Electric Sub-Meter Industry Analysis in Korea

Analytical Study of Electric Sub-Meter in Korea from (2024 to 2034)

Sales of electric sub-meter in Korea are poised to surge at a 5.5% CAGR through 2034. The overall demand for electric sub-meter in Korea is set to rise, crossing a valuation of USD 17.4 million in 2024. By 2034, sales projections for electric sub-meter in Korea indicate achieving a valuation of USD 29.7 million.

Key Trends to Bolster Revenues through 2034:

• Electric sub-meter is increasingly being integrated with systems that track and control renewable energy production as the importance of renewable energy sources rises in Korea. This makes it possible to analyze energy use from a wider perspective and aids in striking the ideal balance between traditional and renewable energy sources.
• Ensuring the security of data transmission and storage is essential as more devices in the energy ecosystem get linked. Strong cybersecurity measures to safeguard customer data and the integrity of energy systems are expected to experience greater consideration in the electric sub-meter sector.
• The development of distributed generation and microgrids, among other decentralized energy systems, could have an impact on the Korean electric sub-meter industry. For these systems to efficiently manage energy flows, sophisticated metering technologies are frequently needed.
• Individuals and organizations in Korea are becoming increasingly aware of their carbon footprint as environmental concerns gain greater attention. In order to monitor and minimize energy use, electric sub-meter is a useful instrument for advancing sustainability objectives.
• Energy efficiency advocacy is still a significant trend. Electric sub-meter is essential for giving businesses and individuals information about how much energy they use. This information helps them make better decisions about how to cut down on waste and increase productivity.

Attributes	Details
Industry Size in Korea in 2024	USD 17.4 million
Expected Industry Size of Korea by 2034	USD 29.7 million
Forecasted CAGR between 2024 to 2034	5.5%

Key Insights - Highlights on the Emerging Opportunities in the Korean Electric Sub-Meter Industry

• Electric sub-meter could provide opportunities for integration into the construction of charging infrastructure, given the trend towards electric vehicles. This could entail providing tools for tracking and invoicing the amount of power used at charging stations.
• Integrating electric sub-meter with home automation systems to take advantage of the burgeoning smart house trend. In order to give customers seamless energy monitoring and control, this could involve forming agreements with manufacturers of smart home appliances.
• Go beyond conventional metering and introduce creative billing strategies. Pay-as-you-go plans, subscription-based business models, and other innovative approaches that address the various demands of both residential and business customers can fall under this category.
• Examine potential opportunities to use electric sub-meter to develop demand response solutions. In order to support grid stability, this entails assisting companies and consumers in adjusting their power use in response to times of high demand.
• Seek possibilities for combining energy and water metering systems. This could prove especially important in sectors like agriculture and manufacturing, where water and energy usage are closely related.

Category-wise insights

Rising Integration with Smart Grid Infrastructure Boosts Demand for Smart SubMeters

Leading Product Type for Electric Sub-Meter in Korea	Smart Sub-Meter
Total Value Share (2024)	56.8%

Integrating smart sub-meters with smart grid infrastructure is a crucial driver in Korea. Smart grids provide bidirectional communication among consumers and utility corporations. This allows for more efficient energy distribution, fewer losses, and enhanced overall grid management. Smart sub-meters can be remotely operated and monitored, decreasing the need for physical trips to gather Meter readings. This increases operating efficiency for energy providers and reduces interruptions for customers.

The growth of smart houses and connected devices has produced synergies with smart sub-meter. Integration with smart home technology enables customers to monitor and regulate energy use via centralized platforms, enhancing the overall smart home experience.

Surging Urbanization Boosts Demand for Single-phase Electric Sub-Meter

Leading Phase for Electric Sub-Meter in Korea	Single
Total Value Share (2024)	80.3%

Single-phase electric sub-meter tends to be suitable for household applications. Because residential households account for a large portion of energy consumers in Korea, there is a high demand for sub-meters adapted to individual residences' needs. Korea's growing urbanization and continuous housing projects have increased the demand for single-phase electric sub-meters.

These meters are typically found in flats, condos, and single-family homes. Single-phase electric sub-meters is often less expensive than their three-phase counterparts. Given the ubiquity of single-phase applications in residential settings, cost-effectiveness becomes an important consideration, particularly when deploying a large number of Meters.

