The global electric sub-meter market size stood at USD 14,800.2 million in 2023. The industry is further projected to exhibit a Y-O-Y growth of 6.3% in 2024 and reach USD 15,730.9 million in the same year. Sales of these sub-meters are estimated to clock a CAGR of 6.7% between 2024 and 2034, thereby resulting in a size of USD 29,911.6 million by 2034.
The ability of electric sub-meters or energy monitors to measure energy consumption or usage after it reaches the primary utility meter is projected to drive demand. These are also capable of monitoring usage for individual tenants, departments, pieces of equipment, or other loads, which account for their actual energy usage. Their utilization is estimated to skyrocket across the residential, commercial, and industrial sectors.
| Attributes | Description |
|---|---|
| Estimated Global Electric Sub-meter Market Size (2024E) | USD 15,730.9 million |
| Projected Global Electric Sub-meter Market Value (2034F) | USD 29,911.6 million |
| Value-based CAGR (2024 to 2034) | 6.7% |
As of 2024, the residential sector is anticipated to generate more than 71% of the total demand. According to the International Energy Agency (IEA), demand for electricity in India rose by 8.4% in 2022 due to strong post-pandemic recovery, while China's growth slowed to 2.6% due to COVID restrictions.
Demand in the United States, however, is estimated to rise. This surge in electricity consumption, particularly in residential sectors, drives the need for efficient energy management solutions like electric sub-meters. These are likely to help optimize usage, reduce costs, and support sustainability, aligning with the growing demand for precise energy monitoring in the United States.
By 2034, demand for electric sub-meters is anticipated to increase by 1.9 times from the current value. Smart sub-meters are set to lead in the forecast period as these offer benefits like instant monitoring, zero manual readings, and clear billing. These advantages are anticipated to help manage power supply more effectively, thereby leading to their increasing installation in several sectors, especially residential.
Governments around the world are encouraging the use of these sub-meters as part of their efforts to improve energy efficiency and sustainability. In Asia Pacific, key investments in infrastructure and smart grid systems are anticipated to increase the installation of these sub-meters. Countries like Vietnam are investing heavily in building social housing, which will likely include the installation of these power meters.
North America is anticipated to remain at the forefront through 2034 amid ongoing infrastructure development projects in commercial and residential sectors across the United States. This trend is likely to continue as cities expand and investments in improving their energy management systems rise. In 2023, the United States used around 4,000 terawatt-hours of electricity, which was one of the most significant consumption patterns of that period.
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The table below presents a comparative assessment of the variation in CAGR over six months for the base year (2023) and current year (2024) for the global electric sub-meter market. This analysis reveals crucial shifts in performance and indicates revenue realization patterns, thereby providing stakeholders with a better vision of the growth trajectory.
The first half of the year, or H1, spans from January to June. The second half, H2, includes the months from July to December. In the first half (H1) of 2023 to 2033, the industry is predicted to surge at a CAGR of 6.1%, followed by a higher growth rate of 6.5% in the second half (H2) of the same period.
| Particular | Value CAGR |
|---|---|
| H1 | 6.1% (2023 to 2033) |
| H2 | 6.5% (2023 to 2033) |
| H1 | 6.4% (2024 to 2034) |
| H2 | 6.7% (2024 to 2034) |
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to decline slightly to 6.4% in the first half and relatively surge to 6.7% in the second half. In the first half (H1), the market witnessed an increase of 30 BPS while in the second half (H2), there was a slight boost of 20 BPS.
Government Norms Mandating the Use of Sub-meters to Optimize Power Supply Bolster Sales
The growth of residential and commercial buildings worldwide is anticipated to create a high demand for electric sub-meters. Certain energy-efficient regulations are likely to make it necessary to monitor the usage of power in new buildings, especially across inner cities. These sub-meters, with their ability to provide energy data granularity, are anticipated to help manage urban infrastructure sustainability with good energy management.
It is predicted that about 60% of the world’s population will be living in urban areas by 2030. The rapidly increasing population density in urban areas has raised the requirement for effective energy management systems.
Government agencies in densely populated countries are mandating the use of electric sub-meters as these help individuals easily control and supervise power consumption levels. They are striving to optimize energy usage and reduce power wastage with these meters, which will likely bolster demand.
Deployment of Smart Sub-meters to Prevent Manual Readings is Creating Opportunities
Rising smart grid installation projects in countries such as India, China, Indonesia, Brazil, and Argentina are augmenting investments in smart electric sub-meters. Government initiatives have also led to the deployment of these sub-meters over the conventional ones.
