Global Electric Sub Meter Market Research Report: Forecast (2023-2028)
An electric sub meter is an electric device designed to record, measure, & monitor energy consumption, supporting various energy forms such as heat, water, electricity, or gas. The meter usually supports the single-phased environment, including indoor & outdoor. These meters gather real-time energy consumption information on the entire facility & equipment. From here, the recorded information is conveyed to the utility meter for monitoring & transactional purposes, enabling synchronization between the control system & the meter. With such data acquisition & communication devices, information regarding energy loads is measured & communicated accordingly
Market Insights & Analysis: Global Electric Sub Meter Market (2023-28)
The Global Electric Sub Meter Market size was valued at around USD7.5 billion in 2022 and is projected to grow at a CAGR of about 6% during the forecast period, i.e., 2023-28. The market is driven by the growing awareness among individuals about the availability of electrical sub-metering systems for quality monitoring & accurate management, augmenting its deployment across residential & corporate locations.
Besides, with the capabilities of gathering & tracking real-time energy consumption while precisely monitoring & eliminating energy wastage, the installation of these meters is escalating swiftly. Other facilities, like detecting exact energy usage & preventing any critical issues by offering early maintenance allow users to minimize operational costs & improved energy management. These aspects are also aiding in upscaling the Global Electric Sub Meter Market share.
|Study Period||Historical Data: 2018-21|
|Base Year: 2022|
|Forecast Period: 2023-28|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Argentina, Rest of South America|
|Europe: Germany, France, Italy, The UK, Spain, Rest of Europe|
|Asia-Pacific: China, Japan, India, South Korea, Rest of Asia Pacific|
|Middle East & Africa: UAE, Saudi Arabia, South Africa, Qatar, Rest of Middle East and Africa|
|Key Companies Profiled||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., Others|
|Market Size (2022)||USD 7.5 Billion|
Moreover, with the wide application of these meters, the leading players shall witness the presence of lucrative opportunities to expand their product portfolio, visibility, and consumer base worldwide, directing the market toward substantial growth during the forthcoming period.
Furthermore, with the advent of the Internet of Things (IoT) in recreating age-old energy infrastructure, governments of different countries worldwide are keen to deploy sub meters in upcoming energy projects. Such aspects are stimulating the interest of major players to bring innovations in the electric sub-meters & cater to the burgeoning demands, therefore contributing to upscaling the market growth graph.
Global Electric Sub Meter Market Driver:
Increasing Government Focus on Brining Energy Efficiency Across Sectors – As each industry is assuring to bring energy efficiency to regulate automation in different applications, the demand for Electric sub-meter is escalating rapidly. This preferential shift is also augmenting the popularity of the electric sub-meters over conventional alternatives, including electric & electrochemical sub-meters.
Besides, with expanding applications in the power industry, the electric sub-meters are viewed as an excellent alternative to conventional devices lacking such versatility in measuring, monitoring, & controlling energy, hence aiding in driving the Global Electric Sub Meter Market through 2028.
Global Electric Sub Meter Market Possible Restraint:
High Initial Installation Cost for Electric Sub Meter to Hinder the Market – Since the initial cost associated with the installation of electric sub meters is high, it might restrain cost-sensitive consumers from deploying these meters & affect the market growth in the future. Moreover, inadequate awareness among people about the availability of such meters for energy efficiency & sustainability is also hindering the installation of electric sub meter & might hamper the fledged market growth in the coming years.
Global Electric Sub Meter Market Growth Opportunity:
Expansion of Retail Spaces to Increase the Product Demand – The incessantly growing world population, and their surging demand for consumer products, have resulted in the consistent development of retail spaces such as shopping malls, complexes, supermarts, hypermarts, etc., across the globe. The increasing disposable income not only in developed but also in developing nations in recent years has further pushed investments in the evolution of retail infrastructures.
The growth of the developing nations in line with increasing foreign investments & government focus on developing the service sector in emerging regions such as Latin America, the Middle East, and Asia-Pacific resulted in the expansion of consumer markets in recent years. This demographic shift is driving increased consumer spending on retail goods, including consumer electronics, clothing, food & beverages, and household products, further leading to the expansion of retail infrastructure.
Hence, the development of retail buildings would play a key role in the deployment of electric sub meter energy for monitoring & management purposes. Retail buildings consisting of multiple tenants are considerably inclining towards electric sub meters for measuring the individual electricity consumption of each unit. This enables fair & accurate cost allocation, as tenants are billed based on their actual usage rather than a shared utility bill. Therefore, the expansion in the retail buildings would provide an opportunity for the growth of Global Electric Sub Meter Market in the forecast years.
