What Has Been the Progress and Growth of the Electric Sub Meter Market in Recent Years?
The electric sub meter market has seen considerable growth due to a variety of factors.
• The size of the electric sub meter market has significantly expanded over the past few years. It is projected to escalate from $9.77 billion in 2024 to $10.65 billion in 2025, experiencing a compound annual growth rate (CAGR) of 9.0%.
This expansion during the historical period may be due to growing demands for energy efficiency, an uptick in regulatory necessities for energy monitoring, urbanization growth, the expansion of commercial and residential construction, a renewed emphasis on sustainability, the advent of smart grid infrastructure and the widespread use of renewable energy sources.
How Does the Forecast Look for the Electric Sub Meter Market?
The electric sub meter market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for electric sub meters is forecasted to experience a robust growth in the coming years. Its value is expected to reach $14.94 billion by 2029, with a compound annual growth rate (CAGR) of 8.8%.
Factors contributing to this growth trend during the forecast period include the rising demand for energy efficiency, increasing government regulations favoring smart grid systems, adoption of renewable energy sources on the rise, growing urbanization and infrastructure advancement, increased need for exact energy monitoring in the industrial and residential sectors, and a heightened emphasis on reducing electricity expenses. Key market trends during this period include advances in IoT integration for real-time data monitoring, adoption of smart meters for energy management, development of sophisticated billing solutions, application of cloud-based platforms for data analytics, and increasing use of wireless sub metering.
What Are The Leading Drivers Of Growth In The Electric Sub Meter Market?
The electric sub-meter market is set to expand due to the growing implementation of renewable energy sources. Renewable energy, obtained from constantly recharged natural reserves like solar, wind, and geothermal energy, is sustainable and ecological, making it instrumental in reducing greenhouse gas emissions and combatting climate change. Its environmental benefits primarily fuel its increasing use, such as a decrease in greenhouse gas emissions and the mitigation of climate change. Electric sub-meters form a crucial part of managing and optimizing renewable energy systems by keeping track of the generation, usage, and supply of energy from solar, wind, and water sources. For example, in February 2024, as per the World Resources Institute, a nonprofit organization based in the US, the country saw an unprecedented installation of 31 gigawatts (GW) of solar energy capacity in 2023, which is a substantial 55% increase from the installations in 2022, surpassing the record set in 2021. Consequently, the growing use of renewable energy sources fuels the electric sub-meter market.
How Are The Segments Defined Within The Global Electric Sub Meter Market?
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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How Are Emerging Trends Reshaping The Dynamics Of The Electric Sub Meter Market?
Leading businesses in the electric sub-meter market are prioritizing technological enhancements, such as the inclusion of cloud computing platforms in energy meters, in order to improve the precision of data, facilitate energy monitoring in real time, and offer sophisticated analytics to streamline energy utilization and minimize operational expenses. The cloud computing platform is a web-based system that delivers services for data storage, processing, and administration. For instance, ABB Ltd., an automation company based in Switzerland, introduced the M1M series of electric measurement and power monitoring meters for the digital panel meter in February 2022. The M1M series offers cost-effective submetering for commercial and industrial structures, incorporating ABB's cloud platform for all-inclusive system monitoring and energy optimization. These meters increase the efficiency of electrical systems by providing a wide-ranging array of measurement functions.
Who Are the Key Players In The Electric Sub Meter Market?
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 Is The Most Dominant Region In The Electric Sub Meter Market?
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.
