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Electric Sub Meter Market Research Report 2024 - 2033 | Insights, Analysis, and Key Drivers
Electric Sub Meter Market Research
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According to The Business Research Company's, The electric sub meter market size has grown strongly in recent years. It will grow from $9.00 billion in 2023 to $9.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to a rise in energy efficiency demands, increase in regulatory requirements for energy monitoring, growth in urbanization, expansion of commercial and residential construction, heightened focus on sustainability, the rise of smart grid infrastructure, and proliferation of renewable energy sources.
The electric sub-meter market size is expected to see strong growth in the next few years. It will grow to $13.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to increasing demand for energy efficiency, rising government regulations promoting smart grid systems, rising adoption of renewable energy sources, growing urbanization and infrastructure development, rising need for precise energy monitoring in industrial and residential sectors, and increasing focus on reducing electricity costs. Major trends in the forecast period include advancements in IoT integration for real-time data monitoring, adoption of smart meters for energy management, development of advanced billing solutions, adoption of cloud-based platforms for data analytics, and adoption of wireless sub metering.
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Market Drivers and Trends:
The increase in the adoption of renewable energy sources is expected to propel the growth of the electric sub-meter market going forward. Renewable energy comes from natural resources that are continuously replenished, such as solar, wind, and geothermal power. These sources are sustainable and environmentally friendly, helping to lower greenhouse gas emissions and address climate change. The growing adoption of renewable energy is driven by its environmental advantages, including lower greenhouse gas emissions and climate change mitigation. Electric submeters are vital in managing and optimizing renewable energy systems by monitoring the production, consumption, and distribution of energy generated from solar, wind, and hydro sources. For instance, in February 2024, according to the World Resources Institute, a US-based non-profit organization, the United States witnessed a historic installation of 31 gigawatts (GW) of solar energy capacity in 2023, marking a significant 55% surge from the installations in 2022 and surpassing the previous record set in 2021. Therefore, the increase in the adoption of renewable energy sources drives the electric sub-meter market.
Major companies operating in the electric sub-meter market are focusing on technological advancements, such as the integration of cloud computing platforms in energy meters, to enhance data accuracy, enable real-time energy monitoring, and provide advanced analytics for optimizing energy consumption and reducing operational costs. The cloud computing platform is an online system providing data storage, processing, and management services. For instance, in February 2022, ABB Ltd., a Switzerland-based automation company, launched an M1M series of electrical measuring and power monitoring meters for the digital panel meter. The M1M series offers cost-efficient submetering for commercial and industrial buildings, integrating with ABB's cloud platform for comprehensive system monitoring and energy optimization. These meters enhance electrical system efficiency by providing a full range of measurement functions.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Siemens AG, General Electric Company, Honeywell International Inc., ABB Ltd., Eaton Corporation plc, Chint Group Co. Ltd., Xylem Inc., Hubbell Incorporated, Schneider Electric SE, Leviton Manufacturing Company Inc., Itron Inc., Landis+Gyr AG, Jiangsu Linyang Energy Co. Ltd., Shenzhen Clou Electronics Co. Ltd., OK a.m.b.a. (Kamstrup), Ningbo Sanxing Smart Electric Co. Ltd., Charterhouse Capital Partners (Sagemcom), Shenzhen Techrise Electronics Co. Ltd., Holley Technology Ltd., NuriFlex Co. Ltd., Zhejiang Wellsun Electric Meter Co. Ltd., Ning Xia Yin Xing Energy Co. Ltd. (Longi), Zhejiang Hengye Electronics Co. Ltd., Star Treasure Investments Holdings Limited (Wasion Group), XJ Measurement & Control Meter Co. Ltd.
Electric Sub Meter Market 2024 Key Insights:
• The electric sub-meter market size is expected to see strong growth in the next few years. It will grow to $13.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%.
• Growth In Renewable Energy Adoption Driving Demand For Electric Sub Meters
• Advancements In Electric Sub-Metering With Cloud Computing For Enhanced Data Accuracy And Energy Optimization
• North America was the largest region in the electric sub meter market in 2023
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