What is the projected market size and growth rate of the Electric Sub-meter Market?
Electric Sub-meter Market: Introduction
Transparency Market Research delivers key insights on the
global electric sub-meter market. In terms of revenue, the
global electric sub-meter market is estimated to expand at a CAGR of ~4% during
the forecast period, owing to numerous factors regarding which TMR offers
thorough insights and forecasts in its report on the global electric sub-meter
market.
Electrical sub-meters measure energy usage after it reaches
the primary utility meter. It offers the ability to monitor energy usage for
individual tenants, departments, pieces of equipment, or other loads, to
account for their actual energy usage. The global electric sub-meter market is
broadly affected by several factors, including usage of electric sub-meters for
monitoring, controlling, and managing proper energy at commercial and
industrial sites across the world. Thus, expanding applications of electric
sub-meters in commercial as well as industrial sectors is propelling the global
electric sub-meter market.
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Electric Sub-meter Market: Dynamics
Stringent government regulations for the installment of
electric sub-meters are directly expected to facilitate the growth of the global
electric sub-meter market during the forecast period. For instance:
- In
the U.S., 22 states, three counties, and Washington, D.C.
have acts, guidelines, or verdicts on utility sub-metering
- In
the UAE, the electric sub-meter regulation states that “All buildings with
a cooling load of at least one (1) megawatt (MW) or gross floor area
of 5,000 sq.m or greater, additional electrical
sub-metering (of tariff class accuracy) must be installed to record demand
and consumption data for each major energy-consuming system in the
building. At a minimum, all major energy consuming systems with a load of
hundred (100) kilowatts (kW) or greater must be sub-metered”.
- According
to Rental Housing Act and Electricity Regulation Act in South Africa,
owners of commercial properties, and blocks of flats have to install a
prepaid electric sub-meter
- Building
Code of Australia (BCA) covers rules for electricity sub-metering in new
class 2 and 5 buildings. This applies to
sole-occupancy units in class 2 and 5 buildings
over 500 meters squared total floor area.
Similar regulations regarding sub-meter installation in
different countries of the world are driving the electric sub-meter market.
Electric Sub-meter Market: Prominent Regions
North America held the largest share of the market
(over 40%) in 2020, owing to high installation of
electric sub-meters in hospitals, multi-tenant mixed-use properties, shopping
malls, office towers, etc. Furthermore, electric sub-meters are
increasingly preferred in residential sectors of the region to monitor the
consumption of electricity in building equipment such as HVAC systems,
indoor/outdoor lighting, kitchen appliances, and refrigerators. The region is
also witnessing high demand for electric sub-meters in manufacturing and other
industrial applications. Europe also held a substantial share of the global
electric sub-meter market, and this market in Europe is projected to expand at
the highest CAGR of 4.2% during the forecast period. In the
European countries, smart sub-meters are replacing non-smart electronic
sub-meters, since they enable advanced analysis and dynamic control changes to
manage energy use. Therefore, they are increasingly preferred despite the high
cost.
Electric Sub-meter Market: Key Players
Key players operating in the global electric sub-meter
market are Siemens AG, Elster Group, GE Digital Energy, Honeywell International
Inc., Kamstrup AS, Leviton Manufacturing Co. Inc., Nuri Telecom Co. Ltd.,
Schneider Electric SE, and Submeter Solutions.
Global Electric Sub-meter Market: Segmentation
Electric Sub-Meter Market, by Type
- Smart
Sub-meter
- Electronic
Sub-meter
- Electro-mechanical
Sub-meter
Electric Sub-meter Market, by Phase
- Single
Phase
- Three
Phase
Electric Sub-meter Market, by Application
- Residential
- Commercial
- Industrial
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