Electric Sub-Meter Market is expected to Grow with a CAGR of 5.9% through 2029
The Electric Sub-Meter Market is expected to grow owing to the increasing energy efficiency mandates, rising awareness of energy consumption, and the demand for accurate billing in residential, commercial, and industrial sectors.
According
to TechSci Research report, “Electric Sub-Meter Market – Global Industry
Size, Share, Trends, Competition Forecast & Opportunities, 2029F”,
the Global Electric Sub-Meter Market was valued at USD 12.1 billion in 2023 and is expected to reach USD 17.22 billion by 2029 with a CAGR of 5.9% during the forecast period. Regulatory mandates and sustainability initiatives are driving the adoption of electric sub-meters as essential tools for compliance, accountability, and resource conservation. Governments worldwide are implementing stringent energy efficiency regulations and carbon reduction targets to mitigate climate change impacts and promote sustainable development. In many regions, regulatory frameworks require commercial and industrial facilities to accurately monitor and report their energy consumption. Electric sub-meters play a pivotal role in meeting these compliance requirements by providing detailed, verifiable data on electricity usage at the building, floor, or equipment level. This transparency helps businesses demonstrate adherence to regulatory standards, avoid penalties, and contribute to broader energy efficiency goals. Sustainability initiatives spearheaded by businesses, utilities, and industry associations are driving voluntary adoption of sub-metering solutions. Corporate sustainability commitments, such as carbon neutrality pledges and energy intensity reduction targets, necessitate robust monitoring and management of energy usage across operations. Electric sub-meters enable organizations to track progress towards sustainability goals, identify opportunities for energy savings, and implement efficiency measures effectively.
Beyond regulatory compliance and corporate sustainability, electric sub-meters support demand-side management strategies and grid optimization efforts. By providing real-time consumption data and load profiles, sub-metering helps utilities forecast demand, manage peak loads, and deploy resources more efficiently. This capability is crucial for enhancing grid reliability, reducing transmission losses, and accommodating the integration of renewable energy sources into the electricity network. The transparency and accountability enabled by electric sub-meters foster a culture of energy conservation and responsible resource management within communities and organizations. Stakeholders, including tenants, employees, and investors, increasingly prioritize sustainability metrics and energy performance indicators when evaluating building portfolios or investment opportunities. As regulatory pressures intensify and sustainability goals become paramount, the Electric Sub-Meter Market is poised for significant growth. The market's role in supporting compliance, fostering energy efficiency, and advancing sustainable practices underscores its importance in the global transition towards a low-carbon economy. These drivers collectively underscore the Electric Sub-Meter Market's pivotal role in advancing energy management, sustainability, and operational efficiency across diverse sectors.
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Based on End-User,
the Residential segment held the largest Market share in 2023. The Electric Sub-Meter Market within the
residential segment is being significantly driven by several key factors that
reflect the evolving needs of homeowners, regulatory trends, and technological
advancements. Rising energy costs and the increasing awareness of sustainable
living practices have prompted homeowners to seek ways to monitor and manage
their electricity consumption more effectively. Electric sub-meters offer a
granular view of energy usage beyond what traditional utility meters provide,
empowering residents to identify energy-intensive appliances, behaviors, or
areas where efficiency improvements can be made. This heightened visibility not
only helps in reducing energy bills but also aligns with broader environmental
sustainability goals, making sub-meters an attractive investment for
environmentally conscious consumers. Regulatory initiatives aimed at promoting
energy efficiency and conservation play a pivotal role in driving the adoption
of electric sub-meters in residential settings. Governments and regulatory
bodies in various regions are incentivizing or mandating the installation of
sub-metering systems as part of broader energy management strategies. For
instance, some jurisdictions require sub-metering in new residential
constructions or as part of retrofitting initiatives aimed at improving energy
performance ratings of buildings. Such regulatory measures not only boost
market demand but also encourage innovation among manufacturers to develop more
efficient and cost-effective sub-metering solutions. Technological advancements
in smart metering technologies have transformed the electric sub-meter market,
offering enhanced capabilities such as real-time data analytics, remote
monitoring, and integration with smart home systems. These advancements enable
homeowners to access detailed energy usage insights through user-friendly
interfaces on their smartphones or computers. By providing actionable data,
smart sub-meters empower residents to make informed decisions about their
energy consumption patterns, adjust settings remotely, and receive alerts for
anomalies or potential energy wastage, thereby fostering a proactive approach
to energy management.
