Electric Sub-Meter Market is Anticipated to Reach a Value Of $2,816.4 Million By 2025 and Grow at a CAGR Of 11.5% During The Forecast Period 2018-2025, Says Esticast Research And Consulting
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As per the report “Electric Submeter Market By Type ( Transformer, Feed Through Sub-Meter ), By End-User ( Commercial, Industrial, Residential ) Industry Trends, Estimation & Forecast, 2018-2025″. Electric sub-meter market is anticipated to reach a value of $2,816.4 million by 2025 and grow at a CAGR of 11.5% during the forecast period 2018-2025.
In 2017, the industrial segment generated the highest revenue share in the global electric sub-meter market. Among major regions, Europe was the highest revenue generating market, holding nearly 35% of the market share, in 2017.
“Electric sub-meters witness a low market penetration rate in the commercial and residential building sector due to their high prices. In order to tackle such hurdles and gain a high penetration rate, the market players, along with government authorities, are focusing on product enhancement to lower the price of the product.”
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Electric sub-meters witness a rising demand in the global market as the number of tenants escalate across the globe
Earlier, a master meter was used to measure all the natural gas and electricity consumed by an apartment building, without taking into consideration the amount of electricity and natural gas consumed by each individual tenant. Thus, landlords are now adopting electric sub-meters to charge an individual tenant with the amount of electricity and natural gas consumed by him/her. Tenant submetering propels the tenants to use electricity and natural gas judiciously by minimizing their usage and only paying for the amount they have consumed. Thus, the escalating number of tenants across the globe is one of the major factor surging the demand for electric sub-meters in the global market.
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North America, Europe, and Asia-Pacific account for 85% of the global market share, owing to the rising industrial and residential sector
North America, Europe, and Asia-Pacific together accounted for nearly 85% market share, in terms of revenue, of the global electric sub-meter market. The regions earned a significant revenue share due to their booming industrial and residential sectors. The rising electricity costs and increasing number of energy efficiency policies being implemented in these region are the major factors boosting the sales of electric sub-meters in the regional markets. In addition, the adoption of smart city concept by various developing and developed nations is yet another factor catalyzing the growth of electric sub-meter market.
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Some key market players are ABB Inc., Continental Control Systems, LLC, DENT Instruments, Inc., Eaton, EZ Meter Technologies, GE Digital Energy, Honeywell International, Intellimeter Canada Inc., Leviton Manufacturing Co., Inc., Lutron Electronics Company, Inc., Lutron Electronics Company, Inc., Schneider Electric, Siemens Industry, Inc., TE Connectivity, Triacta Power Solutions LP, Universal Electric Corporation, LEM, Kamstrup, Studebaker Submetering Inc., and Echelon.