The Global Electric Sub Meter Market is driven by increasing energy conservation measures
The Global Electric Sub Meter Market includes sub-meters that are used for recording electricity consumption at the individual apartment or building level. Electric sub meters are installed by property developers, landlords and others to monitor individual unit or apartment level electricity consumption. The sub meters help allocate electricity cost based on actual consumption to each tenant or resident, thereby promoting cost savings through efficient energy usage. Electric sub meters have advantages such as enabling real-time energy monitoring, detection of abnormality or inefficiency, prevention of energy theft and allowing tenants to reduce electricity bills through behavioural changes. The increasing need for better energy management at residential and commercial complexes coupled with government regulations and policies to conserve energy, make electric sub meters a viable solution.
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 from 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. Growing awareness about energy conservation and cost savings has increased demand for electric sub meters across countries. Major players are expanding their product portfolios and global footprints especially in developing regions to tap new business opportunities.
Market Drivers
Global Electric Sub Meter Market Trends to energy efficiency and carbon footprint reduction are driving demand for electric sub meters globally. The sub meters help track consumption patterns and enable users to reduce wastage through behavioral changes. Increasing construction of smart buildings and focus on sustainability also promote adoption of sub metering solutions. Technological advances in smart electric meters allow for automatic meter reading and two-way communication with utility companies facilitating remote billing and power outage notifications. This has further strengthened demand from the residential and commercial sectors.
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