The
proliferation of Internet of Things (IoT) technology and the advent of
interconnected devices are further propelling market growth. Smart sub-metering
systems can seamlessly integrate with other IoT-enabled devices within a smart
home ecosystem, facilitating automated energy-saving routines and optimizing
overall energy efficiency. This interconnectedness not only enhances
convenience for homeowners but also contributes to the development of
energy-efficient communities and grid systems, supporting sustainable urban
development initiatives globally. The COVID-19 pandemic has underscored the
importance of resilient and adaptive residential infrastructure. With more
people working remotely and spending increased time at home, there has been a
heightened awareness of household energy consumption patterns and the need for
cost-effective energy management solutions. Electric sub-meters have emerged as
essential tools for homeowners seeking to optimize their energy usage, manage
utility costs, and maintain comfort levels without compromising on efficiency or
sustainability. The electric sub-meter market in the residential segment is
driven by a combination of factors including cost savings, regulatory mandates,
technological advancements, and shifting consumer preferences towards
sustainable living. As these drivers continue to evolve, the market is poised
for sustained growth, with opportunities for innovation and expansion in both
developed and emerging markets worldwide.
North America is emerging as the fastest-growing segment in the electric sub-meter market, driven by increasing energy efficiency initiatives, advancements in smart grid infrastructure, and rising demand for real-time energy monitoring solutions. Governments and regulatory bodies across the region are implementing stringent energy efficiency standards, encouraging the adoption of electric sub-meters to enable precise energy usage tracking and reduce overall consumption. The region's rapid urbanization and industrial expansion have heightened the need for optimized energy distribution systems. This is complemented by widespread investments in smart city projects, which rely heavily on sub-metering technologies for effective energy management. Additionally, the growing emphasis on renewable energy integration, such as solar and wind power, necessitates advanced metering systems to monitor and manage energy flow efficiently. The commercial and residential sectors in North America are also driving significant demand, as property managers and homeowners increasingly prioritize cost-effective energy management solutions. The availability of technologically advanced sub-meters with features like wireless connectivity and real-time data analytics further supports market growth. These innovations align with the region's push toward sustainability and digital transformation, solidifying North America's position as a key growth hub in the electric sub-meter market.
Major
companies operating in the Global Electric Sub-Meter Market are:
- General
Electric Company
- Genus
Power Infrastructures Limited
- Hexing
Electrical Co., Ltd
- Itron
Inc.
- Kamstrup
A/S
- Leviton
Manufacturing Co., Inc.
- Mitsubishi
Electric Corporation
- OSAKI
Group
- Schneider
Electric SE
- Siemens
AG
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“The
Global Electric Sub-Meter Market is expected to rise in the upcoming years and
register a significant CAGR during the forecast period. The Electric Sub-Meter
Market presents significant opportunities driven by the increasing adoption of
energy efficiency measures and regulatory mandates worldwide. As businesses and
residential complexes seek to manage and reduce energy consumption, the demand
for accurate and real-time sub-metering solutions is on the rise. These
solutions enable precise monitoring and billing of electricity usage at
individual levels, fostering transparency and cost savings. Moreover,
advancements in IoT technology and cloud-based analytics are enhancing the
capabilities of sub-meters, offering deeper insights into energy usage patterns
and enabling proactive energy management strategies. The market's growth is
further fueled by sustainability goals and the need for data-driven
decision-making in energy management. Therefore, the Market for Electric
Sub-Meter is expected to boost in the upcoming years.,” said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based global management consulting
firm.
“Electric Sub-Meter Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented by Type (Smart Sub-Meter, Electronic Sub-Meter, and Electromechanical Sub-Meter), By Phase (Single Phase and Three Phase), By End-User (Industrial, Residential, and Commercial), By Region & Competition, 2019-2029F”, has evaluated the future growth
potential of Global Electric Sub-Meter Market and provides statistics &
information on the Market size, structure, and future Market growth. The report
intends to provide cutting-edge Market intelligence and help decision-makers make
sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Electric Sub-Meter Market.
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