Electric Sub Meter Market Size 2023-2028: Bentec Electricals & Electronics Pvt. Ltd., General Electric, Genus Power Infrastructures Ltd., Hexing Electric Co. Ltd., Itron Inc.

According to MarkNtel Advisors study the Global Electric Sub Meter Market size was valued at around USD 7.5 billion in 2022 and is projected to grow at a CAGR of about 6% during the forecast period, i.e., 2023-28.

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Key Findings of the Study: Electric Sub Meter market

Global Electric Sub Meter Market Driver:

Increasing Government Focus on Brining Energy Efficiency Across Sectors – As each industry is assuring to bring energy efficiency to regulate automation in different applications, the demand for Electric sub-meter is escalating rapidly. This preferential shift is also augmenting the popularity of the electric sub-meters over conventional alternatives, including electric & electrochemical sub-meters.

Besides, with expanding applications in the power industry, the electric sub-meters are viewed as an excellent alternative to conventional devices lacking such versatility in measuring, monitoring, & controlling energy, hence aiding in driving the Global Electric Sub Meter Market through 2028.

Global Electric Sub Meter Market Growth Opportunity:

Expansion of Retail Spaces to Increase the Product Demand – The incessantly growing world population, and their surging demand for consumer products, have resulted in the consistent development of retail spaces such as shopping malls, complexes, supermarts, hypermarts, etc., across the globe. The increasing disposable income not only in developed but also in developing nations in recent years has further pushed investments in the evolution of retail infrastructures.

The growth of the developing nations in line with increasing foreign investments & government focus on developing the service sector in emerging regions such as Latin America, the Middle East, and Asia-Pacific resulted in the expansion of consumer markets in recent years. This demographic shift is driving increased consumer spending on retail goods, including consumer electronics, clothing, food & beverages, and household products, further leading to the expansion of retail infrastructure.

Hence, the development of retail buildings would play a key role in the deployment of electric sub meter energy for monitoring & management purposes. Retail buildings consisting of multiple tenants are considerably inclining towards electric sub meters for measuring the individual electricity consumption of each unit. This enables fair & accurate cost allocation, as tenants are billed based on their actual usage rather than a shared utility bill. Therefore, the expansion in the retail buildings would provide an opportunity for the growth of Global Electric Sub Meter Market in the forecast years.

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Scope of the Report and Electric Sub Meter Market Segmentation:

By Product

• Smart Sub-Meter
• Electronic Sub-Meter (Non-Socket Type)
• Electromechanical Sub-Meter (Socket Type)

By Phase

• Single Phase
• Three Phase

By End-User Application

• Industrial
• Residential
• Commercial

Among all, the Residential sector is anticipated to acquire the largest share of the Global Electric Sub-Meter Market and dominate through 2028.

Electric Sub Meter Market Development:

• 2023: Metro Prepaid has launched its electric sub meters in Ireland which would help the landlords to collect utility payments from their tenants. The launch of Metro Prepaid’s electric sub meters in Ireland is a positive step towards more sustainable & efficient energy consumption

Geographical Analysis:

By Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia-Pacific

The Asia-Pacific region would witness considerable growth in the forecast period owing to a rise in the construction of residential & commercial buildings.

Note: If you require specific information not covered in the current report, we can provide it through customized option

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