Heat meters market to amass considerable returns from residential applications by 2024, escalating number of initiatives by regional governments to propel the global product demand
The increasing deployment of heating and cooling systems across various commercial, industrial, and household buildings have been fueling heat meters market. The surging concerns among the policymakers and regional governments about energy efficiency has also been having a positive influence on the product demand pertaining to its capability to measure energy consumption within cooling and heating systems. In the cold climatic regions, governments are encouraging people to deploy district heating systems to maintain warmth in the winters. The growing importance of sustainability and energy efficiency across the globe will thus propel heat meters industry share.
Sweden Heat Meters Market Size, By Application, 2017 & 2024 (USD Million)
On the grounds of garnering heat and electricity savings, most of the countries have been installing heat meters in industrial, commercial, and residential buildings. The large-scale deployment of energy consumption measuring equipment has generated lucrative opportunities for the giants in heat meters market. In addition, many financial organizations also have been supporting regulators to install heat meters by providing favorable funding. For instance, in 2017, the Europe Bank for Reconstruction and Development (EBRD) has sanctioned USD 27 million loan to deploy heat meters across the residential sector. Over the last few years, EBRD has been supporting many nations which are looking forward to harnessing sustainability and energy efficiency.
Another region where heat meters market has been gaining traction is Kazakhstan, wherein the fluctuating climatic condition has been impelling the product requirement. Apparently, in the summer season, the heat in Kazakhstan can increase beyond 30 degree Celsius and in the freezing winter, the temperature reaches to -40 degree Celsius. Amidst these extreme climatic conditions, energy efficiency is playing a vital role in the region, leading to the deployment of heating and cooling systems. The deployment of heat meters to save electricity and heat will also help district cooling/heating system firms to control the system losses, optimize the energy supply, and reduce the energy wastage. In 2017, the Kazakhstan government fit heat meters in about 45% of households and was planning to cover more than 80% volume of household buildings within three years.
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In another instance, the Swiss government and the International Finance Corporation (IFC) have also lent support to Ukraine to create more energy efficient homes. In this regard, Ukraine’s State Agency for Energy Efficiency has designed a program dubbed as Warm Loans to improve the heating system of homes. In most of the apartments across Ukraine, district heating systems have already been deployed, but due to more heat loss, energy bills were perpetually high. Reportedly, households in Ukraine account for more than 50% of its overall natural gas production. The remarkably growing awareness among the Ukrainian people about the rising domestic heating bills is thus estimated to fuel heat meters market size.
The transforming technology trends across the globe have also had a significant influence on heat meters market share over the last few years. The development of smart meters is one of the next-generation product inventions that helps customers track daily energy use very easily. Considering the benefits of modern technologies to improve the energy efficiency, leading giants in the heat meters market have been adopting various new technology advancements such as IoT (Internet of Things) and AI (artificial intelligence). For instance, a team from the Danish smart metering company, Kamstrup, and Finnish electricity firm, Herrfors Nät-Verkko have recently planned to use NB-IoT technology in smart metering. With the help of this technology, the Finnish company can monitor more than 6,000 heat and electricity meters that will result in 10% cost savings.
The development of innovative and cost-effective solutions will favorably promote the heat meters industry trends over the years ahead. The supportive stand taken by the regional governments and energy-related organizations to encourage the installation of heat meters will further enhance the industry growth. In line with the increasing deployment of heating and cooling systems mainly across cold climatic regions, heat meters market will generate a revenue of more than USD 1 billion by the end of 2024.
Author Name :Sunil Hebbalkar