Electric Sub-Meter Market Is Projected To Expand At 3% CAGR From 2022 To 2030-FMI
Global electric
sub-meter sales were valued at around US$ 9.74 Bn at
the end of 2021. The market is projected to register 3% CAGR
and reach a valuation of US$ 12.8 Bn by 2030.
Sales of electric sub-meters accounted for
approximately 35% share of the global electric meters market
in 2021. Smart sub-meters continue to carve out a significant share in overall
electric sub-meter sales.
According to FMI analysis, the difference between the BPS
values identified in the Electric Sub-Meter market in H1, 2022 – Outlook over
H1, 2022 Projected shows a gain of 28 units. Notably, compared to H1, 2021, the
market is expected to go down by 35 BPS in H1 -2022.
Key reasons for this change due to the major market obstacle
is corporate governance’s refusal to pay the upfront cost of installing
sub-meters. Users’ lack of information regarding effective energy management,
precise invoicing, and increased transparency is impeding industry growth.
To Know more@
https://www.futuremarketinsights.com/reports/electric-sub-meter-market
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.”
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 MarketFMI,
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.
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