Electric Sub-meter Market

2020 Analysis and Review of Electric Sub-meter Market by Product - Socket Type/Electromechanical Sub-meters, Non-socket /Electronic Sub-meters, and Smart Sub-meters for 2020-2030

  • 2020-05-05
  • REP-GB-4573
  • 43 Tables
  • 161 Figures
  • 306 pages
  • PDF PPT EXCEL
Electric Sub-meter Market
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Electric Sub-meter Market to Exhibit 6% CAGR through 2030

The energy and utility sector has been reactive when it comes to stepping up efficiency levels, given their cost-prohibitive nature and unreliable outcomes. However, stringent sustainable norms have compelled industrial executives to develop business models and craft effective deployment methods for achieving energy preservation. As these step-change improvements hovering around sustainability trend continue to make headways, the global electric sub-meter market value will cross its US$ 10 Bn mark in revenues soon. Considering rising competition in the business landscape, key market players are focusing on entering into long-term contracts with customers, distributors, and vendors in order to enhance their customer base.

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Electric Sub-meter Market: Key Insights

  • Rising need to ensure energy efficiency, influenced by stringent regulatory framework, would be a major growth driver for the market.
  • Smart sub-meters continue to carve out significant share in the electric sub-meter market.
  • Single phase electric sub-meters would remain sought-after; three phase electric sub-meters to lose traction.
  • Residential sector continues to generate greater total returns to shareholders; adoption in commercial establishments and industrial sector to dip.
  • East Asia would remain at the vanguard of global electric sub-meter market.

KEY FACTORS SHAPING ELECTRIC SUB-METER MARKET

Increasing Demand for Smart Electric Sub-meters over Conventional Ones

Rising smart grid installation projects in countries such as India, China, Indonesia, Brazil, and Argentina are driving investments in smart electric sub-meters. Furthermore, government initiatives have led to the deployment of smart electric sub-meters over conventional electric sub-meters.

For instance, in India, the Smart Meter National Programme is being implemented by the Energy Efficiency Services Limited (EESL), a joint venture (JV) of public sector undertakings under the Ministry of Power, to deploy smart electric sub-meters across the country. The installation of smart electric sub-meters can help in efficiently managing electricity, checking data-entry errors, billing efficiencies, and cost cutting of manual meter readings through a web-based monitoring system. EESL’s Smart Meter National Programme (SMNP) is working to replace nearly 250 million conventional electric sub-meters with smart meters by 2020.

Joint Ventures & Partnerships with Energy Suppliers to Drive Growth

Growing demand for energy efficiency, monitoring energy leakages, and energy outages are important for electricity suppliers and consumers. This has led government agencies, electricity suppliers, and manufacturers to partner or jointly venture to overcome energy efficiency-related issues. This has resulted in more investments in research & development to produce highly efficient and low-cost electricity sub-meters, which are expected to further drive the growth of the electric sub-meter market.

Electrical utility companies are entering into partnerships with energy and data management and data solution providers to reduce the cost of conserve resources, improve efficiency, and increase the demand for electric sub-meters.

  • For example, governments in developing economies are reducing the price of smart electric sub-meters to enhance the adoption rate for residential applications.

Companies such as Jay Auto and Hexing tied up with Pal Mohan Group for making a bid with an Indian company through a joint venture. The benchmark smart electric sub-meter price per meter is INR 1,400 (US$ 20), whereas, the lowest bidding completed was INR 2,200 per meter for the supply of 5 million smart electric sub-meters.

In October 2018, Hexing Electrical signed a joint venture with West Zone Power Distribution Company Limited to develop a new company named Bangladesh Smart Electrical Company Limited, to produce smart prepaid meters.

Strengthening Customer and Vendor Relationships

Growing competition and increasing number of players in regional as well as global markets have made project acquisition more difficult. Market players are now focusing on increasing customer retention and strengthening their relationship with existing customers. Long-term relationships with customers, distributors, and vendors enable companies to acquire long-term contracts for product requirements, and this is expected to be the key strategy for growth in the global electric sub-meter market.

Furthermore, concentration on acquiring new electric sub-meter installation orders related to smart electric sub-meters in solar energy farms is anticipated to drive the global electric sub-meter market in South East Asian countries.

