PUBLISHER: Grand View Research | PRODUCT CODE: 1376194
PUBLISHER: Grand View Research | PRODUCT CODE: 1376194
The global heat meter market size is anticipated to reach USD 2,320.3 million by 2030, registering a CAGR of 6.8% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The global market is experiencing growth driven by various factors, such as rapid urbanization & infrastructure development, integration of renewable energy sources, rising awareness, and environmental concerns. Furthermore, rising government incentives & subsidies and growing smart building technologies are anticipated to further propel the market growth during the projected period. The rapid growth of urban centers and increased infrastructure development globally contribute to the product demand.
As cities expand, there is a need for efficient heating solutions in residential and commercial buildings, driving the market for precise energy measurement. For instance, infrastructure development has been a key driver of China's robust economic growth over the last four decades. In 2022, the construction sector contributed to 7% of the country's GDP, and there are plans for further acceleration of investments in this sector. In addition, in February 2023, China made significant investments totaling USD 410.00 billion in several major projects, according to Seetao. Thus, increasing infrastructural development in China has led to the growing product demand. Increasing global emphasis on energy efficiency and sustainable practices has led to the implementation of stringent regulations.
Heat meters play a vital role in ensuring precise measurement and control of energy consumption in heating systems. For instance, in the European Union, directives, such as the Energy Efficiency Directive, promote the use of heat meters to improve energy performance in buildings. Moreover, the adoption of district heating systems, especially in urban areas, is a significant driver. These systems centralize the production and distribution of heat, requiring accurate measurement for billing and optimization. Scandinavian countries like Denmark have been pioneers in the widespread use of district heating, boosting the product demand. These factors are expected to augment market growth in the coming years. The global shift toward renewable energy sources has increased the complexity of energy systems.
Heat meters have become essential in systems that integrate renewable sources like solar and geothermal energy. Countries like Germany, known for their strong focus on renewable energy, witness a growing demand for heat meters in such integrated systems. In addition, rising awareness among consumers, businesses, and governments about environmental sustainability and the impact of energy consumption fuels the demand for technologies that enable efficient resource use. Heat meters help in optimizing heating systems, reducing waste, and aligning with sustainability goals. The rise of smart buildings and IoT (Internet of Things) technologies has created a demand for intelligent heating systems.
Heat meters, integrated with smart technologies, enable remote monitoring, data analytics, and automated control, enhancing overall energy efficiency. Examples include the incorporation of smart heat metering solutions in advanced building management systems. Thus, these factors collectively shape the global market, fostering innovation and technological advancements in the field of energy measurement and management. To create new products, manufacturers undertake strategies, such as mergers, acquisitions, and expansions. For instance, Itron, Inc. worked with Jordan Electric Power Company in September 2023 to enhance the business' digital transformation. To improve business processes and centralize data management, JEPCO is deploying Itron Enterprise Edition Meter Data Management as its data gathering system.