Dublin, Dec. 13, 2024 (GLOBE NEWSWIRE) -- The "Electric Sub Meter Markets to 2028 & 2033" report has been added to ResearchAndMarkets.com's offering.
The electric sub meter market size has grown strongly in recent years. It grew from $9 billion in 2023 to $9.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth during the historical period can be attributed to several factors, including an increased demand for energy efficiency, stricter regulatory requirements for energy monitoring, rapid urbanization, the expansion of commercial and residential construction, a heightened focus on sustainability, the development of smart grid infrastructure, and the proliferation of renewable energy sources.
This electric sub meter market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
North America was the largest region in the electric sub meter market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The electric sub-meter market size is expected to see strong growth in the next few years. It will grow to $13.74 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth during the forecast period can be linked to several factors, including a rising demand for energy efficiency, increasing government regulations that promote smart grid systems, a growing adoption of renewable energy sources, expanding urbanization and infrastructure development, a heightened need for precise energy monitoring in both industrial and residential sectors, and an increasing focus on reducing electricity costs.
Key trends expected in this period include advancements in IoT integration for real-time data monitoring, the adoption of smart meters for energy management, the development of advanced billing solutions, the implementation of cloud-based platforms for data analytics, and the adoption of wireless sub-metering technologies.
The anticipated rise in the adoption of renewable energy sources is expected to significantly drive the growth of the electric sub-meter market in the coming years. For instance, a report from the World Resources Institute in February 2024 noted that the United States achieved a historic installation of 31 gigawatts (GW) of solar energy capacity in 2023, representing a remarkable 55% increase from 2022 and surpassing the previous record set in 2021. Thus, the rise in renewable energy adoption is a key driver for the electric sub-meter market.
Leading companies in the electric sub-meter market are focusing on technological innovations, such as integrating cloud computing platforms into energy meters to improve data accuracy, facilitate real-time energy monitoring, and provide advanced analytics for optimizing energy consumption and lowering operational costs.
In June 2024, Ancala Partners LLP, a UK-based investment management company, acquired Solandeo GmbH for an undisclosed sum. This acquisition will enable Ancala to support Solandeo in delivering high-quality metering services to the expanding German energy market. Solandeo GmbH, based in Germany, specializes in renewable energy semiconductor manufacturing and provides smart meter solutions, including two-phase digital electric submeters.
Research Scope
Markets Covered:
1) by Type: Non-Socket or Electronic Sub-Meter; Socket or Electromechanical Sub-Meter; Current Transformer; Feed-Through Sub-Meter
2) by Phase: Single Phase; Three Phase
3) by Application: Residential; Commercial; Industrial
Key Companies Profiled: Siemens AG; General Electric Company; Honeywell International Inc.; ABB Ltd.; Eaton Corporation plc
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024-2028 |
| Estimated Market Value (USD) in 2024 | $9.77 Billion |
| Forecasted Market Value (USD) by 2028 | $13.74 Billion |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
The major companies profiled in this Electric Sub Meter market report include:
- Siemens AG
- General Electric Company
- Honeywell International Inc.
- ABB Ltd.
- Eaton Corporation plc
- Chint Group Co. Ltd.
- Xylem Inc.
- Hubbell Incorporated
- Schneider Electric SE
- Leviton Manufacturing Company Inc.
- Itron Inc.
- Landis+Gyr AG
- Jiangsu Linyang Energy Co. Ltd.
- Shenzhen Clou Electronics Co. Ltd
- OK a.m.b.a. (Kamstrup)
- Ningbo Sanxing Smart Electric Co. Ltd.
- Charterhouse Capital Partners (Sagemcom)
- Shenzhen Techrise Electronics Co. Ltd.
- Holley Technology Ltd.
- NuriFlex Co. Ltd.
- Zhejiang Wellsun Electric Meter Co. Ltd.
- Ning Xia Yin Xing Energy Co. Ltd. (Longi)
- Zhejiang Hengye Electronics Co. Ltd.
- Star Treasure Investments Holdings Limited (Wasion Group)
- XJ Measurement & Control Meter Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/eu6ood
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