Electric Sub-meter Market Analysis, Key Players, Industry Segments & Forecast 2022 to 2030
The global electric sub-meters market is expected to accelerate near US$ 12.8 billion by the end of the forecast period due to rising demand in the energy and utilities sector (2022-2030). A recent Future Market Insights (FMI) report predicts that the market for electric sub-meters would develop at a promising rate through 2030. According to the FMI survey, the energy and utilities sector is expected to employ electric sub-meters more widely due to their improved energy performance and efficiency.
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Key Takeaways of the Electric Sub-meters Study
The rising adoption of smart electric sub-meters with IoT capabilities is driving players to acquire component producers. The lack of adequate technical expertise to adopt smart sub-meters is encouraging mergers with automation providers. Mergers and acquisitions are projected to be the key business strategies for manufacturers in the industry. East Asia is projected to hold a major market share throughout the forecast period, primarily driven by an impetus from China.
Electric Sub-meters Market – Top Growth Drivers
Government policies regarding installation of smart electric sub-meters would be a major growth driver. Easy availability of low-cost smart electric sub-meters for residential applications will bolster overall demand. Tech advancements to cut down electrical leaks and outages while reducing the risk of error, will continue to drive adoption.
Electric Sub-meters Market – Key Restraints
Reluctance of building owners towards paying the upfront costs of upgrading sub-meters is a key restraint to the market. Conventional electric sub-meters continue to generate a greater risk of human error in records, thereby restricting the market.
“Manufacturers from ASEAN countries and India are focusing on acquiring new orders and tenders to increase their revenue by deploying smart electric sub-meters. This is creating ample opportunities for investors in the electric sub-meter market,” says the FMI analyst.
Competitive Landscape
Some of the prominent players that are covered by the study include, but are not limited to, Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Itron Inc., Honeywell International, Xylem Inc., OSAKI Electric Co. Leading players in the field of automation are acquiring sub-meter manufacturers to bolster scope of application. Further, regional manufacturers are pushing for product value additions, and competitive pricing strategies to bolster overall demand.
More about the Report
The 291-page study offers an in-depth market forecast and analysis on the electric sub-meters market. The major categories encompassed by the report include product type (socket type/electromechanical sub-meters, non-socket/electronic sub-meters, and smart sub-meters), phase (single phase and three phase), application (commercial establishments, residential sector, and industrial sector) across seven regions (South Asia, East Asia, Latin America, Europe, North America, Middle East & Africa, and Oceania).
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Key Segments of Electric Sub-meter Industry Research
By Product:
Socket Type/Electromechanical Sub-meters Feed-through Sub-meters Current Transformers Non-socket /Electronic Sub-meters Smart Sub-meters
By Phase:
Single Phase Electric Sub-meters Three Phase Electric Sub-meters
By Application:
Commercial Establishments Large Retail Stores Data Centers Others Residential Sector Industrial Sector
By Region:
North America Electric Sub-meter Market Latin America Electric Sub-meter Market Europe Electric Sub-meter Market East Asia Electric Sub-meter Market South Asia & Pacific Electric Sub-meter Market Middle East & Africa (MEA) Electric Sub-meter Market