Competitive Landscape

The competitive landscape of the electric sub-meter industry in Korea is defined by a dynamic mix of prominent industry players striving for dominance and strategic positioning.

As the need for advanced metering solutions grows, various firms are engaged in a heated rivalry to provide creative and technologically complex sub-meter adapted to the specific demands of the Korean marketplace. The industry is influenced by a combination of established global firms and agile local players, all attempting to capitalize on their strengths in technology, distribution networks, and client connections.

Strategies for Key Players to Tap into Potential Growth Opportunities

• Develop integrated solutions and increase industry penetration by collaborating with important players such as utilities and technology suppliers.
• Modify product designs and marketing tactics to comply with regional legal constraints and cultural preferences.
• Determine and penetrate new niches by coordinating with programs like smart cities or electric car infrastructure.
• Emphasize the advantages of electric sub-meter for the environment, aligning with customer preferences and sustainability trends.

Recent Developments

• In September 2023, the South Korean government announced plans to build a USD 1.12 billion (1.5 trillion won) data center in Pohang, North Gyeongsang Province.
• In June 2023, CHINT, a global pioneer in smart energy solutions, announced the formal expansion of its smart energy and sustainability services to South Korea. The new office is led by a dedicated team of the industry's finest scientists, engineers, and specialists who possess the local knowledge to serve the South Korean industry and assist firms in their energy and resource transition journey towards sustainable solutions.

Some of the Key Players Offering Electric Sub-Meter in Korea

• Itron Inc.
• Landis+Gyr Group AG
• Siemens AG
• Schneider Electric SE
• Honeywell International Inc.
• Elster Group (now part of Honeywell)
• Kamstrup A/S
• Iskraemeco (part of the AEM Group)
• ABB Ltd.
• Holley Technology Ltd.

Scope of the Report

Attribute	Details
Estimated Industry Size in 2024	USD 17.4 million
Projected Industry Size by 2034	USD 29.7 million
Anticipated CAGR between 2024 to 2034	5.5% CAGR
Historical Analysis of Demand for Electric Sub-Meter in Korea	2019 to 2023
Demand Forecast for Electric Sub-Meter in Korea	2024 to 2034
Report Coverage	Industry Size, Industry Trends, Analysis of key factors influencing Electric Sub-Meter Adoption in Korea, Insights on Global Players and their Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korean Manufacturers
Key Cities Analyzed While Studying Opportunities in Electric Sub-Meter in Korea	South Gyeongsang, North Jeolla, South Jeolla, Jeju
Key Companies Profiled	Itron Inc.; Landis+Gyr Group AG; Siemens AG; Schneider Electric SE; Honeywell International Inc.; Elster Group (now part of Honeywell); Kamstrup A/S; Iskraemeco (part of the AEM Group); ABB Ltd.; Holley Technology Ltd.

Key Segments

By Product Type:

• Socket Type/Electromechanical Sub-Meters
• Feed-through Sub-Meters
• Current Transformers
• Non-socket /Electronic Sub-Meters
• Smart Sub-Meters

By Phase:

• Single Phase
• Three Phase

By Application:

• Commercial Establishments
• Large Retail Stores
• Data Centers
• Others
• Residential Sector
• Industrial Sector

By City/Province:

• South Gyeongsang
• North Jeolla
• South Jeolla
• Jeju

Frequently Asked Questions

How Rapidly is the Demand for Electric Sub-Meter in Korea Growing?

The expected CAGR until 2034 stands at 5.5%.

What is the Demand Outlook for Electric Sub-Meter in Korea?

The demand for electric sub-Meter in Korea is projected to reach USD 29.7 million by 2034.

Which Trends Influence the Demand for Electric Sub-Meter in Korea?

Technology integration and innovation trends influence electric sub-Meter in Korea.

What Strategies are used by Key Players in the Electric Sub-Meter Industry in Korea?

Electric sub-Meter businesses emphasize sustainability initiatives to reduce carbon footprints.

What is the Preferred Product Type for Electric Sub-Meter in Korea?

Smart electric sub-Meter is highly preferred in Korea.