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Cooling Meters Market Analysis
- Report ID: GMI5444
- Published Date: Mar 2023
- Report Format: PDF
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.
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Cooling Meters Market Scope
