by Electric sub meters are devices that measure electricity consumption at some level of disaggregation within a building. These meters help to subdivide and attribute portions of energy usage to individual tenants, apartments, offices, equipment, or other end uses. The adoption of electric sub meters has increased considerably in residential and commercial buildings as they enable property owners and managers to understand energy consumption patterns and charge tenants fairly based on usage. Advancements in smart metering technology have made electric sub meters more intelligent, accurate, and affordable. Embedded communication capabilities allow real-time monitoring and control of energy consumption.
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 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.
Global Electric Sub Meter Market Trends of Things (IoT) and cloud-based technology. Electric sub meters integrated with IoT and cloud facilitates real-time energy monitoring from remote locations.
Technological advancements such as smart metering solutions with communication capabilities, improved accuracy, longer battery life, flexible installation options, and lower costs per unit are expected to boost the adoption of electric sub meters in various end-use industries.
Market Drivers
The key drivers for the global electric sub meter market include rising demand for energy conservation and accountability, growing emphasis on sustainable energy management, and implementation of stringent government regulations mandating the installation of sub meters in residential and commercial buildings. Electric sub meters provide valuable energy usage data to help reduce consumption through behavioral changes and optimization of energy-intensive appliances and systems. They play a crucial role in achieving sustainability goals of net-zero carbon emissions.
Current challenges in the Global Electric Sub Meter Market
The Global Electric Sub Meter Market Size And Trends The high initial installation cost of electric sub meters poses a major challenge for widespread adoption. Additionally, la ck of standardized regulations for sub metering across different regions and countries adds to the complexity. Further, technical difficulties in integrating the sub meters with the existing electric infrastructure of residential and commercial buildings hampers smooth operations. Data security and privacy concerns regarding the meter data collected through sub meters is another important challenge that needs to be addressed. Overall, challenges around high costs, regulatory complexities, technical integration and data security issues pose near term hurdles for the electric sub meter market.
SWOT Analysis
Strength: Ability to monitor and allocate exact energy consumption helps in cost saving. Provides granular energy usage data for analysis and improvement.
Weakness: Higher upfront installation costs compared to conventional meters. Requires skills for installation and integration with existing system.
Opportunity: Rising focus on energy efficiency and conservation offers new areas for implementation. Advancements in IoT and communication technologies to improve meter functions.
Threats: Strict regulations around data privacy and cyber security increases compliance costs. Competition from alternative energy monitoring solutions.
Geographical regions with market concentration
Currently, North America leads the global electric sub meter market in terms of value, owing to stringent energy efficiency rules and recommendations for sub metering across many states in the US. Asia Pacific is also a major regional market supported by the rapidly growing construction sector and smart cities initiatives in countries like China and India. Europe holds substantial share as well due to policy push for energy conservation in residential and commercial segments.
Fastest growing region
The Asia Pacific region is projected to witness the highest growth in the electric sub meter market during the forecast period. This can be attributed to ongoing infrastructure development activities, increasing disposable incomes, and rising adoption of smart home concepts especially in emerging economies of the region. Additionally, government mandates supporting energy management will further drive the sub meter installations across various end users in Asia Pacific.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
About Author - Ravina Pandya
Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
