Electric Sub-Meter Market

The Electric Sub-meter market is projected to grow from USD 12.24 billion in 2023 to USD 16.23 billion by 2029, at a CAGR of 5.8% during 2024–2029. Electric Sub-meters measure appliance-based electricity consumed by various locations within a building making monitoring of electricity consumption efficiently trackable. Applications include efficient cost allocation, optimization of productivity, and development of demand response strategies. The underlying trend driving the above market comprises increasing energy conservation measures, infusion of smart technologies, and growing adoption of renewable energy systems among the residential and commercial segments. Electric Sub-meters will, in consonance with global energy efficiency objectives, contribute to a significant carbon footprint reduction.

According to connection type, the Electric Sub-meter market is classified as follows- non-networked/Manual electric Sub-meters, and networked/Smart electric Sub-meters. They are the types of traditional devices that, more or less, require manual readings. This is the most widespread solution in the cost-conscious market or system, more than often from the previous or legacy systems. Although they are cheap and easy, their inability to monitor and analyze in real time is making them gradually replaceable with smart meters. The smart electric Sub-meters, however, are networked or smart, meaning they come pre-installed with sophisticated communication technologies that enable real-time data transmission and analytics. The predictive maintenance abilities, demand-side management, and IoT-enabled platform integration make these devices crucial to new-age energy management systems. The ability to work with smart grids increases the demand for these devices, especially in advanced residential and commercial setups.

The end-user segment of the Electric Sub-meter market is made up of Residential and Commercial sectors. In residential applications, electric Sub-meters are used for monitoring at the apartment or appliance level to allow proper cost appropriation and energy-saving behavior. Demand in this segment has been increasing because of heightened awareness of energy conservation coupled with increased adoption of smart home technologies. In commercial settings, electrical Sub-meters are essential monitoring tools in office buildings, shopping malls, institutions, etc., and provide a way of tracing the usage of energy on accurate allocation of the costs, tracing inefficiencies, and meeting regulations on energy use. The networked Sub-meters have become crucial in commercial applications due to real-time monitoring of energy consumption and enhanced operational efficiency.

Major players in the Electric Sub-meter market include Schneider Electric (France), Siemens AG (Germany), Honeywell International Inc. (US), GE (US), and ABB (Switzerland), among others. These companies focus on innovation, product development, and strategic partnerships to cater to the growing demand for electric Sub-meters.