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Cooling Meters Market Size
Cooling Meters Market was valued at USD 1.25 billion in 2023 and is projected to expand at more than 6% CAGR from 2024 to 2032, owing to the increasing installation of clean energy systems to address global energy crises.
The substantial increase in energy utilization and the expansion of clean energy resources are contributing to smart meter development to strengthen energy security. Countries including the U.S. China, and India, which have implemented policies and reforms to combat the energy crisis, are driving the upward revision in renewable power growth. With rapid industrialization and urbanization, the installation of sustainable energy systems has also accelerated. The rising emphasis on automated and individualized billing adoption will therefore boost the use of smart cooling meters as an integral part of energy distribution networks.
The strong focus on minimizing energy production costs has encouraged consumers to opt for advanced energy metering solutions for accurate billing and consumption management. Moreover, the introduction of innovative meters that offer enhanced performance and high immunity against extreme weather conditions will create lucrative prospects for cooling energy meter developers. However, key challenges associated with long-term stability, accuracy, and device protection in hot and humid environments may hamper industry expansion to some extent.
| Report Attributes | Details |
|---|---|
| Base Year: | 2023 |
| Market Size in 2023: | USD 1.25 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 6% |
| 2032 Value Projection: | USD 2.09 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 400 |
| Tables, Charts & Figures: | 844 |
| Segments covered: | Product, Technology, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Real-time data monitoring & energy bill reduction benefits to spur vortex heat cooling meter usage
In terms of product, the cooling meters market from the vortex segment is slated to register over 6% growth rate between 2023 and 2032, owing to benefits such as eliminating the need for an electric power supply, among others. Particularly suited for explosive environments, vortex cooling meters are utilized for the convective cooling of high-speed tools, switch cabinet cooling, and the air conditioning of protective suits. The shift in preference for advanced cooling equipment offering data monitoring in real-time to reduce energy bills will also propel product sales over the forecast period.
Cooling Meters Market Analysis
Cooling meters market value from the mechanical technology segment is expected to cross USD 490 million by 2032, given the efficient design, accurate measurement, cost-effectiveness, and other advantages. Manufacturers have also been emphasizing the development of user-friendly and efficient mechanical cooling meter offerings. In contrast to mechanical meters, smart meters hold remote reading capabilities without the use of add-on devices. The rising acceptance of advanced metering solutions may thus limit mechanical meter usage to a certain extent.
Cooling meters market size from the commercial application segment is anticipated to reach nearly USD 1 billion by 2032, considering the strong focus on mitigating carbon footprint. For instance, in December 2022, the U.S. Administration announced the Federal Building Performance standard. This initiative was intended to attain a 30% reduction in energy use across building space owned by the government by 2030. Such initiatives, alongside the escalating demand for precise renewable energy monitoring solutions will drive cooling meter installation across commercial establishments.
North America cooling meter market surpassed USD 460 million in 2022, on account of the introduction of supportive norms to expand sustainable building infrastructure. To cite an instance, in June 2022, the U.S. Government announced an initiative to advance building codes as a strategy to address climate crises across the U.S. Furthermore, the growing awareness about energy bill reduction and energy consumption optimization will assert a positive influence on regional industry share.
Cooling Meters Market Share
The competitive landscape of the global cooling meters market comprises companies such as
- Smartdhome Srl
- Integra
- RB Flowmeter
- ZENNER International GmbH & Co. KG
- Xylem
- Siemens
- Secure Meters Ltd.
- Itron Inc.
- Danfoss
- Axioma Metering
- Sontex SA
- Honeywell International Inc.
- Schneider Electric
- ista Energy Solutions Limited
- Diehl Stiftung & Co. KG
- Landis+Gyr
- Kamstrup
Strategic collaborations and product reach expansions are some of the key initiatives being undertaken by these companies to strengthen their presence in the global market.
For instance, in January 2023, Itron Inc., partnered with Qatar Cool to deliver 25,000 units of its thermal energy meters and expand its operations across the country. Under the partnership, Qatar Cool also upgraded the data collection and Meter Data Management solutions from Itron. This initiative will enable the company to provide energy-efficient cooling systems and establish a strong position in the industry.
Impact of COVID-19 Pandemic
Global progress in energy efficiency slowed significantly as a result of economic impacts from the COVID-19 pandemic, limiting energy meter consumption. However, the demand for space cooling systems has witnessed an upsurge among all end-use buildings over recent years. According to statistics from the IEA, in 2021, space cooling accounted for close to 16% of final electricity consumption in the building sector. These factors will foster the use of energy meters to manage energy bills and in turn, add impetus to industry growth over the estimated timeline.
Cooling meters market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:
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Market Insights, By Product
- Ultrasonic
- Vortex
- Others
Market Insights, By Technology
- Mechanical
- Static
Market Insights, By Application
- Residential
- Commercial
- College/University
- Office Buildings
- Government Buildings
- Others
- Industrial
The above information has been provided for the following regions and countries:
- North America
- U.S.
- Canada
- Europe
- Germany
- Poland
- Sweden
- Italy
- France
- Finland
- Austria
- Norway
- Asia Pacific
- China
- Japan
- South Korea
- Singapore
- India
- Middle East
- Saudi Arabia
- UAE
- Qatar
- Oman
- Kuwait
- Rest of World
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