Northrook, IL -- (SBWIRE) -- 01/27/2020 -- According to the new market research report "Heat Meter Market by Type (Mechanical (Multi-Jet, Turbine), Static (Electromagnetic, Ultrasonic)), Connectivity (Wired, Wireless), End-User (Residential, Commercial & Public, Industrial) Region - Global Forecast to 2023",The global heat meter market is projected to reach USD 1,218.9 million by 2023, from an estimated USD 849.1 million in 2018, at a CAGR of 7.50%. This growth can be attributed to factors such as requirement for accurate measurement of heat consumption, legislative mandate to install heat meters, and increased savings through heat conservation.

The European region is estimated to be the fastest growing market for heat meters during the forecast period. The region has been segmented, by country, into Germany, the UK, Denmark, Sweden, and the Rest of Europe. Increasing focus on improving energy efficiency for ensuring secured energy supply, rise in demand for space cooling systems, and the reduction of GHG emissions are likely to drive the European heat meter market. Continuous efforts to reduce GHG emissions is likely to support district heating infrastructure projects, which, in turn, is expected to increase the demand for heat meter.

Browse and in-depth TOC on "Heat Meter Market"

63 - Tables
40 - Figures
119 - Pages

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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 use a fluidic oscillator principle for providing reliable flow and energy readings. Static heat meters segment is broadly classified into two types, electromagnetic and ultrasonic. Static meters are available in a wide range of flow rates, which are used in building technology and automation and in district heating.

The report segments the heat meters market, by connectivity, into wired connection and wireless connection. Wireless heat meters segment is expected to grow at the highest CAGR during the forecast period because of the advancements in technology, lower cost of installation and maintenance, higher reliability, and ease of use. Asia Pacific region is expected to hold the largest market share for wired connection segment between 2018 and 2023 because of increased implementation of district heating infrastructure in countries such as China and Japan.

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The report segments the heat meters market, by end-user, into residential, commercial & public, and industrial. Residential heat meters segment is expected to grow at the highest CAGR during the forecast period. Heat meters have witnessed a large-scale adoption in the residential sector, which includes large multifamily buildings, luxury apartments, and single-family homes. Increasing district heating connectivity in Europe and district cooling connectivity in the Middle East are expected to drive the heat meter market.

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