Transparency Market Research delivers key insights on the global electric sub-meter market. In terms of revenue, the global electric sub-meter market is estimated to expand at a CAGR of ~4% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global electric sub-meter market.
Electrical sub-meters measure energy usage after it reaches the primary utility meter. It offers the ability to monitor energy usage for individual tenants, departments, pieces of equipment, or other loads, to account for their actual energy usage. The global electric sub-meter market is broadly affected by several factors, including usage of electric sub-meters for monitoring, controlling, and managing proper energy at commercial and industrial sites across the world. Thus, expanding applications of electric sub-meters in commercial as well as industrial sectors is propelling the global electric sub-meter market.
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Electric Sub-meter Market: Dynamics
Stringent government regulations for the installment of electric sub-meters are directly expected to facilitate the growth of the global electric sub-meter market during the forecast period. For instance:
- In the U.S., 22 states, three counties, and Washington, D.C. have acts, guidelines, or verdicts on utility sub-metering
- In the UAE, the electric sub-meter regulation states that “All buildings with a cooling load of at least one (1) megawatt (MW) or gross floor area of 5,000 sq.m or greater, additional electrical sub-metering (of tariff class accuracy) must be installed to record demand and consumption data for each major energy-consuming system in the building. At a minimum, all major energy consuming systems with a load of hundred (100) kilowatts (kW) or greater must be sub-metered”.
- According to Rental Housing Act and Electricity Regulation Act in South Africa, owners of commercial properties, and blocks of flats have to install a prepaid electric sub-meter
- Building Code of Australia (BCA) covers rules for electricity sub-metering in new class 2 and 5 buildings. This applies to sole-occupancy units in class 2 and 5 buildings over 500 meters squared total floor area.
Similar regulations regarding sub-meter installation in different countries of the world are driving the electric sub-meter market.
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Electric Sub-meter Market: Prominent Regions
North America held the largest share of the market (over 40%) in 2020, owing to high installation of electric sub-meters in hospitals, multi-tenant mixed-use properties, shopping malls, office towers, etc. Furthermore, electric sub-meters are increasingly preferred in residential sectors of the region to monitor the consumption of electricity in building equipment such as HVAC systems, indoor/outdoor lighting, kitchen appliances, and refrigerators. The region is also witnessing high demand for electric sub-meters in manufacturing and other industrial applications. Europe also held a substantial share of the global electric sub-meter market, and this market in Europe is projected to expand at the highest CAGR of 4.2% during the forecast period. In the European countries, smart sub-meters are replacing non-smart electronic sub-meters, since they enable advanced analysis and dynamic control changes to manage energy use. Therefore, they are increasingly preferred despite the high cost.
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Electric Sub-meter Market: Key Players
Key players operating in the global electric sub-meter market are Siemens AG, Elster Group, GE Digital Energy, Honeywell International Inc., Kamstrup AS, Leviton Manufacturing Co. Inc., Nuri Telecom Co. Ltd., Schneider Electric SE, and Submeter Solutions.
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