The electric sub-meter market registered sluggish growth amid the COVID-19 pandemic in 2020. Contraction in growth is particularly attributable to restrictions in production, logistics, and sales enforced by governments worldwide.
The global value of the electric sub-meter market was $9.74 billion in 2021, and it is expected to grow steadily between 2022 and 2030.
In the current market scenario, leading manufacturers are focusing on R&D activities to develop smart sub-meters for a variety of applications. Smart sub-meters help to reduce electrical leaks and power outages while also providing customers with accurate consumption data.
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Key Takeaways for Electric Sub-meter Market Study
- Increasing consumer inclination towards smart sub-meters, owing to surging use of Internet of Technology (IoT), is anticipated to bolster market growth.
- Conventional sub-meter manufacturers are merging with global technology providers and key market players, considering increasing traction towards smart sub-meters.
- Governments in several countries are launching initiatives for rural electrification and installation of digital sub-meters.
- Given noteworthy growth of the market in China, the East Asia region is projected to have a significant share in the global electric sub-meter market from 2022 to 2030.
- The COVID-19 pandemic has put a majority of manufacturing and the supply chain of electric sub-meters on hold. As the number of infected individuals is increasing, industrial trade activities are expected to plunge significantly on a global scale, affecting the production and demand for electric sub-meters. Post containment of COVID-19 and lifting of lockdowns in developed regions, the global population would continue to follow social distancing protocols. Sales of electric sub-meters and new projects related to deployment of smart sub-meters in South East Asian countries will then pick pace.
“Manufacturers in emerging markets such as India and ASEAN countries are entering into supply agreements through tenders and new orders. Replacement of conventional electric sub-meters with novel smart sub-meters is expected to remain the key growth driver of the electric sub-meter market. In addition, manufactures are investing heavily in R&D activities in order to provide tech-driven smart electric sub-meters at comparatively lower prices, without compromising on quality.”
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Electric Sub-meter Market: Competitive Landscape
Players active in the electrical sub-meter market covered in this research study are ABB, OSAKI ELECTRIC CO., LTD., Schneider Electric, Honeywell International, Landis+Gyr, General Electric, Itron Inc., Siemens AG, Xylem Inc., and Mitsubishi Electric Corporation. These key participants are looking to expand their footprints by acquiring regional manufacturers in the electrical sub-meter market.
Moreover, the global electric sub-meter market is fairly fragmented, with the presence of global as well as regional manufacturers. Market competition is anticipated to intensify due to strategic mergers & acquisitions by global market players to reinforce their business presence across continents.
Governments in countries such as Indonesia and Vietnam are walking the extra mile to enable proper electrification across their nations, and, as such, intensifying the competitive ratio in the market. Regional players in the electric sub-meter market are working towards innovating their product portfolios and reducing operational costs to provide products at lower prices.
Find More Valuable Insights on Electric Sub-meter Market
FMI, in its new market research study, offers an unbiased analysis of the electric sub-meter market, which comprises global industry analysis of 2014–2021 and opportunity assessment for 2022–2030. The report offers complete analysis on the global electric sub-meter market through four different categories –product, phase, application and region.
The global electric sub-meter market study provides information of pricing by different life cycle analysis, product life cycle, key market trends, and technologies that are being implemented in the production of electric sub-meters, and product adoption in varied end-use industries.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 8-years.
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