Impact of COVID 19 Pandemic

The global economy has taken a massive hit due to the spread of novel coronavirus across the globe. According to recent findings, even in the best possible scenario, the global economy is anticipated to witness a fallout of US$ 2.3 trillion. As per the International Monetary Fund (IMF), around 170 countries are expected to witness negative per capita income growth. All this economic downfall is anticipated to curb the manufacturing and sales of electric sub-meters. The current deployment of smart electric sub-meter projects are on hold, and this delay will affect demand and supply in the current year, and have a moderate impact in the first quarter of 2021. The downfall is anticipated for a limited period, after which, the market is expected to recover from its losses.

Regional Outlook of Electric Sub-meter Market

  • In terms of growth, the South Asia Pacific and South Asia markets are anticipated to propel at a promising pace in the global electric sub-meter market.
  • Due to increasing manufacturing of smart electric sub-meters in the countries such as India and China, they are expected to progress at a growth rate of nearly 6% from 2020 through 2030.
  • Additionally, after the containment of the COVID-19 pandemic, the electric sub-meter market might witness a shift of manufacturing facilities from China to other South East Asian countries.

Electric Sub-meter Market: Structure Analysis

  • The global electric sub-meter market is considered to be a highly competitive landscape, due to the presence of regional as well as international players. Leading players are focused on acquiring new contracts from respective governments as well as from developing economies.
  • Most of the key players are aiming to extend their product portfolios through collaborations, partnerships, and acquisitions to expand their global share.
  • The global electric sub-meter market is a fragmented market, with several big market players and regional players.
  • Some of the prominent companies in the electric sub-meter market include Itron Inc, Landis+Gyr, Xylem Inc., Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Honeywell International Inc., ABB, Siemens AG, Mitsubishi Electric Corporation, OSAKI ELECTRIC CO., LTD., and others.
  • Key players are maintaining strategic focus on mergers and acquisitions, partnerships, and agreements with utility companies for market expansion.
  • Some of the top manufacturers that are contributing a high revenue share in the electric sub-meter market are Schneider Electric, General Electric, Honeywell International Inc., Itron Inc., Landis+Gyr, Xylem Inc., ABB, and OSAKI ELECTRIC CO., LTD.

Report Metrics

Details

Base Year

2019

Historical Period

2015-2019

Forecast Period

2020-2030

Market Value in 2019

US$ 9.7 Bn

Segments Covered

Product, Phase, Application, and Region

Regions Covered

North America, Latin America, Europe, South Asia, East Asia, Middle East & Africa, and Oceania

Key Companies

are Itron Inc., Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Honeywell International, HPL Electric & Power Limited, ABB, Landis+Gyr, Osaki Electric Co. Ltd, Xylem Inc., Bentec Electricals & Electronics Pvt. Ltd., Genus Power Infrastructures Ltd., Kamstrup A/S, Leviton Manufacturing Co. Inc., Hexing Electric Co. Ltd., Zhejiang CHINT Instrument Co. Ltd., and Jiangsu Linyang New Energy Source Co. Ltd.

Growth Drivers

  • Increasing demand for smart electric sub-meters
  • Intensifying need to achieve energy efficiency
  • Competitive pricing due to high fragmentation of market

Stakeholders Continue to Invest in Smart Sub-meters

In a bid to maintain their market competitiveness, industrials are walking the extra mile to ensure energy efficiency and performance. This preferential shift is enabling the broader adoption of smart electric sub-meters over conventional variants such as electronic and electromechanical sub-meters. Players in the electric sub-meter market tapping this opportunity and devising distinctive strategies with technology at the center will be well placed for realizing outsized returns. Further, by 2026, these smart meters would register over US$ 10 Bn in revenue.

Regional Analysis - Electric Sub-meter Market to Lead the Way

Uptick in smart grid home area network (HAN) installation projects in East Asia, driven by government initiatives, is creating fertile ground for players in the electric sub-meter market. In addition, local manufacturers are offering smart electric sub-meters for installation in commercial and residential spaces. Considering the rising level of competition, both, global and regional players are focusing on enhancing value-addition in their offerings at competitive pricing. The same theme is sweeping the South Asia electric sub-meter market, especially in Indonesia, and Vietnam. Together, both, East and South Asia capture around half of the total market stack.

