The Global Electric Sub-Meter Market is projected to grow at a CAGR of 4.1% in the forecast period of 2022-27, cites MarkNtel Advisors in their recent research report. The market is driven by the growing focus of the governments of different countries on energy efficiency & conservation, imposing strict regulations in support of the installation of Electric Sub-Meters across the commercial, industrial, & residential sectors.
It, in turn, is augmenting the demand for these meters and generating growth opportunities for the leading players to increase their production & distribution capacities and cater to the burgeoning demands for electric sub-meters globally.
Besides, increasing awareness among people about the benefits of these meters like gathering real-time energy usage, proper monitoring, timely servicing to avoid critical failure, and actual energy usage records, among others, are also demonstrating an upswing in the deployment of these meters. Hence, such aspects are anticipated to stimulate the Global Electric Sub-Meter Market growth during the forecast period, further states the research report, “Global Electric Sub-Meter Market Analysis, 2022.”
Residential Application of Sub-Meter for Cost & Energy Efficiency to Drive the Market
Based on Application, the Residential sector is anticipated to dominate the Global Electric Sub-Meter Market with the largest share during the forecast period. It owes principally to the active participation of the leading players through the introduction of new products and spreading awareness about the availability & benefits of these sub-meters for household applications, attracting a significant consumer base to bring energy efficiency & cost-effectiveness.
Hence, the demand for electric sub-meters is elevating across the residential sector and leading the market toward substantial growth. Moreover, a greater inclination of countries toward developing the residential sector to habitat the rising population & bring electrification is another aspect fueling the installation of electric sub-meters and stimulating the overall market growth through 2027.
Substantial Investments by Governments in Electrification is Making Asia-Pacific the Fastest Growing Region
On the geographical front, Asia-Pacific is anticipated to demonstrate the fastest growth in the Global Electric Sub-Meter Market during the forecast period. The expansion attributes to the growing focus of several countries in the region to bring electrification across industries. It, in turn, is boosting the demand for electric sub-meters for the management & control of energy to back efficiency & sustainability altogether.
Hence, with the upsurging demand for these meters, the leading players are witnessing the presence of lucrative opportunities and increasing their production & distribution capacities to cater to these requirements across Asia-Pacific. The same aspect is leading the Electric Sub-Meter Market toward significant growth across Asia-Pacific.
The leading players in the Global Electric Sub-Meter Market are Bentec Electricals & Electronics Pvt. Ltd., General Electric, Genus Power Infrastructures Ltd., Hexing Electric Co. Ltd., Itron Inc., Kamstrup A/S, Leviton Manufacturing Co. Inc., Mitsubishi Electric Corporation, Osaki Electric Co. Ltd, Schneider Electric, Siemens AG, and Xylem Inc.
Key Questions Answered in the Research Report