An electric sub meter is an additional meter that measures and records the electricity usage for individual tenants in multi-tenant buildings. It helps in allocating utility costs to individual tenants based on actual consumption. Sub meters provide transparency in billing and encourage tenants to conserve energy. The growing demand for energy accountability and conservation among tenants in multi-family housing, commercial buildings, and data centers has been driving adoption of electric sub meters. Also, the rise in distributed energy resources (DER) is expected to propel market growth as sub meters help facilitate the integration of DER into the grid. Key Takeaways Key players operating in the Global Electric Sub Meter Market are Aclara Technologies LLC, Apator Group, Badger Meter, Inc., Diehl Stiftung& Co. KG, Eaton Corporation plc, Elster Group GmbH (Honeywell), General Electric Company, Holley Metering Limited, Itron Inc., Kamstrup A/S, Landis+Gyr AG, Legrand SA, Mitsubishi Electric Corporation, Schneider Electric SE, and Siemens AG. These players are focusing on new product launches and partnerships to gain a competitive edge in the market. The demand for Global Electric Sub Meter Market Demand is growing owing to stringent regulations mandating their installation in multi-tenant commercial buildings and housing societies across countries like the US, Canada, and some European nations. These sub meters help utilities and landlords accurately measure and allocate electricity costs based on actual consumption. Technological advancements have resulted in the development of smart electric sub meters with integrated communication technology. These smart meters can transmit meter readings remotely via networks like LAN, Wi-Fi, cellular, etc. to centrally located data management servers. This allows utilities and landlords to monitor and analyze consumption patterns in real-time for system optimization and cost control. Market Trends 1. Growth in Global Electric Sub Meter Market Size And Trends cloud-based meter data management systems: Vendors are focusing on developing cloud-based meter data management software that can securely store, analyze and visualize meter data from multiple locations on a single platform. This eases operations and billing for utilities and building managers. 2. Integration of electric vehicle charging infrastructure: To promote electric vehicle adoption, electric sub meter vendors are partnering with EV charging station manufacturers to deploy integrated solutions for multi-family properties and commercial buildings. This will support distributed energy resources integration. Market Opportunities 1. Smart cities initiatives in developing nations: Governments across Asia Pacific and Middle East are undertaking various smart city initiatives that entail widespread deployment of smart meters including electric sub meters for resource monitoring and billing. This presents immense opportunities for market players. 2. Demand for sub metering in data centers: With rising digitalization, the data center industry is booming. Data centers require robust sub metering solutions to disaggregate power consumption for optimized operations and equitable tenant billing. This niche segment holds significant growth potential. Impact of COVID-19 on Global Electric Sub Meter Market The outbreak of COVID-19 pandemic has adversely impacted the growth of the global electric sub meter market. The imposition of nationwide lockdowns led to the closure of various commercial and industrial facilities across the world. This resulted in a decline in the demand and sales of electric sub meters as new installations of these meters were put on hold. However, with economic activities resuming gradually post lockdowns, the market is expected to recover in coming years. Still, supply chain disruptions caused by the pandemic may continue to pose challenges for market players in short term. The pandemic has accelerated the shift towards remote monitoring technologies like smart electric sub meters which allow operators to access meter readings remotely without physical visits. This emerging trend is likely to support market growth especially in sectors like data centers, healthcare facilities and office buildings post pandemic. Going forward, initiatives by governments worldwide to promote energy efficient and smart grid technologies are expected to boost adoption of electric sub meters across commercial, industrial and residential sector. Market players need to focus on development of IoT integrated smart meters and strengthening of virtual sales and support services to tap new opportunities arising due to changes in consumer behavior in post COVID era. North America currently captures highest share in global electric sub meter market in terms of value. This is attributed to factors such as widespread implementation of smart grid projects, large scale investments in infrastructure modernization and stringent energy efficiency regulations enforced by governments in countries like US and Canada. The region is anticipated to maintain its dominant position over forecast period owing to ongoing upgrades of aging electricity networks and rising deployment of distributed energy resources (DER). Asia Pacific electric sub meter market is poised to emerge as the fastest growing regional market driven by rapid urbanization, increasing investments towards expansion of commercial & industrial sector and favorable government policies supporting adoption of smart metering solutions across developing nations like China and India. Rising construction activities of data centers, manufacturing plants and special economic zones in Asia offer promising growth prospects for market players looking to tap opportunities in this high potential region.
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