by The Global Electric Sub Meter Market consists of products such as current transformer, shunt trip, telephone interface, potential transformer, and smart meters. These sub meters provides various advantages such as efficient energy monitoring, controlling energy usage, detecting voltage anomalies and power quality issues. The rising demand for energy conservation and management coupled with growing deployment of smart grid infrastructure across the globe is fueling the adoption of electric sub meters.
The Global Electric Sub Meter Market is estimated to be valued at US$ 17.76 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players: Key players operating in the Global Electric Sub Meter Market are Aclara Technologies LLC, Apator Group, Badger Meter, Inc., Diehl Stiftung& Co. KG, Eaton Corporation plc, Elster Group GmbH (Honeywell), General Electric Company, Holley Metering Limited, Itron Inc., Kamstrup A/S, Landis+Gyr AG, Legrand SA, Mitsubishi Electric Corporation, Schneider Electric SE, and Siemens AG.
Key opportunities: The scope of growth in the Global Electric Sub Meter Market Demand is very large due to increasing demand for energy conservation and rise in construction activities. Advancing metering infrastructure and rollout of smart cities provide significant opportunities for market players in coming years.
Global expansion: Globally North America dominates the electric sub meter market followed by Europe and Asia Pacific. However, Asia Pacific region is expected to witness highest growth aided by ongoing smart metering projects in China, India, Japan and other developing nations. Investments in smart grid modernization presents lucrative prospects for market expansion across developing economies.
Market drivers: Rising focus towards efficient energy consumption and growing adoption of distributed energy resources is a key growth driver for electric sub meter market. Implementation of stringent policies regarding energy conservation coupled with demand for ancillary services from industrial users further drives the adoption of sub metering solutions globally.
PEST Analysis
Political: Governments across various countries are promoting the use of electric sub meters to improve energy efficiency and reduce carbon emissions. Favorable regulations related to installing sub meters are expected to drive the adoption.
Economic: With rising energy costs and increasing focus on cost optimization, industrial and commercial properties are inclined towards electric sub meters to monitor individual tenant consumption. This helps in equitable allocation of utility bills.
Social: Growing environmental awareness among general public as well as commercial establishments is promoting the use of electric sub meters. Also, improved standard of living is increasing demand for homes with individual metering systems.
Technological: Advancements in communication technologies are enabling integration of electric sub meters with smart home/building automation systems. Introduction of IoT and AI capabilities in sub meters allow for remote monitoring and analytics.
Europe accounts for a major share of the Global Electric Sub Meter Market Regional Analysis value owing to high penetration of smart meter infrastructure and presence of leading manufacturers in the region. Countries like Germany, UK and France are early adopters with favorable policies driving large-scale deployments. North America stands as the second largest regional market supported by initiatives to modernize aging power grids along with initiatives targeting energy savings. The Asia Pacific region is poised to register the fastest growth over the forecast period. Developing economies like India and China offer immense growth potential attributed to rapidly growing construction industry, rising electricity demand and supportive government schemes. Latin America and Middle East & Africa are projected to provide lucrative opportunities for market participants.
China has emerged as the single largest market for electric sub meters globally in terms of volume sales. This is attributed to large-scale installations across industrial and commercial sectors coupled with huge population and rapid urbanization. India is expected to witness the fastest growth over the next few years backed by government focus on energy management through initiatives such as Smart Cities and Smart Meters National Programme. Other high growth regional markets include Southeast Asian countries and Brazil.
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1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile i
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