Heat Meter Market Trends

Growth Drivers

• Increasing Number of Product Launches - To increase the market or develop new products, a growing number of companies are taking on product launches and acquisitions with others. In this regard, Sensus launched the next-generation PolluStat meter to improve thermal energy management in Europe in November 2020. To help with conservation measures, this upgraded meter has been designed for energy efficiency.
• Rising Trend for Smart Cities - As part of the adoption of advanced metering systems such as Smart Heat Meters to allow close monitoring, data analysis, and effective energy management, a trend towards smarter buildings and urban initiatives is encouraged in the United States. In addition, the adoption of heat meters is supported by incentive schemes or subsidies provided by federal and state governments to promote energy conservation and use of clean energy technologies. The demand for heat meters is influenced by the fact that companies are aware of the advantages to be gained in monitoring and managing their heating consumption on business or industrial premises.

Challenges

• Data Security Concerns – There are growing concerns about the security of data collected by heat meters, which could deter some customers from using them. This is predicted to hamper the market growth in the upcoming future.
• Lack of standardization is expected to hinder the market expansion of the forecast period.
• Competition from alternative technologies is expected to pose a limitation in the market growth during the studied period.