Advantages of Precise allocation of Energy Costs for Commercial, Residential Establishments spurs Growth in Electric Sub Meter Market, Digital Metering Solutions witness substantial uptick in Demand - TMR
- Strict government regulations pertaining to the installation of electric sub-meters are expected to aid growth of the global electric sub-meter market.
- In the electric sub-meter market, digital metering solutions are an emerging trend. Buyers are drawn to devices with alarm recording and extensive data logging abilities.
ALBANY, N.Y., March 9, 2021 /PRNewswire/ -- Instead of providing an individual metre that will calculate the entire energy consumption in the building, the electric-sub metre assists in tracking and calculating the electricity consumption for each individual part of the construction. Installing electric-sub metres in multi-tenant spaces eliminates the additional cost incurred for maintenance, which helps the building's owner financially. As such, the ability to save cost and regulate energy consumption is estimated to pave way for rapid growth of the global electric sub meter market in the years to come.
The rise in smart grid home area network (HAN) construction projects in Asia, fuelled by government initiatives, is providing conducive environment for the players in the global electric sub-meter market. Local manufacturers are also selling smart electric sub-meters for use in residential and industrial buildings. Given the increased rivalry, both regional and global players are focused on adding value to their products while maintaining competitive pricing.
In terms of revenue, the global electric sub-meter market is estimated to expand at a growth rate of ~4% CAGR during the projected timeframe. The growth of the market is ascribed to the rapidly expanding applications of electric sub-meters in both industrial as well as commercial sectors.
High Demand for Energy Efficient Solutions to Accelerate Growth of the Market
With the debate over climate change heating up, it has become critical for companies to deploy electric sub-meters. These devices assist in effective monitoring of energy consumption in campuses, warehouses, and homes. Stakeholders in Europe are following the Metering Instruments Directive (MID) to ensure that new metres are installed according to regulations. Retailers, local government councils, hospitals, and airports are also becoming more mindful of the importance of implementing successful energy efficiency policies. To break down power usage into individual areas, building management systems (BMS) are being paired with electric sub-meters. Businesses in the electric sub-meter industry gain from such developments. Automatic Monitoring and Targeting (aM&T) systems are becoming a major driver in the expansion of the global electric sub-meter market in the near future.
Technology-driven Sub-Metering Solutions are Provided by Energy Experts For Efficient Energy Use
Future-oriented sub-metering solutions are increasingly relying on analytical methods that make use of real-world data. CLPe Solutions, a leading provider of infrastructure and energy solutions, is gaining a reputation for its sub-meters and smart logger downstream systems, which allow facilities to function more intelligently and efficiently. With the presence of sub-metering system management and support services, it is now easier to operate a single high-rise building or a multi-building campus. Electric sub-metering companies are working with energy specialists to provide technology-driven solutions to end users so as to obtain actionable information about energy usage. Companies are stepping up their efforts to provide consumers with personalised sub-metering solutions for reporting site energy consumption.
Use of Digital Metering Solutions to Gather Traction over the Forecast Timeframe
Firms in the global electric sub-meter market are integrating sophisticated communication and login functionality into their goods. Manufacturers are expanding the availability of sub-metering solutions that offer robust data logging as well as other features including Wi-Fi and USB (Universal Serial Bus) for easy incorporation into new and existing infrastructures. Electric sub-metering companies are working on ways to monitor and control energy usage in factories, industries, and across campuses. In the global electric sub-meter market, digital metering solutions are an exponentially increasing phenomenon. Buyers are drawn to devices with alarm recording and extensive data logging abilities. For manufacturers, predictive maintenance of power systems and advanced analysis are resulting in value grab opportunities.
Explore 203 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Electric Sub-meter Market (Type: Smart Sub-meter, Electronic Sub-Meter, and Electromechanical Sub-Meter; Phase: Single Phase and Three Phase; and Application: Industrial, Residential, and Commercial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030 at https://www.transparencymarketresearch.com/electric-sub-meter-market.html
Electric Sub-meter Market: Growth Drivers
Electric sub-meters are in high demand at industrial and commercial sites around the world for energy management, control, and tracking.
In a robust building automation system, sub-metering data maximises operational and energy savings, allowing for advanced analysis and complex control adjustments to handle energy consumption.
In addition, the installation of electric sub-meters in industries is subject to strict government regulations. As a result, during the projected timeline, the industrial sector is expected to play an important role in the growth of the global electric sub-meter market
Analyze Global Electric Sub-meter Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
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