Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 5.28 Billion | USD 8.23 Billion | 4.5% | 2023 |
According to a report from Zion Market Research, the global Electric Sub-meter Market was valued at USD 5.28 Billion in 2023 and is projected to hit USD 8.23 Billion by 2032, with a compound annual growth rate (CAGR) of 4.5% during the forecast period 2024-2032.
This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Electric Sub-meter industry over the next decade.
The electric-sub meter helps in recording and measuring the consumption of the electricity for the individual component of the construction instead of having an individual meter that will measure the entire consumption of the energy in the construction. Installing the electric-sub meters in the multi-tenant spaces removes the extra operational cost which in turn benefits the owner of the construction economically.
The ongoing energy management service models and the developments that are made in the building energy management systems (BEMS) are triggering the adoption of electric sub-meters by a wide set of building owners and managers. The sub-meters are now attracting the midmarket of the smaller facilities along with a wider audience in order to disaggregate their electricity bills.
The global market for the electric sub-meter is fragmented into its type and application. Based on the type, the global market is segregated into smart sub-meter, non-socket/electronic sub-meter, and socket type/electromechanical sub-meter. The socket type/electromechanical sub-meter segment is sub-segmented into the current transformer and feed-through sub-meter. Based on the applications, the market is categorized into industrial sector, residential sector, and commercial establishments. The commercial establishment's segment is sub-segmented into data centers, large retail stores, and others.
In the commercial and industrial sectors, there is an increased importance on monitoring, reducing, controlling, and managing the proper usage of electricity. The increasing requirement for the regularity and compliance of electricity management and the growing focus on categorizing the indicators for the efficient usage of electricity are the major factors that are driving the electric sub-meter market. In recent years, there has been an increased focus on finding out ways for the efficient management of electricity, especially in the industrial and commercial sectors with an increased interest in integrating the sub-meters to the big data and cloud have augmented the development of the market. Other factors that are contributing to the growth of the market are the implementations that are made by the government about the installations of the sub-meter in the new construction works and the advancements that are made in the technologies such as the internet of things in order to renovate the conventional energy infrastructure. The factor that restrains the growth of the market is the lack of awareness among users about the efficient management of energy.
Report Attributes | Report Details |
---|---|
Report Name | Electric Sub-meter Market |
Market Size in 2023 | USD 5.28 Billion |
Market Forecast in 2032 | USD 8.23 Billion |
Growth Rate | CAGR of 4.5% |
Number of Pages | 110 |
Key Companies Covered | Siemens AG, Elster Group, Leviton, Nuri Telecom, Honeywell International, Schneider Electric, LEM, GE Digital Energy, Kamstrup, Studebaker Submetering Inc., Echelon, Linyang Electronics, and Chintim Instruments Submeter Solutions |
Segments Covered | By Type, By Application And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
The region that is leading the electric sub-meter market is North America. The factor that is contributing to the growth of the market in the North American region is the increasing importance of energy management solutions. The electric sub-meter market is growing at a fast rate in Asia Pacific region owing to the escalating industrial and commercial sectors and due to the increased adoption of the sub-meters for tenant billing and the management of the energy.
Electric Sub-meter Market: Competitive Players
The key market players that are involved in the electric sub-meter market include
FrequentlyAsked Questions
Electric Sub-meter Market was valued at USD 5.28 Billion in 2023 and is projected to hit USD 8.23 Billion by 2032
with a compound annual growth rate (CAGR) of 4.5% during the forecast period 2024-2032.
The largest share of the Electric Sub-meter Market is held by Asia Pacific. Developing countries of Asia Pacific such as China, Japan, and India will be dominating the market scenario mainly due to the rising constructional activities. The growth of Asia-Pacific region is expected to be followed by the Middle East and North America. Also, significant growth is expected from Western Europe owing to the developments taking place in this region especially in countries such as Italy, Germany, the U.K, France, and Spain. However, growth in Africa, Latin America, and Eastern Europe is anticipated to be moderate over the forecast period.
Siemens AG, Elster Group, Leviton, Nuri Telecom, Honeywell International, Schneider Electric, LEM, GE Digital Energy, Kamstrup, Studebaker Submetering Inc., Echelon, Linyang Electronics, and Chintim Instruments Submeter Solutions
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