| Source: Future Market Insights Global and Consulting Pvt. Ltd.
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NEWARK, Del, Sept. 14, 2023 (GLOBE NEWSWIRE) — The electric sub-meter market is expected to be worth US$10.4 billion in 2023. By 2033, the market is expected to be worth US$ 15.3 billion. During the projection period of 2023 to 2033, the market is estimated to grow at a CAGR of 4%.
One element driving the worldwide electric sub-meter market is the use of electrical sub-metering systems for monitoring, control, and administration at both commercial and residential sites around the world. As a result, the increasing use of electrical sub-metering technology in both the commercial and industrial sectors is driving the global electric sub-meter market.
Development for electric submeters is being driven by the rise of smart buildings and the incorporation of Internet of Things (IoT) technology. These meters allow for remote control and supervision, which improves building effectiveness and automation.
The United States has been more concerned with energy efficiency and sustainability. This emphasis will most likely boost demand for electric submeters, which offer exact monitoring and control of the usage of energy in both home and business settings.
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Several states and local governments in the United States have enacted energy efficiency laws that encourage the installation of electric submeters. Market growth is likely to be driven by compliance with these laws.
The steadfast dedication of the United Kingdom to carbon reduction and sustainability drives demand for electric submeters, which provide exact monitoring and management of energy use. Government measures and incentives to improve energy efficiency stimulate the market even further.
Key Takeaways from the Market Study
“Sub-metering systems can monitor and regulate green energy incorporation as renewable energy sources such as wind and solar power become more popular. In addition, the demand for energy-efficient technologies in commercial and residential facilities is driving market expansion,” says an FMI analyst.
Energy efficiency, as well as the observation of energy leaks and outages, is becoming increasingly important for both electricity providers and consumers.
As a result, government agencies, electrical suppliers, and businesses have created alliances or joint ventures to address energy efficiency issues.
Top Key Players in Electric Sub-meter Industry
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Electric Sub-meter market presenting a historical analysis from 2018 to 2022 and forecast statistics between 2023 and 2033.
The study reveals essential insights By Product (Sockets/Electromechanical (Feed-through Sub-meters, Current Transformers), Non-socket /Electronic, Smart), Phase (Single Phase, Three Phase), By Application (Commercial Establishments (Large Retail Stores, Data Centers, Others), Residential Sector, Industrial Sector), and Region.
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Key Segments of Electric Sub-meter Industry Research
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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