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What Is the Estimated Market Size of the Electric Sub Meter Market In 2029?
The market size for electric sub meters has witnessed robust growth in the past few years. In fact, it is projected to expand from $9.77 billion in 2024 to $10.65 billion in 2025, representing a compound annual growth rate (CAGR) of 9.0%. The growth observed in the historic period is due to factors such as increased demand for energy efficiency, more stringent regulatory requirements for energy monitoring, rapid urbanization, growth in commercial and residential construction sectors, enhanced focus on sustainability, the emergence of smart grid infrastructure, and the widespread adoption of renewable energy sources.
What Growth Rate Is Forecasted for the Electric Sub Meter Market by 2029?
The predicted expansion in the electric sub meter market size in the coming years is expected to be robust, reaching $14.94 billion by 2029 at a compound annual growth rate of 8.8%. This rise during the forecast period can be linked to the growing demand for energy efficiency, regulation implementation by governments to encourage smart grid systems, increased usage of renewable energy sources, development of urban areas and infrastructure, need for accurate energy monitoring in industry and homes, and efforts to lower electricity expenditures. Noticeable trends during the forecast period will comprise of progress in IoT for instant data monitoring, introduction of smart meters for energy regulation, creation of superior billing solutions, usage of cloud platforms for data analytics, as well as adoption of wireless sub metering.
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Which Key Companies Are Shaping the Future of the Electric Sub Meter Market?
Major companies operating in the electric sub meter market are Siemens AG, General Electric Company, Honeywell International Inc., ABB Ltd., Eaton Corporation plc, Chint Group Co. Ltd., Xylem Inc., Hubbell Incorporated, Schneider Electric SE, Leviton Manufacturing Company Inc., Itron Inc., Landis+Gyr AG, Jiangsu Linyang Energy Co. Ltd., Shenzhen Clou Electronics Co. Ltd., OK a.m.b.a. (Kamstrup), Ningbo Sanxing Smart Electric Co. Ltd., Charterhouse Capital Partners (Sagemcom), Shenzhen Techrise Electronics Co. Ltd., Holley Technology Ltd., NuriFlex Co. Ltd., Zhejiang Wellsun Electric Meter Co. Ltd., Ning Xia Yin Xing Energy Co. Ltd. (Longi), Zhejiang Hengye Electronics Co. Ltd., Star Treasure Investments Holdings Limited (Wasion Group), XJ Measurement & Control Meter Co. Ltd.
Which Factors Are Driving Demand in the Electric Sub Meter Industry?
The proliferation of renewable energy sources is projected to fuel the expansion of the electric sub-meter market in the future. The renewable energy obtained from naturally replenishing resources such as solar power, wind, and geothermal power is sustainable and eco-friendly, aiding in reducing greenhouse gases and combating climate change. The rise in the usage of renewable energy is primarily due to its environmental benefits, which comprise minimization of greenhouse gas emissions and mitigation of climate change. Electric submeters play a crucial role in controlling and enhancing renewable energy systems by supervising the generation, usage, and dispersion of energy derived from solar, wind, and hydro sources. For example, as per the World Resources Institute, a non-profit organization based in the US, there was a notable installation of 31 gigawatts (GW) of solar energy capacity in the United States in 2023, which is an impressive 55% increase from the installations in 2022 and breaking the previous record set in 2021. As a consequence, the rising adoption of renewable energy sources is propelling the electric sub-meter market.
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How Is the Electric Sub Meter Market Segmented by Several Divisions?
The electric sub metermarket covered in this report is segmented –
1) By Type: Non-Socket Or Electronic Sub-Meter, Socket Or Electromechanical Sub-Meter, Current Transformer, Feed-Through Sub-Meter
2) By Phase: Single Phase, Three Phase
3) By Application: Residential, Commercial, Industrial
Subsegments:
1) By Non-Socket Or Electronic Sub-Meter: Digital Non-Socket Sub-Meter, Smart Non-Socket Sub-Meter, Wireless Non-Socket Sub-Meter
2) By Socket Or Electromechanical Sub-Meter: Analog Socket Sub-Meter, Digital Socket Sub-Meter, Mechanical Socket Sub-Meter
3) By Current Transformer: Instrument Current Transformers, Protection Current Transformers, Measurement Current Transformers
4) By Feed-Through Sub-Meter: Single-Phase Feed-Through Sub-Meter, Three-Phase Feed-Through Sub-Meter, Smart Feed-Through Sub-Meter
What are the Emerging Market Trends Driving the Growth of the Electric Sub Meter Industry?
Leading firms in the electric sub-meter market are prioritizing technological enhancements, such as amalgamating cloud computing platforms with energy meters, in an effort to improve data precision, allow continuous energy tracking, and offer advanced data processing for energy usage optimization and operational cost reduction. The cloud computing platform is a digital system that offers services such as data storage, processing, and management. For example, in February 2022, ABB Ltd., a Swiss automation firm, introduced the M1M line of electric measuring and power monitoring meters intended for the digital panel meter. The M1M product line delivers cost-effective submetering for commercial and industrial edifices, merging with ABB’s cloud platform for extensive system surveillance and energy efficiency. These meters boost electrical system efficacy by offering a comprehensive array of measurement roles.
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Which Regions Are Driving Growth in the Electric Sub Meter Market?
North America was the largest region in the electric sub meter market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric sub meter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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This Report Delivers Insight On:
1. How big is the electric sub meter market, and how is it changing globally?
2. Who are the major companies in the electric sub meter market, and how are they performing?
3. What are the key opportunities and risks in the electric sub meter market right now?
4. Which products or customer segments are growing the most in the electric sub meter market?
5. What factors are helping or slowing down the growth of the electric sub meter market?
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