Global electric sub-meter sales were estimated to be worth US$ 9.74 billion by the end of 2021. By 2030, the market is expected to grow at a 3% CAGR and be worth US$ 12.8 billion.
The electric sub-meter market is expanding as a result of rising demand for energy-efficient solutions and the desire to reduce electricity consumption costs. This market, which includes a variety of sub-meters such as residential, commercial, and industrial, is expected to grow significantly in the coming years as people become more aware of the importance of energy conservation and management.
Furthermore, the increased use of renewable energy sources such as solar panels and wind turbines is fueling the growth of the electric sub-meter market. Sub-metering provides real-time data on energy usage, allowing consumers and businesses to make informed decisions about energy consumption and efficiency. Furthermore, governments around the world are enacting regulations and initiatives to reduce carbon emissions, which will drive demand for electric sub-meters in the near future.
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Key Takeaways for Electric Sub-meter Market Study
- Increasing consumer inclination towards smart sub-meters, owing to surging use of Internet of Technology (IoT), is anticipated to bolster market growth.
- Conventional sub-meter manufacturers are merging with global technology providers and key market players, considering increasing traction towards smart sub-meters.
- Governments in several countries are launching initiatives for rural electrification and installation of digital sub-meters.
- Given noteworthy growth of the market in China, the East Asia region is projected to have a significant share in the global electric sub-meter market from 2022 to 2030.
- The COVID-19 pandemic has put a majority of manufacturing and the supply chain of electric sub-meters on hold. As the number of infected individuals is increasing, industrial trade activities are expected to plunge significantly on a global scale, affecting the production and demand for electric sub-meters. Post containment of COVID-19 and lifting of lockdowns in developed regions, the global population would continue to follow social distancing protocols. Sales of electric sub-meters and new projects related to deployment of smart sub-meters in South East Asian countries will then pick pace.
“Manufacturers in emerging markets such as India and ASEAN countries are entering into supply agreements through tenders and new orders. Replacement of conventional electric sub-meters with novel smart sub-meters is expected to remain the key growth driver of the electric sub-meter market. In addition, manufactures are investing heavily in R&D activities in order to provide tech-driven smart electric sub-meters at comparatively lower prices, without compromising on quality.”
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Electric Sub-meter Market: Competitive Landscape
Players active in the electrical sub-meter market covered in this research study are ABB, OSAKI ELECTRIC CO., LTD., Schneider Electric, Honeywell International, Landis+Gyr, General Electric, Itron Inc., Siemens AG, Xylem Inc., and Mitsubishi Electric Corporation. These key participants are looking to expand their footprints by acquiring regional manufacturers in the electrical sub-meter market.
Moreover, the global electric sub-meter market is fairly fragmented, with the presence of global as well as regional manufacturers. Market competition is anticipated to intensify due to strategic mergers & acquisitions by global market players to reinforce their business presence across continents.
Governments in countries such as Indonesia and Vietnam are walking the extra mile to enable proper electrification across their nations, and, as such, intensifying the competitive ratio in the market. Regional players in the electric sub-meter market are working towards innovating their product portfolios and reducing operational costs to provide products at lower prices.
Key Segments of Electric Sub-meter Industry Research
By Product:
- Socket Type/Electromechanical Sub-meters
- Feed-through Sub-meters
- Current Transformers
- Non-socket /Electronic Sub-meters
- Smart Sub-meters
By Phase:
- Single Phase Electric Sub-meters
- Three Phase Electric Sub-meters
By Application:
- Commercial Establishments
- Large Retail Stores
- Data Centers
- Others
- Residential Sector
- Industrial Sector
By Region:
- North America Electric Sub-meter Market
- Latin America Electric Sub-meter Market
- Europe Electric Sub-meter Market
- East Asia Electric Sub-meter Market
- South Asia & Pacific Electric Sub-meter Market
- Middle East & Africa (MEA) Electric Sub-meter Market
