Demand Forecast for Electric Sub-Meter in Korea, by Electronic and Smart Sub-Meter, 2024 to 2034
Electric Sub-Meter in Korea Rides the Wave of Rising Demand for Renewable Energy Integration. Innovative Systems Paving the Way for Monitored and Managed Renewable Energy Generation Set to Soar in the Next Decade.
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 US$ 17.4 million in 2024. By 2034, sales projections for electric sub-meter in Korea indicate achieving a valuation of US$ 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
US$ 17.4 million
Expected Industry Size of Korea by 2034
US$ 29.7 million
Forecasted CAGR between 2024 to 2034
5.5%
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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.
Comparative View of Electric Sub-Meter in Key Markets
The table showcases a comparative overview of the respective adoption rates of electric sub-meter in Korea, Japan, and Western Europe. According to the analysis, Korea has taken the lead in implementing smart grid projects and energy-saving efforts. The Korean government's introduction of laws and incentives aimed at encouraging the adoption of sophisticated metering technology has an impact on unique innovations in the electric sub-meter industry.
In Japan, the energy sector is extensively using artificial intelligence (AI) and advanced data analytics technology. When applied to electric sub-meter, these technologies can forecast energy demand, evaluate consumption trends, and optimize energy use for utility companies and customers alike.
In Western Europe, smart meter usage and integration with the Internet of Things (IoT) have become popular trends. By facilitating real-time data gathering and sharing, smart meters enable utility companies and customers to monitor and control energy use more effectively.
Industry Analysis of Electric Sub-Meter in Korea:
Attributes
Industry Analysis of Electric Sub-Meter in Korea
Korea CAGR between 2024 and 2034
5.5%
Industry Size of Korea in 2024
US$ 17.4 million
Key Trends in Korea
Government initiatives and policies
Key Challenge
Integration with legacy systems is complex
Demand for Electric Sub-Meter in Japan:
Attributes
Demand for Electric Sub-Meter in Japan
CAGR (2024 to 2034)
6.2%
Valuation (2024)
US$ 12.9 million
Key Trend
Use of data analytics and Artificial Intelligence
Key Challenge
High initial implementation costs
Opportunity Assessment in the Western Europe Electric Sub-Meter Industry:
Attributes
Opportunity Assessment in the Western Europe Electric Sub-Meter Industry
Find your sweet spots for generating winning opportunities in this market.
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.
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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 US$ 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
US$ 17.4 million
Projected Industry Size by 2034
US$ 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 US$ 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.
Table of Content
1. Executive Summary
1.1. Korea Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Korea Industry Analysis and Outlook 2019 to 2023 and Forecast, 2024 to 2034
4.1. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis, 2019 to 2023
4.2. Current and Future Market Size Value (US$ Million) & Volume (Unit) Projections, 2024 to 2034
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Korea Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Product
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Product, 2019 to 2023
5.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Product, 2024 to 2034
5.3.1. Socket Type/Electromechanical Sub-Meters
5.3.1.1. Feed-through Sub-Meters
5.3.1.2. Current Transformers
5.3.2. Non-socket /Electronic Sub-Meters
5.3.3. Smart Sub-Meters
5.4. Y-o-Y Growth Trend Analysis By Product, 2019 to 2023
5.5. Absolute $ Opportunity Analysis By Product, 2024 to 2034
6. Korea Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Phase
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Phase, 2019 to 2023
6.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Phase, 2024 to 2034
6.3.1. Single Phase
6.3.2. Three Phase
6.4. Y-o-Y Growth Trend Analysis By Phase, 2019 to 2023
6.5. Absolute $ Opportunity Analysis By Phase, 2024 to 2034
7. Korea Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Application
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Application, 2019 to 2023
7.3. Current and Future Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Application, 2024 to 2034
7.3.1. Commercial Establishments
7.3.1.1. Large Retail Stores
7.3.1.2. Data Centers
7.3.1.3. Others
7.3.2. Residential Sector
7.3.3. Industrial Sector
7.4. Y-o-Y Growth Trend Analysis By Application, 2019 to 2023
7.5. Absolute $ Opportunity Analysis By Application, 2024 to 2034
8. Korea Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Unit) Analysis By Region, 2019 to 2023
8.3. Current Market Size Value (US$ Million) & Volume (Unit) Analysis and Forecast By Region, 2024 to 2034
8.3.1. South Gyeongsang
8.3.2. North Jeolla
8.3.3. South Jeolla
8.3.4. Jeju
8.3.5. Rest of Korea
8.4. Market Attractiveness Analysis By Region
9. South Gyeongsang Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
9.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2019 to 2023
9.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2024 to 2034
9.2.1. By Product
9.2.2. By Phase
9.2.3. By Application
9.3. Market Attractiveness Analysis
9.3.1. By Product
9.3.2. By Phase
9.3.3. By Application
9.4. Key Takeaways
10. North Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
10.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2019 to 2023
10.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2024 to 2034
10.2.1. By Product
10.2.2. By Phase
10.2.3. By Application
10.3. Market Attractiveness Analysis
10.3.1. By Product
10.3.2. By Phase
10.3.3. By Application
10.4. Key Takeaways
11. South Jeolla Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
11.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2019 to 2023
11.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2024 to 2034
11.2.1. By Product
11.2.2. By Phase
11.2.3. By Application
11.3. Market Attractiveness Analysis
11.3.1. By Product
11.3.2. By Phase
11.3.3. By Application
11.4. Key Takeaways
12. Jeju Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
12.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2019 to 2023
12.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2024 to 2034
12.2.1. By Product
12.2.2. By Phase
12.2.3. By Application
12.3. Market Attractiveness Analysis
12.3.1. By Product
12.3.2. By Phase
12.3.3. By Application
12.4. Key Takeaways
13. Rest of Korea Industry Analysis and Outlook 2019 to 2023 and Forecast 2024 to 2034
13.1. Historical Market Size Value (US$ Million) & Volume (Unit) Trend Analysis By Market Taxonomy, 2019 to 2023
13.2. Market Size Value (US$ Million) & Volume (Unit) Forecast By Market Taxonomy, 2024 to 2034
13.2.1. By Product
13.2.2. By Phase
13.2.3. By Application
13.3. Market Attractiveness Analysis
13.3.1. By Product
13.3.2. By Phase
13.3.3. By Application
13.4. Key Takeaways
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Product
14.3.3. By Phase
14.3.4. By Application
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Sensway
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Is Technologies Co., Ltd.
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Itron Inc.
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Schneider Electric
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. General Electric
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Siemens AG
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Mitsubishi Electric Corporation
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Osaki Electric Co. Ltd
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Xylem Inc.
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Bentec Electricals & Electronics Pvt. Ltd.
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used17. Research Methodology
