the global heat meters market in the years to come. Moreover, the rapid growth of the industrial sector coupled with the growing concerns regarding the need for continuous monitoring of heat generated within the process pipes in any manufacturing facility is likely to encourage the growth of the heat meters market in progressive economies across the world.
However, the high cost of heat meters is likely to hamper the growth of the market to some extent in developing countries.
The global heat meters market has been segmented majorly on the basis of types, pipe size, functionality, technology and application.
Based on types, market is segmented into wired, and wireless. These two types of heat meters differ from each other in the modes of reading the results displayed by the meter. Wireless heat meters have been gaining traction from the past few years owing to the added advantages such as lower cost of installation and maintenance, higher reliability, and ease of use.
Based on pipe size, market is segmented into 15 mm – 40 mm, 40 mm – 80 mm, 80 mm – 125 mm, and more than 125 mm. The increased adoption of domestic and district heating, particularly in the low-temperature regions of the world is expected to drive the growth of the heat meters market. With the increasing district and communal heating systems (40 mm – 80 mm) in different regions across the world, the demand for these pipes is also increasing.
Based on functionality, market is segmented into Insertion and In-line. The rising demand for continuously monitoring temperature of a hot fluid, particularly in case of industrial heating applications, where a sudden increase in the fluid temperature can pose a serious threat to workers in the form of pipe bursts and explosions is projected to promote the growth of the market.
Depending on the technology, market is bifurcated into mechanical, and ultrasonic and others. The growing consumer preference for ultrasonic heat meters from the past few years is primarily attributed to the high level of precision and the remote reading capabilities displayed by ultrasonic heat meters.
On the basis of application, market is segmented into, household, commercial and industrial. The growing trend of incorporating smart metering systems for heat metering and increasing industrialization in developing nations of the world are projected to boost the growth of the heat meters market.
Geographically, global heat meters market is divided as North America, Europe, Asia-Pacific, and Latin America, the Middle East and Africa (LAMEA).
North America is expected to witness dynamic growth in heat meter market due to large number of heat meter manufacturers having well-established manufacturing bases in the U.S. The high rate of technological advancements is being carried out in the field of sensors used in heat meters in the U.S. This is projected to encourage the use of heat meters in the U.S. Canada and Mexico have cold weather conditions, which demands an increased use of heat meters from residential and commercial sectors.
In Europe, The European Union is trying to boost its investments in sustainable energy projects by means of allocation of EUR 2.5 billion for energy efficiency and EUR 1.85 billion for renewable energy as a part of the Horizon 2020 research and innovation programme. Such government initiatives for improving energy efficiency are expected to significantly raise the demand for heat meters in the near future.
The extreme weather conditions such as hot summers and extremely cold winters in some parts of Asia Pacific such as China, Afghanistan etc. are likely to raise the demand for space heating and cooling requirements. Furthermore, the presence of key market players in different countries of Asia Pacific is projected to contribute to the growth of the market in the region further.
The growth of the construction sector in the Middle East is likely to raise the demand for heating solutions from the residential sector. However, the lack of technological advances and absence of major heat meter manufacturers in the African region is projected to hamper the growth of the heat meter market to some extent.
Some of the prominent players in heat meter market are Danfoss (Denmark), Diehl Stiftung & Co. KG (Germany), Engelmann (Germany), Huizhong Instrumentation Co., Ltd. (China) and others.