Electric Sub Meter Market Size, Share, By Product Type (Socket Type/Electromechanical, Non-Socket/Electronic, and Smart Sub-Meters), Phase (Single Phase, Three Phase), End-User (Residential, Commercial, and Industrial) and Region - Trends, Analysis, and Forecast till 2035

• The electric sub meter market size is expected to grow at a valuation of USD 35.1 Billion by 2035.
• In 2024, the market valuation was USD 17.8 Billion.
• The electric sub meter market is projected to expand at a CAGR of 7.1%.

Electric sub meters are electrical devices and associated data acquisition and communication equipment that measure and track building energy performance. An electrical sub-meter is associated with the main electrical meter. It provides information about personal power consumption without the need to do complex mathematical calculations. The electric sub-meter market is growing due to a number of factors, including rising demand for energy efficiency, government regulations, expansion of commercial and residential construction, development of smart grid infrastructure, and so on.

Impact of Generative AI on the Electric Sub Meter Market:

The integration of generative AI into the electric utility sector represents a significant leap forward in how these companies operate and interact with their customers and infrastructure. This technology's potential impact is vast, offering innovative solutions to current challenges faced by electric utilities. Additionally, integration of generative AI can contributes to the electric sub meter market growth.

Key Drivers of Target Market:

Rapid Urbanization Might Boost the Market Growth

The electric sub meters market will continue to grow in a favorable environment due to the combination of rising construction activity, fast urbanization, and rising energy efficiency demands. Sub-meters will be a crucial component of urban infrastructure, benefiting utilities, renters, and property owners by encouraging sustainable practices, cost-effective energy use, and efficient energy allocation.

• For instance, according to the data published by NASA, between 2018 and 2050, the world’s urban population is expected to grow by 2.5 billion, an addition of about 170,000 people a day.

Restraints:

Difficulty while Reading Meters may Limits Market Diversification

Old meters can be somewhat challenging to read due to shattered glass, grime, blockages, and general discoloration, which can limits electric sub meter market expansion. As if recording meter readings on a clipboard was not a risky enough situation. The reading instructions can be rather unclear when the meters are shown with dials (as opposed to digitally). When multiplied across thousands of meter readings, this isn't exactly favorable to accuracy, even if it is a standard aspect of the work for those who take readings.

• Counterbalance Statements: Solution for the above issue is instead of complicated meter readings, devices that automatically record consumption can send 100% accurate data to billing software that can visualize the information in an easy-to-understand way.

Opportunities:

In the Upcoming Years, Technological Advancements Could Lead to Important Opportunities

As electric sub meters sector continues to embrace technological advancements, the benefits of the power sector’s shift have comprehensive benefits, impacting economic, operational, and environmental aspects. This shift has provided consumers with unprecedented control and transparency over their electricity usage, while utility companies benefit from reduced theft, increased efficiency, and improved customer satisfaction.

• For instance, in February 2022, ABB India has launched a new series of electrical measuring and power monitoring meters for the digital panel meter market. With this introduction, ABB India offers a comprehensive portfolio in addition to the existing range of single, multifunction meters and network analyzers, catering to the Panel Meter market across industries, such as healthcare, hospitality, infrastructure, and F&B to name a few.

Product type, phase, end-user, and region are segmentation on which electric sub meter market is divided.

Product Type

The electric sub meter market by product type is segmented into socket type/electromechanical, non-socket/electronic, and smart sub-meters. The market for electric sub meters is expected to be monopolized by smart sub meters. As they provide real-time energy usage data, which helps consumers save money on their electricity bills.

• For instance, in August 2024, the electricity utility headed by Ignacio Galán installed more than 700,000 smart meters for electricity and gas customers in the state of New York. The company, which operates in the U.S. through its subsidiary Avangrid, improved its customers' readings, based on actual consumption rather than estimates, and contributed to improving the country's electricity infrastructure

Phase

The electric sub meter market breaks down into single phase and three phases. In the electric sub meter market, the single phase segment holds a larger market share comparing to the three-phase segment. This is due to single-phase meters are more compact, less expensive, and simpler to install.

End-User

The electric sub meter market split into residential, commercial, and industrial segments as a result of the end user. In response to increasing urbanization and population, the residential market segment accounts for the largest portion of electric sub meter market.

• For instance, according to the data published by WHO, the global population is more than three times larger than it was in the mid-twentieth century. The global human population reached 8.0 billion in mid-November 2022 from an estimated 2.5 billion people in 1950, adding 1 billion people since 2010 and 2 billion since 1998. The world’s population is expected to increase by nearly 2 billion persons in the next 30 years, from the current 8 billion to 9.7 billion in 2050 and could peak at nearly 10.4 billion in the mid-2080s.

Regional

Geographically, the electric sub meter market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America: North America holds the largest share of the electric sub-meter market primarily due to its strong focus on energy efficiency, advanced infrastructure, and stringent regulations promoting the adoption of sub-meters, with the United States being a key driver within the region due to its large market size and emphasis on energy conservation policies.

Asia Pacific: Asia Pacific region is considered the fastest growing electric sub meter market, owing to the rapid industrial and commercial development in countries like China, India, and Japan, coupled with a growing focus on energy conservation and adoption of renewable energy sources in the region. Additionally, large population across Asia Pacific, urbanization, and growing manufacturing capabilities in the region contributes to market expansion.

• For instance, according to the data published by Economic and Social Commission for Asia and the Pacific, about 4.7 billion people, or 60 per cent of the world’s population, currently reside in Asia and the Pacific. That number is projected to increase to 5.2 billion by 2050.

Electric Sub Meter Market Report Scope:

Segmentation:

By Product Type:

• Socket Type/Electromechanical
• Non-Socket/Electronic
• Smart Sub-Meters

By Phase:

• Single Phase
• Three Phase

By End User:

• Residential
• Commercial
• Industrial

By Region:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • Indonesia
  • Malaysia
  • South Korea
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Companies actives in electric sub meter market are Honeywell International Inc., Itron Inc., Landis+Gyr, CHINT Group, XYLEM, And among others. Important tactics for businesses that provide electric sub meters include focusing on data analytics and advanced reporting, integrating smart technologies like IoT and Single Phase computing, providing customized solutions for different building types, and so on.

View a additional list of companies in the Electric Sub Meter Market:

• Honeywell International Inc.
• Landis+Gyr
• CHINT Group
• Xylem
• Leviton Manufacturing Co., Inc.
• Blazing Energy Solutions
• Pioneer Energy Management
• Itron Inc.
• DMS Ltd
• American Disge
• TECHNO METERS ELECTRONICS
• Zhuhai Pilot Technology Co., Ltd

• In May 2024, The Maharashtra State Electricity Distribution Company Limited (MSEDCL) has taken on a massive project to replace 2.25 crore electricity meters with smart meters across Maharashtra. According to electricity consumer activist from Maharashtra, the cost for installing 2.25 crore smart meters in the state would be around RS 27,000 crore, which comes to Rs. 12,000 per meter.

Analyst View:   

The growth of electric sub meter market is totally rely on proliferation of renewable energy sources, rapid urbanization, expansion of commercial and residential construction, heightened focus on sustainability, need for accurate billing and cost allocation, and others.

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