Sales of electric sub-meters accounted for approximately 35% share of the global electric meters market in 2021. Smart sub-meters continue to carve out a significant share in overall electric sub-meter sales.
The global electric sub-meter market grew at a CAGR of around 2.7 percent between 2014 and 2021. An electric sub-meter is a system that allows a landowner, tenant, condominium, asset consulting company, or others to bill renters for individual measured electric usage. Facility and building managers can gain visibility into the energy use and performance of their equipment by fairly compensating each renter for their contribution.
Installing a digital sub-meter enables precise power management, true power usage, granular in-depth reviews of facility energy data, and time-series comparisons of consumption across similar programs, as well as early detection of maintenance issues so that critical equipment can be repaired before it fails.
The electric sub-meter market grew slowly in the face of the COVID-19 pandemic in 2020.
Several factors influence the worldwide electric sub-meter market, including the use of electrical sub-metering systems for monitoring, regulation, and management at commercial and residential sites around the the the the the the the the the the the the the the the the the the the the the the the the d the world. As a result, the worldwide electric sub-meter market is being propelled by rising applications of electrical sub-metering systems in both commercial and industrial sectors.
Other elements that are helping the electric meters market growth are government deployments of sub-metering in new projects and technical advances such as the IoT technology to rebuild traditional energy infrastructure. Key players are now focusing on increasing customer retention and strengthening their relationships with existing customers.
Long-term relationships with customers, distributors, and vendors enable companies to acquire long-term contracts for product requirements, and this is expected to be the key strategy for market growth.
East Asia is expected to account for nearly 23.2 percent of the global electric sub-meter market in terms of market value. East Asia would continue to be at the forefront of three-phase submeter sales.
The increase in smart grid home area network (HAN) installation projects in East Asia, fueled by three-phase initiatives, is providing fertile ground for key players. Furthermore, local manufacturers provide three-phase sub-meters for installation in commercial and residential settings.
Given the increased competition, both global three-penal players are focusing on increasing value-addition in their offerings while maintaining competitive pricing. The same trend is sweeping South Asia’s electric sub-meter market, particularly in Indonesia and Vietnam. East and South Asia account for roughly half of the total stack.
Key Players:
- Itron Inc.
- Schneider Electric
- General Electric
- Siemens AG
- Mitsubishi Electric Corporation
- Osaki Electric Co. Ltd
- Xylem Inc.
- Bentec Electricals & Electronics Pvt. Ltd.
- Genus Power Infrastructures Ltd.
- Kamstrup A/S
- Leviton Manufacturing Co. Inc.
- Hexing Electric Co. Ltd.
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