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Residential Cooling Meters Market Size

Report ID: GMI11654
Published Date: Oct 2024
Report Format: PDF

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Residential Cooling Meters Market Size

The global residential cooling meters market was valued at USD 299.65 million in 2023 and is anticipated to grow at a CAGR of 6.3% between 2024 to 2032. Cooling meters are devices used in residential houses to measure the amount of cooling energy consumed by air conditioning systems or district cooling networks. These meters are essential for accurately tracking and billing cooling usage, especially in multi-tenant buildings, individual homes, or residential units that are part of a larger cooling system.

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In smart homes, cooling meters are integrated with IoT platforms and smart devices to allow real-time monitoring and control of cooling systems. In regions like the Middle East and parts of Asia where district cooling systems are common, the demand for accurate cooling meters in residential buildings is growing. Growing requirement for fair and transparent billing in multi-tenant residential buildings has increased the adoption of individual cooling meters that accurately measure consumption for each unit. Residential buildings, particularly in regions with strong environmental policies are adopting cooling meters as part of broader sustainability initiatives, thereby driving the widespread adoption of cooling meters in residential spaces.

Residential Cooling Meters Market Report Attributes
Report Attribute	Details
Base Year:	2023
Residential Cooling Meters Market Size in 2023:	USD 299.65 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	6.3%
2032 Value Projection:	USD 515.1 Million
Historical Data for:	2021 - 2023
No. of Pages:	100
Tables, Charts & Figures:	20
Segments covered:	Product, Technology, and Country
Growth Drivers:	Favorable government efforts to develop zero emission buildings Surging requirement for cooling solutions across hot climate regions
Pitfalls & Challenges:	Technical limitations during extreme weather conditions

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Government subsidies and incentives for energy-efficient solutions, including cooling meters, are pushing residential property owners to upgrade their systems. These financial supports help cover the cost of replacing mechanical meters with smart or ultrasonic alternatives. Heat meters enable property managers and building operators to monitor energy use accurately and make data-driven decisions to enhance energy efficiency, strengthening the product landscape. Moreover, growing number of smart city projects, especially in regions like the Middle East, Europe, and parts of Asia, is a major driver for the adoption of residential cooling meters.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The global market for residential cooling meters was worth over USD 299.65 million in 2023 and is anticipated to grow at a CAGR of 6.3% between 2024 to 2032, due to the surging requirement for cooling solutions across hot climate regions.

The Ultrasonic cooling meters market is expected to surpass USD 346 million by 2032, attributed to their ability to deliver precise and accurate readings of cooling energy consumption.

The mechanical segment is projected to grow at a CAGR of over 6% through 2032, driven by regulatory requirements and the specific needs of residential consumers.

Middle East residential cooling meters industry is likely to exceed USD 324 million by 2032, on account of rising demand for energy efficiency, government regulations, and increased urbanization.

Some of the key players in the industry include Axioma Metering, BMETERS Srl, Diehl Stiftung & Co. KG, Danfoss, Honeywell International Inc., ista Energy Solutions Limited, Kamstrup, Landis+Gyr, Schneider Electric, Sontex SA, Secure Meters Ltd., Siemens.