Electric Sub-Meter Market Enhancement, Rising Growth, Demand and Developments by 2030

Wilmington, United States, 2024-Mar-011 — /EPR Network/ — The Global Electric Sub-Meter Market is poised to surpass a valuation of US$ 7.7 Bn by 2030, exhibiting a steady Compound Annual Growth Rate (CAGR) of approximately 4% during the forecast period. The market has experienced a temporary setback due to disruptions caused by the COVID-19 pandemic, with manufacturing and supply channels facing challenges. However, as the world recovers, the reopening of manufacturing facilities is expected to stimulate rapid market recovery in 2021.

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Market Segmentation

The market is witnessing increased adoption of electric sub-meters in various sectors, with a particular focus on commercial and industrial applications. The industrial segment, including process industries and manufacturing, is anticipated to be the most attractive, accounting for nearly half of the global electric sub-meter market during the forecast period. Smart sub-meters, especially three-phase ones, are gaining traction in the industrial sector for optimizing equipment performance, project visualization, and monitoring sustainable energy sources.

Market Drivers

Awareness about cost savings and energy efficiency has surged, with businesses in rental services, industrial, and commercial sectors seeking solutions to monitor and manage energy consumption. The ongoing COVID-19 pandemic has emphasized the importance of accurate and real-time energy usage data, fueling the demand for smart sub-meters. Additionally, the adoption of electric sub-meters is driven by the need for precise allocation of energy costs, especially in common areas of buildings.

Market Development Challenges

While the market presents significant growth opportunities, challenges persist. The high cost of electric sub-meters, especially the smart variants, is a major factor affecting market growth. Moreover, the integration of smart sub-metering adds to the cost of data collection, analysis, and maintenance. However, growing awareness about efficient energy management, accurate billing, and greater transparency is expected to mitigate these challenges over the forecast period.

Market Overview and Latest Trends

Digital metering solutions with advanced communication capabilities, data logging, and options such as Wi-Fi and USB are gaining attention. These solutions offer comprehensive monitoring and management of energy usage in factories, businesses, and campuses. Collaborations with energy experts are driving the provision of customized sub-metering solutions, leveraging forward-thinking analytical tools and real-world data

Future Outlook and Recent Developments

Government initiatives, especially those focused on rural electrification and digital sub-meter installation, are creating revenue opportunities post-COVID-19. The electric sub-meter market is expected to maintain a modest growth trajectory, with a clear trend of combining Building Management Systems (BMS) and Automatic Monitoring and Targeting (aM&T) systems with electric sub-meters for comprehensive energy consumption visualization.

Regional Outlook

Stakeholders in Europe are adhering to regulations such as the Metering Instruments Directive (MID) to install new meters. The market is witnessing strong demand in various sectors, including retail chains, airports, hospitals, and local authority councils. Companies are actively working to provide technology-driven solutions and customized sub-metering solutions to meet the unique requirements of different end-users.

Key Market Study Points

Industrial sector dominance: The industrial segment, driven by stringent government regulations and dynamic control strategies, is expected to be a key driver, with three-phase electric sub-meters gaining preference.

Market competition: Key players in the electric sub-meter market include Siemens AG, Elster Group, GE Digital Energy, Honeywell International Inc., Kamstrup AS, Leviton Manufacturing Co. Inc., Nuri Telecom Co. Ltd., Schneider Electric SE, and Submeter Solutions.

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