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Here's How Perks like Energy & Cost Effectiveness Driving the Popularity of Electric Sub-Meters
Published Date: 05 Sep 2022

Today we live in a world where power consumption is magnifying rapidly across different sectors, including the residential, commercial, and industrial areas. As advancements in electronics, devices, and technologies are widening, more & more people are adopting appliances & devices and, in turn, exemplifying greater electricity consumption.

Since the utilization of electrical devices is making lives much more convenient, the skyrocketing bills and massive pressure on the consumer pockets are growing consciousness among people. It is where the need for Electric Sub-Meters is elevating rapidly and swiftly gaining momentum. 

While Electric Sub-Meters are known principally to monitor & manage energy consumption and bring greater cost-effectiveness, the demand for these meters is widening rapidly throughout the world. In fact, a recent research report reveals that the Global Electric Sub-Meter Market is set to register a CAGR of around 4.1% during 2022-27.  

Citing the dire need to construct sustainable buildings, the governments of different countries are encouraging industries to achieve a minimal carbon footprint and adopt efficient devices equipped with advanced technologies that bring greater energy & cost efficiency. Hence, the demand for electric sub-meters to reduce consumption to genuine levels & monitor power usage and bring conservation is escalating swiftly and positively influencing the market growth. 

Let us continue reading the blog to understand the possible reasons backing such bolstering growth of the Electric Sub-Meter Market worldwide. Beginning with understanding the concept of Electric sub-meters. 

Electric Sub-Meters & their Potential in the Future

Electric sub-meters are electrical devices with associated data acquisition & communication equipment, often used to monitor & control electrical consumption in a single-phased environment, both outdoors & indoors. These meters offer immense possibility when tackling power disruption by minimizing electricity leakages & power cuts.

With the growing awareness among people about the availability & perks of electric sub-meters, Smart sub-meter adoption is growing at a much faster pace than Electronic and Electrochemical variants, among the different types of sub-meters. In fact, several utility companies are making substantial investments in these sub-meters owing to their unparalleled benefits, including quick monitoring of the electrical system, minimal data errors, & increased transparency in terms of billing and energy consumption. 

Such are the factors positively influencing the demand & deployment of Electric Sub-Meters and driving the market. In addition, the capability of these meters to offer precise electrical consumption data to end users without having to access the system manually is also giving an edge over other conventional tracking devices.

What further stimulates the industry is its expansive applicability in Tenant Sub-Metering Peak demand handling and Energy cost allocation. Here, the tenants no more need to pay energy consumption bills for the entire owned space but are charged based on the energy consumption. Such aspects are attracting a substantial consumer base for electric sub-meters. Moreover, these meters also help switch to off-peak rates by providing a timely alert for peak charges & access to comprehensive consumption statements, alongside preventing any cost hike with time-of-usage billing. 

Key Opportunity Areas for Electric Sub-Meter Industry 

With the growing adoption of energy management solutions across different corners of the world, the demand for electric meters is escalating rapidly in North America. We know that countries like the US & Canada in North America are among the early consumers of technology, and with a greater focus on bringing energy efficiency, the demand & sales for electric sub-meters are widening swiftly. Moreover, with the presence & active participation of several prominent players and their expanding product portfolio, the industry shall witness expansion in the future. 

On the other hand, different countries in Asia-Pacific are nowhere behind in this industry and hinting toward an opportunistic future of electric sub-meters. Backed by the growing focus of the governments on electrification of countries, the deployment of electric sub-meters is anticipated to an upswing in the coming years. 

Scope of Electric Sub-Meters in the Future

Considering the aspects cited above in the blog, we can conclude that the Electric Sub-Meter market is undergoing swift momentum and gaining rapid traction worldwide. In fact, the growing awareness among people about the availability & benefits of these meters to bring energy & cost efficiency is playing a prominent role in catering to the industry expansion. 

Due to the high demand for these meters, the prominent manufacturers are witnessing a presence of opportunity to increase their production & distribution capacities to meet the burgeoning needs. Such aspects are likely to contribute substantially to the expansion of the Electric Sub-Meter Market & hint toward the presence of remunerative opportunities for the players in the future. 

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