Citing the dire need to construct sustainable buildings, the Industries, in collaboration with the Government, aim to achieve a minimal carbon footprint. Therefore, various types of research are ongoing to tackle the prevalent environmental crisis. Along similar lines, R&D activities are being encouraged to develop innovative technologies to monitor and control Energy consumption. One such way to reduce consumption to genuine levels is to monitor its usage to avoid further wastage of energy supply. As an example, Metro Prepaid has launched its electric sub-meters in Ireland, which would help landlords collect utility payments from their tenants. The launch of Metro Prepaid’s electric sub-meters in Ireland is a positive step towards more sustainable & efficient energy consumption.
Evidently, the market for Electric sub-meters has witnessed considerable growth in recent times. Indeed, a recent research study unveils that the Global Electric Sub-Meter Market was assessed at approximately USD 7.5 billion in the year 2022. Furthermore, it is anticipated to exhibit a steady CAGR of approximately 6% over the forecast period spanning from 2023 to 2028. To comprehend the underlying factors driving this robust expansion of the worldwide Electric Sub-Meter Market, it is imperative to first establish a fundamental understanding of Electric sub-meters
Electric sub-meters are electrical devices that come with associated data acquisition and communication equipment, often used to monitor and control electrical consumption in a single-phased environment both outdoors and indoors.
Why is Electric Sub-Meter Vital for Modern Infrastructure?
The meter offers immense possibility when tackling power disruption by minimizing electricity leakages and power cuts. Smart sub-meter adoption is outpacing the growth of Electronic and Electrochemical variants. Consequently, utility companies are making significant investments in Smart sub-meters due to their exceptional advantages. These advantages include rapid electrical system monitoring, reduced data inaccuracies, and improved transparency in billing and energy consumption. As a result, these factors are positively impacting the market. Additionally, the capability of Smart sub-meters to provide precise electrical consumption data to end-users without the need for manual system access gives them a distinct advantage over traditional tracking devices.
What stimulates the market even more is its wide applicability in Tenant Sub-Metering Peak demand handling and Energy cost allocation. With this, the tenants no longer need to pay based on the entire owned space. Rather, they are charged based on energy consumption, thereby making the consumers more aware and responsible for their consumption habits.
Next, Smart sub-meters facilitate the transition to off-peak rates by issuing timely alerts for peak charges, offering access to detailed consumption statements, and averting cost increases through time-of-usage billing. Additionally, the allocation of energy costs is a vital feature that significantly influences the market landscape.
Why Is the North American Region Adapting It at A Faster Pace?
The increasing uptake of energy management solutions worldwide has led to rising demand for electric meters, particularly in the North American region. As such, a plethora of opportunities are knocking on the door, and the investors are receiving it really well and are all set to make the most of this lucrative opportunity. Developed economies like the USA have already mandated the use of electric smart meters for industrial as well as residential settings, leading to many more possibilities than earlier. As far as shareholding is concerned, The North American region accounts for the largest shareholding among other regions.
Moving next, Asia-Pacific, owing to its large influx of funds, upcoming smart energy projects, and increasing awareness, is set to demonstrate the largest growth rate. Such speedy market growth is backed by the increasing electrification projects and improved portfolio of prospects. Also, the Government is taking every single step to enhance the adoption rate of electric sub-meters across the commercial and residential setups. In fact, Vietnam and Indonesia are projecting maximum such developments, along with other East and South Asian countries, thereby accounting for almost half the share of the Electric Sub-Meter market.
There is no denying that the usage of an Electric Sub-meter has brought down energy emissions to a bare minimum by bringing a few behavioral changes among end users. However, a few factors impose challenges in front of the stakeholders when considering electric sub-meter installations. Firstly, electric sub-meter installation costs are pretty high, especially when deploying in existing infrastructure. Therefore, corporate management often avoids such renovation in the current market scenario due to associated extra expenses.
Moreover, the installations require extensive training as trained workers are needed to properly deploy the device, which sometimes hinders market growth. Also, with such advanced and smart technology, the importance of cybersecurity can never be neglected.
Despite the various challenges, The Electric Sub-Meter market is gaining traction worldwide, owing to its immense benefits and applicability in existing as well as upcoming projects. Again, after the pandemic, there has been a huge shift to remote metering solutions. Such a shift is providing every necessary impetus required to fuel the market further in the coming years.