Global Electric Sub Meter Market Key Trend:
Increasing Adoption of Smart Metering to be a New Market Trend – The adoption of smart meters has been an emerging trend in the market, gaining wide installation in residential, commercial, and industrial buildings. Smart meters are advanced digital devices that provide real-time electricity consumption data to both consumers & utility companies & enable remote reading, two-way communication, and help consumers in monitoring & optimize their energy usage. This continuous flow of information allows consumers to access detailed insights into their energy consumption patterns, helping them to take wise decisions about their electricity usage and, ultimately, reducing their energy bills.
Global Electric Sub Meter Market (2023-28): Segmentation Analysis
The Global Electric Sub Meter Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the level. In accordance to the analysis, the market has been further classified as:
Based on Product:
Smart Sub Meters are anticipated to dominate the Global Electric Sub Meter Market with the largest share during the forecast period. It owes principally to their unparalleled benefits like quick monitoring of the electric system, eliminating manual reading & data errors, supporting efficient power supply, and increasing transparency concerning usage & billing, among others.
It, in turn, is demonstrating a large-scale installation across the utility sector by numerous companies, instigating the leading players to increase their production & distribution capacities and cater to the burgeoning demands for smart sub-meters globally.
Moreover, regions like Asia-Pacific & South America exemplify a rising installation of these meters, owing to the growing focus on infrastructure developments, including smart grid setups. Hence, with such support from the governments of different countries, the demand for smart sub meters is likely to hike & would lead the market toward substantial growth in the coming years.
Based on Application:
Among all, the Residential sector is anticipated to acquire the largest share of the Global Electric Sub-Meter Market and dominate through 2028. It owes principally to the growing awareness among people about the availability of these meters and their long list of benefits, offering cost & energy efficiency to users. Hence, the installation of electric sub-meter is elevating rapidly across the residential sector and fueling the overall market growth.
Besides, greater encouragement by the governments of different countries to deploy these meters for energy efficiency and minimal emission is also hiking the demand for sub-meters across the residential sector and stimulating the market through 2028.
Moreover, as the industrial & commercial sectors are demonstrating a dip in the installation of these meters, the leading players are tapping opportunities across the residential sector to maximize their profit margins and leading the market toward expansion in the coming years.
Global Electric Sub Meter Market Regional Projection:
Geographically, the Global Electric Sub Meter Market expands across:
The Asia-Pacific region would witness considerable growth in the forecast period owing to a rise in the construction of residential & commercial buildings. Residential building construction has been on surge due to rapid urbanization & population growth during the historical years & the trend is expected to continue in the coming years as well, which would further boost the installation of electric sub meter. According to the UN-HABITAT, around 54% of the global urban population, or nearly 2.2 billion population lives in Asia. Thus, an increase in the population & urbanization has further led to a boost in the housing crisis in countries such as India, China, Vietnam, etc.
Additionally, to catalyze the problem of the housing crisis, the government of these countries has been taking various initiatives to construct housing units. In 2023, the Vietnamese government approved around USD36.2 billion to build one million social housing units by 2030, which would lead to the installation of electric sub meter.
Further, the surge in residential buildings would also be attributed to the presence & support of the credit lending institution in the countries such as India, Vietnam, China, and others. Therefore, it is projected that the Asia-Pacific Electric Sub Meter market would witness considerable growth during the forecast period.
Global Electric Sub Meter Industry Recent Development
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Frequently Asked Questions
A. The Electric Sub Meter Market is expected to grow at a CAGR of around 6% during 2023-28.
A. The increasing government focus on brining energy efficiency across sectors is expected to drive the Electric Sub Meter Market during 2023-2028.
A. 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 the top players in Electric Sub Meter Market.
A. With being the most popular sub meter, smart sub meter is the leading product in the Electric Sub Meter Market.
A. The surging adoption of smart metering is the key trend shaping the growth of the Electric Sub Meter Market.
A. The expansion of retail spaces to be a potential opportunity in the Electric Sub Meter Market through 2028.
A. High initial installation cost for electric sub-meter is affecting the growth of the Electric Sub Meter Market & becoming a challenging aspect for the industry.
Global Electric Sub Meter Market Research Report (2023-2028) - Table of Contents