Heat Meters Market Trends, Statistics & Growth Forecast 2022- 2030
The global heat meters market is slated to grow at a notable rate through 2030 due to rising awareness of the beneficial attributes of smart energy meters. In addition, high government spending, along with growing consumer preference for smart home technologies, is likely to further propel market growth over the forecast period.
Government regulations and policies, along with increased investments in the development and use of smart heating systems, have proven favorable for the business environment. The progress of the sector has also been fueled by growing R&D efforts focused on broadening the use of heat meters for effective energy management. Notably, lower consumer costs, fewer fuel imports, and decreased emissions have been observed in several countries that have been working to increase energy efficiency during the past few decades, which has positively impacted the product landscape.
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For instance, the government of Spain aims to invest €3.4 billion (~$3.45 billion) in half a million energy refurbishment projects through tax incentives as well as the establishment of 'one-stop' renovation offices as part of its recovery and resilience strategy. Similar announcements have been made by numerous nations recently, which has been lucrative for the heat meters market.
To cite another instance, in May 2022, Siemens Smart Infrastructure, a Siemens business operating in the energy sector, unveiled an open and modular grid software suite to facilitate the energy transition that is becoming increasingly important. The solution allows stakeholders to respond to current and upcoming energy concerns quickly and flexibly.
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The novel grid software solutions were designed to help energy firms easily and swiftly deploy smart technologies for their grid planning and management. These solutions were also purposed to enable customers to synchronize their data across IT and OT systems, including meter data management systems, grid planning tools, advanced distribution management systems (ADMS), and geographic information systems (GIS), allowing them to then optimize workflows.
The heat meters market has been fragmented in terms of product, technology, application, and region.
Based on application, the industry has been divided into commercial, residential, and industrial. The industrial segment holds a sizable share in the market and is poised to register substantial gains over 2022-2030. Prominent R&D activities for the development of efficient heat management solutions are projected to drive segmental progress over the assessment timeframe.
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From the regional perspective, the heat meters market in Germany is projected to showcase sizable growth through the forecast timespan. The existing heat meters reform policies and increased adoption of cloud-based metering devices are likely to foster product outlook. Moreover, technological advancements prompted by prevalent snowstorms in the country are set to further support industry expansion in the forthcoming years.
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