Global Electric Sub Meter Market is Anticipated to Witness High Growth Owing to Growing Demand for Energy Management

The global electric sub meter market comprises electric meters that are installed between the primary utility meter and individual units within multifamily residential and commercial buildings for tracking energy consumption. Electric sub meters enable utilities and building owners to monitor energy usage at an individual apartment or tenant level to encourage efficient energy use and cost allocation. They help track energy consumption patterns and identify issues in real-time, and determine which appliances, lighting or HVAC systems are using the most energy. The growing demand for energy management in buildings and increasing focus on reducing energy costs are anticipated to drive widespread adoption of electric sub meters.

The Global Electric Sub Meter Market is estimated to be valued at US$ 17.76 Bn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Global Electric Sub Meter Market are Aclara Technologies LLC, Apator Group, Badger Meter, Inc., Diehl Stiftung& Co. KG, Eaton Corporation plc, Elster Group GmbH (Honeywell), General Electric Company, Holley Metering Limited, Itron Inc., Kamstrup A/S, Landis+Gyr AG, Legrand SA, Mitsubishi Electric Corporation, Schneider Electric SE, and Siemens AG. These players are focusing on new product development and partnerships to gain a competitive advantage in the market.

There is immense potential for Global Electric Sub Meter Market Trends of Asia Pacific and South America owing to rapid urbanization and infrastructure development. Key players are expanding their operations in these regions through collaborations with local partners to tap into new growth opportunities.

The growing demand for accurate energy monitoring and billing in shared spaces like condominiums, apartments and commercial buildings is opening new avenues for electric sub meter solutions. Technologies like cloud-based meter data management and IoT integration are further enhancing the functionality of electric sub meters and driving their adoption.

Market Drivers

Stringent regulations mandating installation of sub meters in multi-tenant buildings to encourage energy conservation is a key driver for the Global Electric Sub Meter Market Size And Trends Government policies promoting energy efficiency and reduction of carbon footprint are further boosting the uptake of sub metering solutions globally.

Market Restraints

High initial installation and deployment costs of electric sub metering systems pose a challenge for widespread adoption, particularly in cost-sensitive markets. Data security and privacy concerns regarding smart meters transmitting usage information could also negatively impact the electric sub meter market.

Segment Analysis

The global electric sub meter market can be segmented based on product type, phase, application, and meter type. Within product type, two phase electric sub meter dominated the market in 2024. This is because most commercial and residential buildings require electricity supply in two phases only.

Based on application, the commercial segment accounted for the largest share in 2024. This is due to the extensive use of electric sub meters in malls, offices, hospitals and other commercial set ups to measure individual tenant or department electricity consumption accurately. It allows ease in billing and cost allocation.

Global Analysis

Regionally, Asia Pacific dominated the global electric sub meter market in 2024 with a share of over 35%, driven by China, India and other developing countries. This is attributed to rapid industrialization and infrastructure growth in the region requiring extensive use of electric sub meters. North America and Europe held significant shares as well, due to established commercial sector and policies supporting adoption of smart meters. Going forward, Asia Pacific is expected to witness highest growth till 2031, led by China, India and Southeast Asian countries investing heavily in smart grid technologies.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)