NEWARK, Del, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The electric sub-meter market is expected to be worth US$10.4 billion in 2023. By 2033, the market is expected to be worth US$ 15.3 billion. During the projection period of 2023 to 2033, the market is estimated to grow at a CAGR of 4%.
One element driving the worldwide electric sub-meter market is the use of electrical sub-metering systems for monitoring, control, and administration at both commercial and residential sites around the world. As a result, the increasing use of electrical sub-metering technology in both the commercial and industrial sectors is driving the global electric sub-meter market.
Development for electric submeters is being driven by the rise of smart buildings and the incorporation of Internet of Things (IoT) technology. These meters allow for remote control and supervision, which improves building effectiveness and automation.
The United States has been more concerned with energy efficiency and sustainability. This emphasis will most likely boost demand for electric submeters, which offer exact monitoring and control of the usage of energy in both home and business settings.
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Several states and local governments in the United States have enacted energy efficiency laws that encourage the installation of electric submeters. Market growth is likely to be driven by compliance with these laws.
The steadfast dedication of the United Kingdom to carbon reduction and sustainability drives demand for electric submeters, which provide exact monitoring and management of energy use. Government measures and incentives to improve energy efficiency stimulate the market even further.
Key Takeaways from the Market Study
- The United States is expected to reach US$ 1.2 billion by 2033.
- The Chinese market for electric submeters is anticipated to be worth US$ 1.1 billion.
- The electric sub-meter industry in India is expected to develop significantly, reaching US$ 750 million by 2033.
- From 2023 to 2033, the smart sub-meters category is predicted to continue dominating the business with a CAGR of 4.5%.
- The residential sector is likely to expand at a CAGR of 4.2% from 2023 to 2033.
“Sub-metering systems can monitor and regulate green energy incorporation as renewable energy sources such as wind and solar power become more popular. In addition, the demand for energy-efficient technologies in commercial and residential facilities is driving market expansion,” says an FMI analyst.
Competitive Landscape
Energy efficiency, as well as the observation of energy leaks and outages, is becoming increasingly important for both electricity providers and consumers.
As a result, government agencies, electrical suppliers, and businesses have created alliances or joint ventures to address energy efficiency issues.
- In February 2023, Itron Inc. collaborated with SEW, a prominent developer of cloud-based software solutions for the energy and water industries. The purpose of the collaboration is to develop creative solutions that make use of Itron's OpenWay Riva IoT solution, which includes smart power meters and other smart grid technology.
- In September 2022, EDMI launched the MIRA brand, which provides comprehensive visibility and management based on industry-approved protocols such as DLMS, IDIS, and LWM2M across a wide range of bearer services such as 4G, NB-IoT, and RF Mesh.
Top Key Players in Electric Sub-meter Industry
- Itron Inc.
- Schneider Electric
- General Electric
- Siemens AG
- Mitsubishi Electric Corporation
- Osaki Electric Co. Ltd
- Xylem Inc.
- Bentec Electricals & Electronics Pvt. Ltd.
- Genus Power Infrastructures Ltd.
- Kamstrup A/S
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Electric Sub-meter market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Product (Sockets/Electromechanical (Feed-through Sub-meters, Current Transformers), Non-socket /Electronic, Smart), Phase (Single Phase, Three Phase), By Application (Commercial Establishments (Large Retail Stores, Data Centers, Others), Residential Sector, Industrial Sector), and Region.
About the Industrial Automation Division at Future Market Insights
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and one million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.
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Key Segments of Electric Sub-meter Industry Research
By Product:
- Socket Type/Electromechanical Sub-meters
- Feed-through Sub-meters
- Current Transformers
- Non-socket /Electronic Sub-meters
- Smart Sub-meters
By Phase:
- Single Phase
- Three Phase
By Application:
- Commercial Establishments
- Large Retail Stores
- Data Centers
- Others
- Residential Sector
- Industrial Sector
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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