- Growing awareness about the importance of accurate energy monitoring to bring considerable growth opportunities for the electric sub-meter market
- Ability of electric sub-meters to monitor energy leakage is expected to boost growth prospects during the forecast period
ALBANY, N.Y., Sept. 13, 2021 /PRNewswire/ --
Electric Sub-meter Market: Growth Summary
Stringent regulations regarding the installation of electric sub-meters across numerous countries and the need to monitor energy leakage have increased substantially over the years. These aspects bring immense growth opportunities for the electric sub-meter market during the forecast period of 2020-2030.
The data derived from sub-meters has a plethora of benefits for end-users. It helps to make better decisions that can lead to optimized energy performance. Furthermore, the concept of tenant submetering also attracts substantial demand. These factors influence the growth opportunities in the electric sub-meter market.
According to the analysts at Transparency Market Research (TMR), the global market for electric sub-meter is prognosticated to record a CAGR of 4% during the forecast period of 2020-2030. The electric sub-meter market is expected to surpass US$ 7.71 Bn by 2030.
The government bodies of numerous countries are laying a greater emphasis on energy efficiency. In order to achieve the goal of sustainability and energy management, the government bodies are structuring initiatives and schemes for encouraging the installation of electric sub-meters. These factors will have a profound impact on the growth trajectory of the electric sub-meter market. Furthermore, the players in the electric sub-meter market are also focusing on the development of smart meters as they are observing considerable traction.
Increasing Focus on Rural Electrification in Densely Populated Areas to Result in Exponential Growth of Global Market
Densely populated countries such as India and China are working on 100% electrification across rural areas. Governments of these countries are launching several initiatives that will help accelerate rural electrification. The Government of India'sDeendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) is a classic instance of a rural electrification initiative. This initiative aims to enhance the reliability and quality of power supply in rural areas across India. Such schemes ensure promising growth for the electric sub-meter market.
Growing Number of Collaborations to Offer Extensive Prospects for Electric Sub-meter Market
The growing number of collaborations between players in the electric sub-meter market and energy experts will set the growth cycle in motion. These collaborations are assisting in boosting innovations and triggering the advent of novel technologies in electric sub-meters. The growing demand for smart electric sub-meters is leading to an increase in partnerships with connected technology providers. All these factors help in the overall growth of the electric sub-meter market.
Industrial Sector to Emerge as Attractive Segment for Electric Sub-meter Market
Industrialization is growing at a rapid rate across many countries. Strict government regulations regarding energy monitoring and usage in the industrial sector have increased the demand for electric meters. All these aspects will help in adding value to the growth structure of the electric sub-meter market.
Electric Sub-Meter Market: Growth Boosters
Monitoring energy leakages and outages is a prominent concern among consumers in both residential and commercial applications. The installation of electric sub-meters helps in curbing these issues, eventually assuring promising growth.
Three-phase electric sub-meters are experiencing substantial demand, especially in the industrial sector, due to features like project performance visualization and equipment performance optimization
Some well-entrenched players in the electric sub-meter market are Honeywell International Inc., Leviton Manufacturing Co. Inc., Elster Group, GE Digital Energy, Nuri Telecom Co. Ltd., Kamstrup AS, Submeter Solutions, and Schneider Electric SE.
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