New York, July 06, 2023 (GLOBE NEWSWIRE) -- As per the research report “Global Heat Cost Allocator Market” published by Consegic Business Intelligence, the market was worth USD 751.42 Million in 2022 and is anticipated to reach over USD 1,398.05 Million by the year 2030, growing at a CAGR of 8.3%.
A heat cost allocator is a device that is used for measuring the total heat output of individual radiator installed in a building. Heat cost allocators are optimized to provide a ratio-based allocation of heat cost in buildings integrated with a central heating system.
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The increasing utilization of heat cost allocators in residential sector is one of the key factors driving the market growth. Moreover, the increasing investments in residential construction and rising government initiatives for the integration of advanced heat metering systems in residential buildings are key factors fostering the market demand for heat cost allocators. For instance, according to the Home Builders Federation of the UK, the total number of new residential units approved across Southern England reached 182,501 units in 2021. Hence, the rising residential construction is increasing the adoption of heat cost allocators for measuring heat consumption in residential buildings, in turn driving the growth of the market.
Additionally, the rising application of heat cost allocators in the industrial sector is expected to promote potential growth opportunities for heat cost allocator market. Heat cost allocators are deployed in the industrial sector for application in industrial facilities and plants to measure the total heat output of radiators installed in industrial buildings. Moreover, the ability of heat cost allocators to offer improved operational efficiency, flexibility in parameter setting, and versatility in the display of heat consumption data are key determinants for increasing its utilization in the industrial sector. However, limitations associated with the deployment of heat cost allocators are hindering the growth of the market.
| Report Attributes | Report Details |
| Market Size By 2030 | USD 1,398.05 Million |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 8.3% |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Techem GmbH, Itron Inc., Brunata Ltd., ZENNER International GmbH & Co. KG, Sontex SA, Siemens Switzerland Ltd., Engelmann Sensor GmbH, Te-sa s.r.l., Caleffi S.p.a., and Ista Energy Solutions Limited. |
| By Type | Electronic Heat Cost Allocator and Evaporation-based Heat Cost Allocator |
| By End User | Residential, Commercial, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more |
| By Region | North America, Europe, Asia-Pacific, Latin America, Middle East & Africa |
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Heat Cost Allocator Market Growth Drivers:
- Rising utilization of heat cost allocator in residential sector is driving the market growth.
- Increasing adoption of heat cost allocator in commercial sector is spurring the market growth.
Restraints
- Limitations and operational challenges associated with heat cost allocator are restraining the market growth.
Opportunities
- Rising application of heat cost allocator in industrial sector is expected to promote potential opportunities for market growth.
Global Heat Cost Allocator Market Segmentation Details:
Based on type, the electronic heat cost allocator segment contributed the largest shares to the market growth in 2022. The benefits of electronic heat cost allocators including ease of installation, high reliability, improved follow-up of consumption rates, and fair invoicing for the consumer are prime aspects driving the growth of the segment. Moreover, the increasing utilization of electronic heat cost allocators in residential buildings is driving the growth of the electronic heat cost allocator segment.
Based on end user, the residential segment accounted for the maximum revenue share in the year 2022. Heat cost allocators are primarily integrated in radiators and convectors installed in residential buildings to measure user heat consumption in buildings with centralized systems. Moreover, the installation of heat cost allocators in residential buildings also provide optimum allocation of heat cost based on consumption value. Factors including rising disposable income, rising development of residential buildings, and increasing need for cost-effective heat consumption measuring solutions are among the key prospects boosting the growth of the residential segment.
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Based on region, North American region accounted for the largest revenue share in the year 2022. Factors including the increasing investments in building & construction projects and rising integration of advanced heat metering systems in residential and commercial buildings are driving the growth of the heat cost allocator market in North America.
Key Market Highlights
- The global heat cost allocator market size is estimated to reach USD 1,398.05 Million by 2030 and grow at a CAGR of 8.3% during the forecast period (2023-2030).
- Globally, heat cost allocator market is divided based on the type into electronic heat cost allocator and evaporation-based heat cost allocator.
- In the context of end user, the market is separated into residential, commercial, and others.
- The market is geographically divided into five regions: North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
- North America and Asia-Pacific are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in heat cost allocator market.
List of Major Global Heat Cost Allocator Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
• Techem GmbH
• Itron Inc.
• Brunata Ltd.
• ZENNER International GmbH & Co. KG
• Sontex SA
• Siemens Switzerland Ltd.
• Engelmann Sensor GmbH
• Te-sa s.r.l.
• Caleffi S.p.a.
• Ista Energy Solutions Limited
Global Heat Cost Allocator Market Segmentation:
- By Type
- Electronic Heat Cost Allocator
- Evaporation-based Heat Cost Allocator
- By End User
- Residential
- Commercial
- Others
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Key Questions Covered in the Heat Cost Allocator Market Report
- What is heat cost allocator?
- Heat cost allocators refer to devices that are attached to individual radiators in buildings and utilized for measuring the total heat output of individual radiators.
- What is the dominating segment in the heat cost allocator market by type?
- In 2022, the electronic heat cost allocator segment accounted for the highest market share in the overall heat cost allocator market.
- Based on current market trends and future predictions, which geographical region will have the largest impact on the heat cost allocator growth in the coming years?
- North America accounted for the largest revenue share in the year 2022. The increasing investments in building and construction projects and rising installation of heat metering systems in residential and commercial buildings are driving the growth of the regional market.
- Which region/country is anticipated to witness the highest CAGR during the forecast period, 2023-2030?
- Asia-Pacific is anticipated to register fastest CAGR growth during the forecast period due to rapid pace of industrialization and rising building & construction activities in the region.
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