The electric sub-meter market is anticipated to close in on $13 billion by 2030, with rapid resurgence expected post-COVID-19 pandemic.
This is according to a new report published by Future Market Insights, which indicates that the global value of the electric sub-meter market was $9.7 billion in 2019, and is projected to follow a stable growth curve during the forecast period of 2020-2030.
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In the current market scenario, prominent manufacturers are focusing on R&D activities for developing smart sub-meters in order to cater to several applications.
Smart sub-meters help reduce electrical leakages and power cuts, and provide accurate consumption data to customers.
Key takeaways: 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 2020 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 the 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,” states the Electric Sub-meter Market report.
Electric sub-meter market: Competitive landscape
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 and 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.
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.