What's Driving the Electric Sub Meter Market 2025-2034: Growth In Renewable Energy Adoption Driving Demand For Electric Sub Meters

"What Are the Projections for the Size and Growth Rate of the Electric Sub Meter Market?
The size of the electric sub meter market has significantly expanded in the past few years. It is projected to rise from a market value of $9.77 billion in 2024 to $10.65 billion in 2025, experiencing a compound annual growth rate (CAGR) of 9.0%. This growth during the historic period was driven by factors such as increasing needs for energy efficiency, heightened regulatory demands for energy tracking, urbanization growth, the expansion of commercial and residential construction projects, a greater emphasis on sustainability, the development of smart grid infrastructure, and the widespread adoption of renewable energy sources.

Expectations are high for the electric sub meter market to experience significant growth in the ensuing years, projecting a rise to $14.94 billion by 2029, with a compound annual growth rate (CAGR) of 8.8%. The anticipated growth during the forecast period can be linked to the escalating demand for energy efficiency, increased government regulations encouraging smart grid systems, the growing embrace of renewable energy, urbanization and infrastructure growth, elevated requirements for accurate energy oversight in the residential and industrial sectors, and an increasing concentration on electricity cost reduction. Major predicted trends during the forecast period involve advancements in the integration of IoT for real-time data monitoring, the utilization of smart meters for energy management, the creation of sophisticated billing solutions, the use of cloud-based platforms for data analysis, and the implementation of wireless submetering.

What Are the Main Catalysts for Growth in the Electric Sub Meter Market?
An escalation in the utilization of renewable energy sources is predicted to spur the development of the electric sub-meter market in the future. Renewable energy is derived from sustainable, continually replenishing resources such as solar, wind and geothermal power. They offer environmental sustainability and play a key role in reducing greenhouse gases, thus confronting climate change issues. The shift towards renewable energy is largely motivated by these ecological benefits. Electric submeters have a crucial function in managing and enhancing renewable energy systems, tracking the production, usage, and dispersion of energy from sources like solar, wind, and hydro. For example, a historic 31 gigawatts (GW) of solar energy was installed in the United States in 2023, a notable 55% increase from the installations in 2022, setting a new record, as reported in February 2024 by the World Resources Institute, A US-based nonprofit. Therefore, the ascending adoption of renewable power sources is boosting the electric sub-meter market.

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Which Businesses Are at the Forefront of Electric Sub Meter Market Development?
Major companies operating in the electric sub meter market are 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.

What Are the Latest Innovations in the Electric Sub Meter Market?
Leading corporations in the electric sub-meter market are prioritizing the advancement of technology, such as incorporating cloud computing systems into energy meters, to improve the precision of data, offer real-time energy surveillance, and supply sophisticated analytics for boosting energy efficiency and cutting down operational expenses. Cloud computing platforms are web-based systems that give services for data storage, processing, and management. For instance, in February 2022, ABB Ltd., a Swiss automation firm, introduced the M1M series of electrical measuring and power monitoring meters for the digital panel meter. The M1M series proffers economical submetering for commercial and industrial structures, combining with ABB's cloud platform for thorough system supervision and energy enhancement. These meters increase the efficiency of the electrical system by delivering a complete set of measurement functions.

How Is the Electric Sub Meter Market Segmented?
The electric sub metermarket covered in this report is segmented -

1) By Type: Non-Socket Or Electronic Sub-Meter, Socket Or Electromechanical Sub-Meter, Current Transformer, Feed-Through Sub-Meter
2) By Phase: Single Phase, Three Phase
3) By Application: Residential, Commercial, Industrial

Subsegments:
1) By Non-Socket Or Electronic Sub-Meter: Digital Non-Socket Sub-Meter, Smart Non-Socket Sub-Meter, Wireless Non-Socket Sub-Meter
2) By Socket Or Electromechanical Sub-Meter: Analog Socket Sub-Meter, Digital Socket Sub-Meter, Mechanical Socket Sub-Meter
3) By Current Transformer: Instrument Current Transformers, Protection Current Transformers, Measurement Current Transformers
4) By Feed-Through Sub-Meter: Single-Phase Feed-Through Sub-Meter, Three-Phase Feed-Through Sub-Meter, Smart Feed-Through Sub-Meter

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Where Is the Electric Sub Meter Market Growth Most Prominent?
North America was the largest region in the electric sub meter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric sub meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Electric Sub Meter Global Market Report?

- Market Size Analysis: Analyze the Electric Sub Meter Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Sub Meter Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Sub Meter Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Sub Meter Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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