19 February 2013 – The growing need to conserve energy will see the global electricity submeter market expand by around 300% before the end of the decade, estimates research and consulting firm GlobalData. It predicts that the worldwide electricity submeter market value will jump from US$392 million in 2012 to US$1.2 billion in 2020, climbing at a compound annual growth rate (CAGR) of 14.5%.
Submeters are metering devices that monitor and measure the amount of power consumed by individual units within a facility. Large facilities such as industrial plants, commercial buildings, airports, hospitals and other energy-intensive consumers will be the primary beneficiaries of this advanced technology.
GlobalData states that across North America and Europe the market will be driven primarily by regional targets for energy-efficiency and reductions in energy consumption costs. In comparison, the Asia-Pacific region has the potential to make a substantial contribution to the global market thanks to a huge untapped consumer base and increasing need to maximise energy efficiency – the Chinese market alone is expected to more than triple in value during the forecast period, from US$15 million in 2012 to US$52million by the end of the decade.
The US National Institute of Standards and Technology (NIST) estimates that 40% of the energy consumed in Europe is accounted for by residential and commercial buildings, whereas in the US this percentage is as high as 72%. As submeters can ultimately result in lower consumption in these high use areas, their implementation may prove highly significant at a time when the supply and cost of electricity is becoming increasingly uncertain.