* This data is only a representation. Actual data may vary and will be available in report.

Regional Analysis - Electric Sub-meter Market to Lead the Way
Regional Analysis - Electric Sub-meter Market to Lead the Way
Regional Analysis - Electric Sub-meter Market to Lead the Way
Regional Analysis - Electric Sub-meter Market to Lead the Way
  • 2014
  • 2018
  • 2022
  • 2029
  • Arrow

Collaborating with Energy Providers for Cost-effective Upgradation

Monitoring energy outages and leakages is imperative for electricity distributors and customers. As the need to achieve energy efficiency continues to defy gravity, players in the electric sub-meter market are establishing strategic collaborations with energy suppliers in a bid to satiate the ever-increasing demand. Combined with progressive R&D activities, these collaborations are poised to allow manufacturers to sell at competitive electric-sub meter prices. Case in point, Hexing Electric Co. Ltd. teamed up with West Zone Power Distribution Company Ltd. to develop smart prepaid meters.

Smart sub-meters hold leading revenue share

Non-socket/electronic sub-meters to gain momentum

Single phase electric sub-meters remain sought-after

Three phase electric sub-meters to falter markedly

Residential Sector remains key application area

Application in commercial establishments to drop

How Growth will Unfold

Around 70% of the electric sub-meter market revenue would be realized by the residential sector. FMI says that, the number would follow an upward trajectory over the decade ahead. Moving ahead, electric sub-meter installation in commercial establishments - small, large, medium (SML) retail stores, and data centers - and the industrial sector is expected to drop in the near term. As such, manufactures allocating their resources to the residential sector will increase their odds of bigger profit margins.

Electric Sub Meter Market by Application

* This data is only a representation. Actual data may vary and will be available in report.

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Overview

A recent market study published by FMI on the electric sub-meter market includes global industry analysis of 2015-2019 and forecasts for 2020-2030, and offers a comprehensive assessment of important market dynamics. After conducting thorough research on the historic as well as current growth parameters of the electric sub-meter market, growth prospects of the market are obtained with maximum precision.

Electric Sub-meter Market Taxonomy

The global electric sub-meter market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.

By Product

  • 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 Region

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Middle East & Africa
  • Oceania

What's Included

The report on commences with the executive summary of the electric sub-meter market, which includes a summary of the key findings and key statistics of the market. It also includes the market value (US$ million) estimates of prominent segments of the electric sub-meter market.

Readers can find detailed taxonomy and definition of the electric sub-meter market in this chapter, which will help them understand the basic information about the electric sub-meter market. This section also highlights the inclusions and exclusions, which helps the reader understand the scope of the electric sub-meter market report.

The report provides key market trends of the electric sub-meter market that are expected to significantly impact the market growth during the forecast period. Detailed industry trends are provided in this section, along with key market developments and product innovations.

This section includes key inclusions of the electric sub-meter market report. It includes product adoption & usage analysis, reimbursement scenario, pipeline assessment & opportunity analysis, and strategies of manufacturers for the market expansion.

This section of the electric sub-meter market report explains the global market value analysis and forecast for the electric sub-meter market during 2014-2029 is highlighted in this section. This chapter includes detailed analysis of the historic electric sub-meter market, along with an opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2019-2020) and an incremental $ opportunity for the forecast period of 2020-2030.

This section highlights the average price of the socket type/electromechanical sub-meters, non-socket/electronic sub-meters, and smart sub-meters in different regions of the world. The pricing benchmark for manufacturer level pricing and distributor level pricing is analyzed in this section.

This section of the electric sub-meter market explains the global market volume analysis and forecast for the electric sub-meter market between the forecast periods of 2020-2030

This chapter explains the key macro-economic factors that are expected to influence the growth of the electric sub-meter market over the forecast period. Along with macroeconomic factors, this section highlights the opportunity analysis for the market. The chapter also provides information about the COVID -19 impact on the market, and assessment of how the spread of the pandemic will curb market growth. This chapter also highlights key market dynamics of the electric sub-meter market, which includes the drivers, restraints, opportunities, and trends. Moreover, readers will understand the key trends followed by the prominent manufacturers in the electric sub-meter market.