For instance, in India, the Smart Meter National Program (SMNP) is being implemented by Energy Efficiency Services Limited (EESL), a joint venture (JV) of public sector undertakings under the Ministry of Power. It planned to replace around 250 million conventional electric sub-meters with smart meters by 2023.
Such government-backed initiatives are set to accelerate the installation of smart sub-meters in emerging countries. This is due to their ability to help in efficiently managing electricity, checking data-entry errors, initiating automatic billing, and reducing the cost of manual meter readings through their web-based monitoring system.
Implementation of Smart Grids Augmenting Demand for Electric Sub-meters
The use of smart grids is mainly pushed by the emergence of new technologies, especially the integration of advanced metering infrastructure (AMI). AMI uses electric sub-meters to offer precise, immediate information about energy use, helping utilities work more efficiently and better connect with customers. These technologies allow utilities and consumers to communicate in both directions, making it easy to manage energy use and respond to the rising demand.
Governments around the world are investing heftily in smart grid projects to improve energy efficiency and the reliability of power grids. Their efforts to update electrical systems have surged the need for electric sub-meters, which are considered important for setting up smart grids.
In 2022, there was about a 7% rise in spending on digital systems for electricity grids compared to 2021. The numbers are projected to surge as utilities and governments continue to focus on these improvements.
Increasing Adoption of Renewable Energy like Solar to Surge the Need for Sub-meters
The proliferation of distributed energy generation systems, such as solar panels and wind turbines, presents a significant opportunity for key players. As more households and companies adopt these renewable energy sources, there is an increasing need for sub-meters to accurately measure energy production and consumption at individual sites.
The ability of power meters to enable precise tracking of the energy generated is anticipated to help in ensuring the optimization and usage of renewable energy without exploitation.
In 2023, renewable energy capacity grew by 107 gigawatts, with wind and solar power generation producing 14.3% of global electricity, up from 12.8% in 2022. This growth highlights the need for effective monitoring solutions, such as sub-meters, to manage the decentralized energy landscape effectively.
Sub-meters also play a critical role in enabling consumers to monitor their energy output and maximize their return on investment in renewable energy systems. These are projected to contribute to a more balanced and efficient energy grid, thereby pushing sales.
Principal Consultant
The global market witnessed a CAGR of 2.6% between 2019 and 2023. Total revenue reached about USD 14,800.2 million in 2023. During the forecast period, global sales are projected to fetch a CAGR of 6.7%.
During the historical period, there were economic instabilities, such as trade tensions and unpredictable conditions. These resulted in postponing and cutting down on investments in public infrastructure projects requiring electric sub-meters.
The implementation of intelligent grid solutions was not as fast as expected. However, the deployment of smart grid technology was projected to rise with actual rates falling behind due to high costs and technical issues.
The cost of installing smart grid technologies, including advanced metering infrastructure (AMI) and smart meters was higher than conventional systems. Companies moved away from investing in these technologies since the price of smart meters was around three times more than that of traditional meters.
Looking ahead, the industry is anticipated to witness considerable growth due to several important factors. Constant innovations and reduced costs of smart grid technologies are projected to bolster widespread adoption. Smart grids require extensive use of electric sub-meters for accurate and real-time energy monitoring, which is boosting demand.
As per the report, an estimated 60% of the world’s population will be living in urban areas by 2030 and Asia Pacific is projected to witness high growth. There will likely be a significant increase in the need for efficient energy management systems across densely populated countries. Electric sub-meters are set to be crucial for monitoring and managing energy consumption in residential and commercial buildings, fueling demand.
Tier 1 companies include leading players with annual revenues exceeding USD 120 million. These companies are currently capturing a significant share of 35% to 40% globally.
These frontrunners are characterized by high production capacity and a wide product portfolio. They are distinguished by extensive expertise in manufacturing and a broad geographical reach, underpinned by a robust consumer base.
The firms provide a wide range of products and utilize the latest technology to meet regulatory standards. Prominent companies within Tier I include Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Honeywell International Inc., Itron Inc., Landis+Gyr, Xylem Inc. (Sensus), ABB, and OSAKI ELECTRIC CO., LTD.
Tier 2 encompasses most of the mid-sized enterprises operating within the regional sphere and catering to specialized needs with revenues below USD 120 million. These businesses are notably focused on meeting local demands and are hence categorized within the Tier 2 segment.
Tier 2 is acknowledged as an informal sector, indicating a segment distinguished by a lack of extensive organization and formal structure in comparison to the structured one.
