Market Overview: Global Electric Sub Meter Market
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Electric Sub Meter Market Insights 2023-28
The Global Electric Sub Meter Market size was valued at around USD7.5 billion in 2022 and is projected to grow at a CAGR of about 6% during the forecast period, i.e., 2023-28.
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Top Players in the Electric Sub Meter Market:
- Bentec Electricals & Electronics Pvt. Ltd.
- General Electric
- Genus Power Infrastructures Ltd.
- Hexing Electric Co. Ltd.
- Itron Inc.
- Kamstrup A/S
- Leviton Manufacturing Co. Inc.
- Mitsubishi Electric Corporation
- Osaki Electric Co. Ltd
- Schneider Electric
- Siemens AG
- Xylem Inc.
- Others
Segmentation Analysis of Electric Sub Meter Market
Electric Sub Meter Market exactly assesses and highlights significant trends and influencing factors within each segment. The comprehensive analysis extends its predictions for the period spanning 2023-28, focusing on the national landscape. The market is exactly categorized based on this analysis, providing valuable insights into its various facets.
-By Product
- Smart Sub-Meter
- Electronic Sub-Meter (Non-Socket Type)
- Electromechanical Sub-Meter (Socket Type)
Smart Sub Meters are anticipated to dominate the Global Electric Sub Meter Market with the largest share during the forecast period. It owes principally to their unparalleled benefits like quick monitoring of the electric system, eliminating manual reading & data errors, supporting efficient power supply, and increasing transparency concerning usage & billing, among others.
It, in turn, is demonstrating a large-scale installation across the utility sector by numerous companies, instigating the leading players to increase their production & distribution capacities and cater to the burgeoning demands for smart sub-meters globally.
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-By Phase
- Single Phase
- Three Phase
-By End-User Application
- Industrial
- Residential
- Commercial
A Comprehensive Geographical Analysis:
-By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
The Asia-Pacific region would witness considerable growth in the forecast period owing to a rise in the construction of residential & commercial buildings. Residential building construction has been on surge due to rapid urbanization & population growth during the historical years & the trend is expected to continue in the coming years as well, which would further boost the installation of electric sub meter. According to the UN-HABITAT, around 54% of the global urban population, or nearly 2.2 billion population lives in Asia. Thus, an increase in the population & urbanization has further led to a boost in the housing crisis in countries such as India, China, Vietnam, etc.
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