In view of growing demand in the energy and utilities industry, the global electric sub-meters market is projected to hurtle towards US$ 24 Bn mark by the end of the forecast period (2019-2029). The electric sub-meters market is set to display a promising rate of growth through 2029, as suggested by a new Future Market Insights (FMI) study. Electric sub-meters are projected to witness heightened adoption in the energy and utilities industry on back of its superior energy efficiency and performance, concludes the FMI study.
"Manufacturers from ASEAN countries and India are focusing on acquiring new orders and tenders to increase their revenue by deploying smart electric sub-meters. This is creating ample opportunities for investors in the electric sub-meter market," says the FMI analyst.
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Key Takeaways of the Electric Sub-meters Study
The rising adoption of smart electric sub-meters with IoT capabilities is driving players to acquire component producers.
The lack of adequate technical expertise to adopt smart sub-meters is encouraging mergers with automation providers.
Mergers and acquisitions are projected to be the key business strategies for manufacturers in the industry.
East Asia is projected to hold a major market share throughout the forecast period, primarily driven by an impetus from China.
Electric Sub-meters Market - Top Growth Drivers
Government policies regarding installation of smart electric sub-meters would be a major growth driver.
Easy availability of low-cost smart electric sub-meters for residential applications will bolster overall demand.
Tech advancements to cut down electrical leaks and outages while reducing the risk of error, will continue to drive adoption.
Electric Sub-meters Market - Key Restraints
Reluctance of building owners towards paying the upfront costs of upgrading sub-meters is a key restraint to the market.
Conventional electric sub-meters continue to generate a greater risk of human error in records, thereby restricting the market.
Some of the prominent players that are covered by the study include, but are not limited to, Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Itron Inc., Honeywell International, Xylem Inc., OSAKI Electric Co. Leading players in the field of automation are acquiring sub-meter manufacturers to bolster scope of application. Further, regional manufacturers are pushing for product value additions, and competitive pricing strategies to bolster overall demand.
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More about the Report
The 291-page study offers an in-depth market forecast and analysis on the electric sub-meters market. The major categories encompassed by the report include product type (socket type/electromechanical sub-meters, non-socket/electronic sub-meters, and smart sub-meters), phase (single phase and three phase), application (commercial establishments, residential sector, and industrial sector) across seven regions (South Asia, East Asia, Latin America, Europe, North America, Middle East & Africa, and Oceania).
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Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Release ID: 89007515