Electric Sub-meter Market Size, Share, Trends, Growth and Forecast 2032

Electric Sub-meter Market Insights

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.

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Electric Sub-meter Market: Overview

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.

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Electric Sub-meter Market: Facts

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.

Electric Sub-meter Market: Segmentation

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.

Electric Sub-meter Market: Growth Factors

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.

Electric Sub-meter Market: Report Scope

Electric Sub-meter Market: Regional Analysis

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

• Siemens AG
• Elster Group
• Leviton
• Nuri Telecom
• Honeywell International
• Schneider Electric
• LEM
• GE Digital Energy
• Kamstrup
• Studebaker Submetering Inc.
• Echelon
• Linyang Electronics
• Chintim Instruments Submeter Solutions.

Electric Sub-meter Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa

What Reports Provide

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, ongoing, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.