The global electric sub-meter market, valued at USD 14,800.2 million in 2023, is set for robust growth in the coming decade. According to industry projections, the market is expected to achieve a year-on-year growth rate of 6.3% in 2024, reaching USD 15,730.9 million by the end of the year. Furthermore, the market is forecasted to expand at a CAGR of 6.7% from 2024 to 2034, culminating in a market size of USD 29,911.6 million by 2034.
The demand for electric sub-meters, also known as energy monitors, is driven by their capability to accurately measure energy consumption beyond the primary utility meter. These devices are indispensable for monitoring usage by individual tenants, departments, equipment, or other loads, providing precise insights into actual energy usage. This functionality is critical in optimizing energy consumption, reducing costs, and supporting sustainability initiatives across residential, commercial, and industrial sectors.
By 2034, the demand for electric sub-meters is anticipated to rise by 1.9 times from its current level. The forecast period is expected to witness a significant increase in the adoption of smart sub-meters, which offer numerous advantages such as instant monitoring, elimination of manual readings, and transparent billing. These benefits are expected to enhance power supply management, driving their widespread installation across various sectors, particularly in residential applications.
Key Takeaways
- India Leads with Strong Growth: India is projected to experience the highest Compound Annual Growth Rate (CAGR) of 8.7% from 2024 to 2034, indicating robust economic expansion and market opportunities.
- Significant Growth in China: China follows with a notable CAGR of 7.8%, reflecting its continued economic dynamism and substantial market potential.
- Consistent Growth in Japan: Japan is expected to maintain steady growth with a CAGR of 7.2%, showcasing its economic resilience and stability.
- Moderate Growth in the United States: The United States is projected to grow at a CAGR of 5.9%, indicating steady economic performance and ongoing market development.
- Growth in Germany: Germany’s projected CAGR of 5.2% suggests a stable growth trajectory, underscoring its strong industrial base and economic strength.
“Manufacturers in emerging markets such as India and ASEAN countries are entering into supply agreements through tenders and new orders. Replacement of conventional electric sub-meters with novel smart sub-meters is expected to remain the key growth driver of the electric sub-meter market. In addition, manufactures are investing heavily in R&D activities in order to provide tech-driven smart electric sub-meters at comparatively lower prices, without compromising on quality.” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
Leading manufacturers of electric sub-meters are leveraging innovative strategies such as partnerships and collaborations to co-develop unique products. By partnering with local firms, these manufacturers gain access to in-depth knowledge and essential raw materials, enabling them to introduce novel products with cutting-edge features.
The increasing global population has significantly boosted the demand for consumer products, leading to the development of innovative retail spaces like hypermarkets, supermarkets, and shopping malls. This ongoing expansion in the retail sector presents a lucrative opportunity for sub-meter manufacturers, who often receive bulk orders for their in-house sub-meters from these establishments.
Retail buildings that house multiple tenants are driving the need for electric sub-metering solutions to manage and monitor energy consumption. Accurate measurement of individual energy usage is crucial for proper billing, presenting a key opportunity for leading players in the global market.
Top 10 Key Players in the Electric Sub-Meter Market
- Itron, Inc.
- Schneider Electric
- General Electric
- Siemens AG
- Mitsubishi Electric Corporation
- Honeywell International
- HPL Electric & Power Ltd.
- ABB
- Landis+Gy
- Osaki Electric Co. Ltd
Industry Updates:
In January 2024, Honeywell, based in the United States, launched a new smart energy management control system. This innovative system is designed to significantly enhance building energy management by integrating Honeywell’s existing building management solutions with advanced smart metering technology.
In February 2024, France-based Schneider Electric introduced the PowerLogic ION9000 series of smart meters. This new product line features advanced energy monitoring capabilities, real-time data analytics, and enhanced integration with the EcoStruxure platform, aimed at improving energy management for both residential and commercial applications.
Key Segments of Market Report
By Product Type:
The leading product types included in the study are:
- socket type/electromechanical,
- non-socket/electronic,
- smart sub-meters.
By Phase Type:
In terms of phase type, the study is bifurcated into:
- single-phase
- three-phase.
By Application:
A few key applications included in the study are:
- commercial establishments,
- industrial sector,
- residential sector.
By Region:
Analysis has been carried out for key countries of:
- North America,
- Latin America,
- Western Europe,
- Eastern Europe,
- East Asia,
- South Asia,
- the Middle East
- Africa.
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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