The growing need to maintain ambient temperatures across industrial, residential, and commercial spaces due to extreme climatic conditions in Europe has strongly influenced the application of heat meter in the region. For instance, in the Arctic region, which has severe climatic conditions such as snowstorms and extreme low temperatures, is driving the product demand. Besides, the favorable government initiatives in the region are further strengthening the business space for Europe heat meters market.
The government initiatives majorly include incentives and subsidy schemes that are impelling the installation of heat meters. These schemes are encouraging the integration of heating systems with renewable power generating units, stimulating the product adoption. For instance, financing schemes including Horizon 2020, ESIF, European Fund for Strategic Development & the Green Heat Network Fund Scheme (GHNF), etc. have led to the adoption of sustainable heating systems.
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According to the latest report by Global Market Insights, Inc., Europe heat meters market size is projected to surpass USD 848.4 million by 2027, in light of the following trends:
Strategic initiatives by leading market players
As several European countries are adopting heat meters, the prominent industry players in the region are eyeing lucrative opportunities to strengthen their business by forming strategic partnerships with utility companies. Such initiatives are strongly influencing the industry statistics. For instance, in 2021, the Dutch utility Ennatuurlijk collaborated with Kamstrup to provide around 70,000 smart heat meters. Reportedly, the installation of these meters will be completed between June 2021 and 2024.
Elevating demand for vortex heat meters
The mounting adoption of Vortex heat meters can be largely credited to the rising heating demand across residential spaces coupled with their ability to measure the heat rate flow effectively. These systems operate on dropping principle and identify vibrations caused by a barrier placed in the running stream. Their installation is being further accelerated by the capacity to endure extreme pressure & temperature, ease of installation, and wide flow turn-down range pressure.
Growing popularity of mechanical heat meters
Mechanical heat meters are gaining significant momentum with the increasing adoption of automation systems in residential facilities along with the effective management and planning of energy models. The flexible integration along with the continuous improvement in metering and management systems on account of the numerous readout interfaces is complementing the market growth.
Stringent environment regulations in Germany
The increasing need to attain the carbon reduction targets has led to a remarkable shift towards renewable heat generation solutions in Germany. The mandatory building codes and regulations are creating a strong demand for heat meters in the country. Besides, the increasing focus on energy efficiency coupled with stringent environmental regulations is creating a positive business scenario in Germany. Reportedly, Germany heat meters market is anticipated to observe a lucrative CAGR of over 5% through 2027.
Briefly, the growing proclivity towards renewable energy solutions and favorable government schemes coupled with the advent of new technological solutions in the region are largely driving the expansion of Europe heat meters market.
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