Electric Sub-meter Market Segmentation By Type (Socket Type/Electromechanical Sub-meter, Smart Sub-meter and Non-socket/Electronic Sub-meter); By Application (Commercial Establishments, Residential Sector and Industrial Sector) - Global Demand Analysis & Opportunity Outlook 2027
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
The electric sub-meter is used to measure the electrical energy and give the detail of the consumption of the energy. The electrical sub-meter records and measures the electricity consumption for the single unit. It enables the owners of the building to get the detail of the electricity consumption. It can be used in the residential, commercial and industrial buildings. It reduces the extra operational cost as it can be used in the multiple tenants and buildings. There are various advantages associated with electric sub-meter includes ability to measure exact consumption of the energy and elimination of the waste energy.
The global electric sub-meter market is anticipated to expand at a CAGR around 12% during 2018-2027. It is expected to reach around USD 4 billion. The increasing demand regarding energy preservation coupled with rising need for monitoring of the electric energy is anticipated to be the major reason fostering the growth of the global electric sub-meter market during the forecast period.
The market is expected to witness robust growth during the forecast period. The global electric sub-meter market can be segmented on the basis of type, application and region. On the basis of type, it is sub-segmented into socket type/electromechanical sub-meter, smart sub-meter and non-socket/electronic sub-meter. Further, socket type/electromechanical sub-meter is further segmented into current transformer and feed-through sub-meter. On the basis of application, it is sub-segmented into commercial establishments, residential sector and industrial sector. The commercial establishments is further sub-segmented into large retail stores, data centers, others. The commercial establishment sub-segment is anticipated to be the leading sub-segment during the forecast period. The rising expansion of the retail sector across the globe coupled with the increasing number of the commercial buildings leads to high application of the electric sub-meter.
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Rising Demand for Electric sub-meter from various Industrial Sectors
The increasing expansion of the commercial and industrial sector across the globe is anticipated to increase the application of the electric sub-meters. This is anticipated to drive the global electric sub-meter market during the forecast period. The increasing demand for monitoring the electrical usage across various industrial sectors is anticipated to fuel the growth of the global electric sub-meter market during the forecast period.
Rising Technological Development in Electric sub meter
The continuous development on the technology which focuses on effective management of the energy consumption by different industrial sector is anticipated to fuel the growth of the global electric sub-meter market. Moreover, the increasing technological development such as cloud computing and IoT is driving the demand for the electric sub meter. The stringent government regulation regarding the electric sub meter installation is predicted to be the major growth driver for the global electric sub-meter market.
Lack of awareness
Lack of public awareness about effective management of the energy is anticipated to hinder the growth of the global electric sub-meter market during the forecast period.
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