In the current market scenario, mergers and acquisitions in the electric sub-meter market are estimated to become more important, as automation and smart solution providers are targeting the acquisition of conventional electric sub-meter manufacturers. Technological advancements to reduce electrical outages and leakages, and monitor electricity consumption data without error, are anticipated to drive the growth of the global electric sub-meter market.
The value of the global electric sub-meter market was approximately US$ 12 Bn in 2018, which is projected to increase at a prominent CAGR of more than 6% during the forecast period.
Key Takeaways of Electric Sub-meter Market Study
- The adoption of smart electric sub-meters with IoT is expected to drive key players to acquire component manufacturers.
- The lack of technological adoption of smart electric sub-meters by conventional manufacturers have made them merge with or get acquired by automation providers.
- Steps taken by government agencies to initiate the installation of smart electric sub-meters in their respective countries are anticipated to drive the global electric sub-meter market.
- China is estimated to hold a significant share in the East Asia electric sub-meter market, and is expected to drive market growth in the region, while rising at a CAGR of above 7% in terms of value from 2019 to 2029.
- The East Asia market is estimated to hold a prominent volume share in the global electric sub-meter market during the assessment period.
- Due to the availability of low-cost smart electric sub-meters for residential applications in China, overall demand for electric sub-meters is increasing.
- Moreover, government initiatives to promote and deploy smart electric sub-meters in developing countries such as China, India, Brazil, Mexico, Indonesia, and Malaysia are expected to further create opportunities in global the electric sub-meter market.
“Manufacturers from ASEAN and India are focusing on acquiring new orders and tenders to increase their revenue by deploying smart electric sub-meters. This is creating ample opportunities for investments in the electric sub-meter market. The replacement of conventional electric sub-meters with smart electric sub-meters at a low cost is expected to drive market growth in the coming years.”
Electric Sub-meter Market: Participant Insights
For More Detailed Insights on Electric Sub-meter Market
The global electric sub-meter market is competitive due to the presence of various regional and large-scale players. Some of the key players involved in the manufacturing of electric sub-meters included in this study are Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Honeywell International, Itron Inc., Landis+Gyr, Xylem Inc., ABB, and OSAKI ELECTRIC CO., LTD., among others. Acquisition of electric sub-meter manufacturers by automation providers is expected to be a key trend that is expected to improve the market share.
What’s the Future Outlook?
The market is facing increased competition with contract acquirements in Asian countries such as Vietnam and Indonesia. Additionally, regional players in emerging markets are focusing on increasing value-addition in their product offerings at competitive pricing. The deployment of smart electric sub-meters in residential applications is projected to boost the overall demand for electric sub-meters over the forecast period.
Know More about Electric Sub-meter Market Report
A new market research report published by Future Market Insights (FMI) on the global electric sub-meter market includes global industry analysis of 2014–2018 and opportunity assessment for 2019–2029. The report provides insightful analysis of the global electric sub-meter market through four different categories – product, phase, application, and region. The electric sub-meter market report details current installed base, product adoption across different applications, prevailing trends and technologies being adopted in the manufacturing of electric sub-meters, life cycle analysis, and pricing analysis by different product types.
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