Press Release

Electric Sub Meter Market to Thrive Owing to the Dire Need for Energy Management Systems within Facilities

The Global Electric Sub Meter Market is projected to grow at a CAGR of around 6% during the forecast period of 2023-28, cites MarkNtel Advisors in the 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, and residential sectors. This, in turn, is augmenting the demand for these meters & generating growth opportunities for the leading players to increase their production & distribution capacities & 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 market growth during the forecast period, further states the research report, “Global Electric Sub Meter Market Analysis, 2023.”

Electric Sub Meters’ Rising Application in Residential Sector for Cost & Energy Efficiency to Drive the Market

Based on application, the market is classified as Industrial, Residential, and Commercial. Of them, the Residential sector is anticipated to dominate the Global Electric Sub Meter Market accounting for the largest share during the forecast period. It owes principally to the active participation of the leading players through the introduction of new products & 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 heightening across the residential sector, further contributing to the substantial market growth.

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 & increasing their production & distribution capacities to cater to these requirements across Asia-Pacific. Thus, leading the Asia-Pacific Electric Sub Meter Market toward significant growth in the future years.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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, Xylem Inc., and others are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2018-28?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?