The global heat meter market is expected to grow from an estimated USD 849.1 million in 2018 to USD 1,218.9 million by 2023, at a CAGR of 7.50%. In 2017, the market in Asia Pacific is estimated to be the largest, followed by Europe. Factors such as requirement for accurate measurement of heat consumption, legislative mandates to install heat meters, and increased savings through heat conservation are driving the market for heat meters.
The global heat meter market is dominated by a few major players that have a wide regional presence. The leading players in heat meters market are Siemens (Germany), Diehl (Germany), Danfoss (Denmark), Kamstrup (Denmark), and Wasion Group (China).
The major strategies adopted by the players include new product developments, investments & expansions, mergers & acquisitions, contracts & agreements, partnerships, and collaboration. New product development was the most commonly adopted strategy from January 2015 to August 2018. The industry players also adopted investments & expansions and contracts & agreements as major strategies during that period.
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Danfoss is one of the leading providers of engineering solutions to various markets such as automotive, residential and commercial buildings, district energy, food & beverage, marine and offshore, mobile hydraulics, refrigeration, and air conditioning. The heating business segment, which accounted for 16.8% of the total net sales in 2017, offers heat meters. The heating business segment provides heating/cooling systems, radiator valves and thermostats, floor heating and heat pumps, heat cost allocators, and heat exchangers. Danfoss has a strong regional presence, with 23 production facilities in Western Europe, 16 facilities in Eastern Europe, 14 facilities in North America, 15 facilities in Asia Pacific, 3 in Latin America, and 1 in Middle East & Africa. The heating business segment has 26 factories in 12 countries and more than 100 sales offices in 57 countries, employing 5,399 employees worldwide.
Kamstrup is one of the leading manufacturers of system solutions for smart energy and water metering. Its product portfolio includes smart grid solutions, water meters, heat meters & cooling meters, and meter reading systems. These products and solutions are used across various business areas such as electricity metering, water metering, heat metering, cooling metering, and individual metering. The company has its presence in more than 60 countries, with a strong network of distribution partners. In September 2015, Kamstrup collaborated with Itron (Austria). The aim of the collaboration was to increase flexibility and interoperability within smart metering companies operating in energy and water industries in Austria.
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
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