Based on the product, the electric sub-meter market is segmented into socket type/electromechanical sub-meters, non-socket/electronic sub-meters, and smart sub-meters. In this chapter, readers can find information about key trends and developments in the electric sub-meter market and market attractiveness analysis based on product.

This chapter provides details about the electric sub-meter market on the basis of single phase and three phase. In this chapter, readers can understand the market attractiveness analysis based on the phase.

This chapter provides details about the electric sub-meter market on the basis of commercial establishments, residential sectors, and industrial sectors. In this chapter, readers can understand the market attractiveness analysis based on application.

This chapter explains how the electric sub-meter market will grow across several geographic regions such as North America, Latin America, Europe, East Asia, South Asia, Middle East & Africa (MEA), and Oceania.

This chapter includes detailed analysis of the growth of the North America electric sub-meter market, along with the country-wise assessment such as the U.S. and Canada. Readers can also find the regional trends, regulations, and market growth based on end users and countries in North America.

Readers can find detailed information about several factors, such as the pricing analysis and regional trends, which are impacting the growth of the Latin America electric sub-meter market. This chapter also includes the growth prospects of the electric sub-meter market in the prominent LATAM countries such as Brazil, Mexico, and the Rest of Latin America.

Important growth prospects of the electric sub-meter market based on its end users in several countries, such as Germany, the U.K., France, Spain, Italy, Russia, BENELUX, and the Rest of Europe are included in this chapter.

Important growth prospects of the electric sub-meter market based on its end users in several countries, such as India, ASEAN, and the Rest of South Asia are included in this chapter.

This chapter highlights the growth of the electric sub-meter market in East Asia by focusing on China, Japan, and South Korea. This section also help readers understand the key factors that are responsible for the growth of the electric sub-meter market in East Asia.

This chapter provides information about how the electric sub-meter market will grow in major countries in the MEA region such as GCC Countries, South Africa, North Africa, Turkey, and the Rest of MEA during the forecast period of 2020 - 2030.

This chapter provides information about how the electric sub-meter market will grow in major countries in the Oceania region such as, Australia and New Zealand during the forecast period of 2020 - 2030.

In this chapter, readers can find detailed information about the tier analysis and market concentration of key players in the electric sub-meter market, along with their market presence analysis by region and product portfolio.

In this chapter, readers can find a comprehensive list of all the prominent stakeholders in the electric sub-meter market, along with detailed information about each company, which includes the company overview, revenue shares, strategic overview, and recent company developments. Some of the market players featured in the report are Itron Inc., Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Honeywell International, HPL Electric & Power Limited, ABB, Landis+Gyr, Osaki Electric Co Ltd, Xylem Inc., Bentec Electricals & Electronics Pvt Ltd, Genus Power Infrastructures Ltd, Kamstrup A/S, Leviton Manufacturing Co., In, Hexing Electric Co. Ltd, Zhejiang CHINT Instrument Co., Ltd., Jiangsu Linyang New Energy Source Co. Ltd, etc.

This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the electric sub-meter market report.

This chapter help readers understand the research methodology followed to obtain various conclusions as well as important qualitative and quantitative information about the electric sub-meter market.

How the research was conducted?

Primary Research

Primary research interview with Key Opinion Leaders and other participants  were conducted for data collection and validation of the below information: 

  • Adoption of Smart Electric sub-meter 
  • Average Selling Price (US$) and Market Growth
  • Key Developments
  • Key Trends and Opportunities
  • Regional wise Dynamics
  • Reimbursement Landscape
  • Market Share Information
  • Key Brands
  • Competition & Key Vendor Strategies
  • Electricity Computation world wide

Secondary Research

  • Company Press Release
  • Published Trade Data
  • Quarterly financial statements, 10-K & 10-Q filings, Factiva, Morning Star
  • Annual Reports/SEC filings/Investor Presentations/Earning Call Transcript
  • Industry Journals
  • press information and data released by exhibitions conducted by associations etc.

Primary Interview Splits

Primary Interview Splits electric sub meter market designation

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