by The Global Electric Sub Meter Market comprises electricity meters that are installed by property owners and utility distribution companies in multi-unit residential and commercial buildings to measure electricity consumption of individual tenants. Electric sub meters help property managers and tenants reduce electricity costs by monitoring electricity consumption patterns. They also enable flexible billing options by subdividing the master meter’s reading into more granular tenant-level consumption data.
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 include 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. Key players are focusing on developing advanced metering infrastructure technology and Internet of Things integrated electric sub meters to gain a competitive edge.
The growing demand for electric sub meters from the commercial sector is driving market growth. Commercial buildings such as offices, malls, hospitals are widely adopting electric sub meters to allocate electric charges according to actual consumption and incentivize energy efficiency.
Additionally, the market is witnessing significant expansion in regions such as Asia Pacific and Middle East & Africa. Government initiatives to install individual meters in multifamily buildings and rising construction of commercial infrastructure in developing nations is boosting the electric meters market in these regions.
Market Key Trends
One of the key trends gaining momentum in the Global Electric Sub Meter Market Size And Trends is the increasing adoption of smart electric sub meters. Smart electric sub meters have advanced features such as remote monitoring and control capabilities, two-way communication, electric load disaggregation, and power quality analysis. They help property managers and commercial building owners improve energy management, reduce electric bills, detect power outages and theft. The growth in IoT and smart grid technologies is expected to drive more sophisticated smart electric sub meter installations during the forecast period.
Porter’s Analysis
Threat of new entrants: New players will face high initial investment requirements to establish distribution networks and compete against established players in the electric sub meter market.
Bargaining power of buyers: Buyers have moderate bargaining power in the electric sub meter market due to the presence of multiple suppliers providing substitutable products.
Bargaining power of suppliers: A few large multinational players dominate the supply of electric sub meters globally, giving them moderate bargaining power over buyers.
Threat of new substitutes: No close substitutes exist for electric sub meters currently, giving existing products a competitive advantage.
Competitive rivalry: The Global Electric Sub Meter Market Trends is consolidated with the top players accounting for a major share of sales.
Geographical Regions with High Market Value
North America accounts for the largest value share in the electric sub meter market currently due to high penetration of meters across residential, commercial and industrial spaces driven by legislations mandating their installation.
Fastest Growing Geographical Region
The Asia Pacific region excluding Japan is expected to witness the fastest growth over the forecast period owing to rapidly expanding urban infrastructure and industrialization activities in major countries such as China and India driving widespread adoption of electric sub meters.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile i
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