Tier 2 players, such as Hexing Electric Co. Ltd, Kamstrup A/S, Leviton Manufacturing Co., Inc., Zhejiang CHINT Instrument Co., Ltd., LINYANG Energy, Bentec Electricals & Electronics Pvt Ltd, and Genus Power Infrastructures Ltd. are projected to account for 60 to 65% of the overall share.
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The section covers the analysis of electric sub-meter sales for different countries across several regions of the globe, including North America, Latin America, East Asia, South Asia, Western Europe, Eastern Europe, and the Middle East and Africa. North America is anticipated to remain at the forefront in the global, with a value share of around 23.2% by 2024.
In South Asia, India is projected to witness a CAGR of 8.7% by 2034. In East Asia, China and Japan are set to record CAGRs of 7.8%, and 7.2%, respectively, through 2034.
| Countries | CAGR 2024 to 2034 |
|---|---|
| India | 8.7% |
| China | 7.8% |
| Japan | 7.2% |
| United States | 5.9% |
| Germany | 5.2% |
India’s electric sub-meter market is poised to exhibit a CAGR of 8.7% during the assessment period. It is set to attain a value of USD 2,505 million by 2034.
India is urbanizing rapidly, with its towns and cities projected to house 600 million people, or 40% of the population by 2036, up from 31% in 2011. Urban areas are set to contribute around 70% to the country’s GDP.
Effective management of this urban transformation is crucial for India’s ambition to become a developed country by 2047. By 2036, the country will need to invest USD 840 billion in infrastructure, averaging USD 55 billion or 1.2% of GDP per annum. However, between 2011 and 2018, India’s total capital expenditure on urban infrastructure averaged only 0.6% of GDP, highlighting the need for increased investment.
According to the World Bank, there was about 8.7% GDP growth in India in 2022, signifying a strong recovery after the COVID-19 pandemic. Rapid urbanization and expansion of infrastructure in India push the need for electric sub-meters. With increasing residential and commercial construction, these are essential for managing energy consumption and billing in densely populated areas.
As of early 2024, China’s GDP stands at around USD 17.79 trillion, with a projected growth rate of 5% for the year, following a stronger-than-expected 5.3% growth in the first quarter. Ongoing expansion of industries and commercial buildings requires detailed energy monitoring to manage consumption and enhance efficiency, pushing the need for electric sub-meters.
Rapid development of smart cities in China is a key factor driving demand for sub-meters. With urban areas continually expanding and incorporating smart city solutions, efficient energy management becomes crucial.
Estimates of the smart city solution segment in China vary, with a few local firms projecting it to reach USD 1.1 trillion in 2018 and showcase a 33% CAGR from 2018 to 2022. Sub-meters are projected to play a key role in smart city infrastructure by enabling efficient energy distribution and consumption monitoring as well as supporting sustainable and intelligent urban living.
Sales of electric sub-meters in China are projected to soar at a CAGR of around 7.8% during the evaluation period. The total value in the country is anticipated to reach USD 5,116.8 million by 2034.
The United States electric sub-meter market size is projected to reach USD 5,034 million by 2034. Over the estimated period, demand in the country is set to rise at 5.9% CAGR.
In the United States, sales of electric sub-meters are being significantly influenced by the Grid Resilience and Innovation Partnerships (GRIP) Program. It is administered by the Department of Energy (DOE) under the Bipartisan Infrastructure Law.
As of November 14, 2023, the Biden-Harris Administration announced up to USD 3.9 billion in funding for Fiscal Years 2024 and 2025 to enhance grid infrastructure and stimulate private sector investments. Earlier, on October 18, 2023, the DOE allocated USD 3.46 billion for 58 projects across 44 states to strengthen grid resilience and reliability. These investments are likely to propel substantial growth in the demand for electric sub-meters.
Government agencies in the country are promoting cutting-edge energy management and smart grid technologies, ensuring reliable and efficient electricity access across communities. The United States is constantly investing in smart grid technology, which includes the widespread use of these sub-meters. These investments aim to modernize the energy infrastructure, enhance grid reliability, and improve energy management.
The section explains the growth trajectories of the leading segments. In terms of product type, the smart sub-meter segment will likely dominate and generate a share of around 58.3% in 2024.
Based on phase type, the single-phase segment is projected to hold a share of 81.8% in 2024. The analysis would enable potential clients to make effective business decisions for investment purposes.
| Segment | Smart Sub-meter (Product Type) |
|---|---|
| Value Share (2024) | 58.3% |
Smart sub-meters are projected to gain momentum globally as these are integrated with smart grid technologies. As the demand for energy-efficient solutions continues to rise, sales of these devices enabling real-time communication are also anticipated to surge. These devices help eliminate the need for manual data collection, control, and troubleshooting, thereby raising convenience.
The compatibility between smart sub-meters and the smart grid system enables the application of unique energy strategies and helps in enhancing the reliability of the grid. Regulatory frameworks and incentives implemented by several governments to mandate the installation of such metering systems are further anticipated to bolster demand.
To enhance energy efficiency and management, there is a growing need for smart home technologies, such as smart sub-meters. These meters are anticipated to showcase improvements in terms of sensors, connectivity capabilities, and user interfaces among other aspects, thereby making this ideal for use across households.
| Segment | Single-phase (Phase Type) |
|---|---|
| Value Share (2024) | 81.8% |
Single-phase electrical sub-meters hold a dominant position in terms of phase type. These are projected to experience high demand from residential applications due to their cost-effectiveness and compatibility with common household appliances.
Single-phase power systems are projected to be primarily utilized across residences and small companies. Hence, the rising number of residential projects and commercial buildings worldwide is set to push demand.
Single-phase sub-meters are anticipated to provide accurate monitoring and data collection, helping users manage electricity consumption and identify areas for energy savings.
Government policies and utility rebates focused on improving energy efficiency in residential areas further support the adoption of these sub-meters. The high penetration and wide availability of these sub-meters from multiple manufacturers offer consumers various choices, reinforcing their dominant share.
Leading electric sub-meter manufacturers are focusing on innovative strategies like partnerships and collaborations to co-develop unique products. They are gaining access to in-depth knowledge and raw materials from local firms to introduce novel products with cutting-edge features.
With rising population globally, the demand for consumer products has surged significantly. It has further resulted in the rising development of innovative retail spaces, including hypermarkets, supermarkets, and shopping malls. The ongoing development of retail buildings is anticipated to be fruitful for manufacturers as they receive orders in bulk for their in-house sub-meters.
Retail buildings housing several tenants are pushing the need for electric sub-metering solutions to manage and monitor energy. The measurement of individual energy consumption is required to ensure proper billing. This is a key opportunity for leading players operating in the global market.
Industry Updates
The leading product types included in the study are socket type/electromechanical, non-socket/electronic, and smart sub-meters.
In terms of phase type, the study is bifurcated into single-phase and three-phase.
A few key applications included in the study are commercial establishments, industrial sector, and residential sector.
Analysis has been carried out for key countries of North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and the Middle East and Africa.
The glaobal market was valued at USD 14,800.2 million in 2023.
The global industry is set to reach USD 15,730.9 million in 2024.
The global demand is anticipated to rise at 6.7% CAGR through 2034.
The market is projected to reach USD 29,911.6 million by 2034.
The residential sector is set to lead during the forecast period.
A meter is used to measure energy for the utility, whereas a sub-meter refers to the breakage of a building’s energy into categories.
It involves the additional installation of new meters downstream of the mail meters to measure separate consumption.
Electromechanical, electronic, and smart are the three key sub-meter types.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Product Type 6.2. Phase Type 6.3. Application 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type 7.1. Socket Type/Electromechanical Sub-meter 7.1.1. Feed-through Sub-meter 7.1.2. Current Transformer 7.2. Non-socket/Electronic Sub-meter 7.3. Smart Sub-meter 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Phase Type 8.1. Single Phase 8.2. Three Phase 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 9.1. Commercial Establishments 9.1.1. SML Retail stores 9.1.2. Data Centers 9.1.3. Others 9.2. Industrial Sector 9.3. Residential Sector 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 10.1. North America 10.2. Asia Pacific 10.3. Europe 10.4. Rest of the World 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 12. Asia Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Rest of the World Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. Sales Forecast 2024 to 2034 by Product Type, Phase Type, and Application for 30 Countries 16. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 17. Company Profile 17.1. Itron, Inc 17.2. Schneider Electric 17.3. General Electric 17.4. Siemens AG 17.5. Mitsubishi Electric Corporation 17.6. Honeywell International 17.7. HPL Electric & Power Limited 17.8. ABB 17.9. Landis+Gyr 17.10. Osaki Electric Co. Ltd 17.11. Xylem Inc 17.12. BENTEC India Ltd 17.13. Genus Power Infrastructures Ltd 17.14. Kamstrup A/S 17.15. Leviton Manufacturing Company 17.16. Hexing Electric Co. Ltd 17.17. Zhejiang Chint Instrument Co. Ltd 17.18. Jiangsu Linyang New Energy Source Co. 17.19. SATEC Ltd 17.20. Socomec
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Electric Sub-meter Market
