Uptick in smart grid home area network (HAN) installation projects in East Asia, driven by government initiatives, is creating fertile ground for key players. In addition, local manufacturers are offering three-phase sub-meters for installation in commercial and residential spaces. Global Electric Sub-meter Market sales were valued at around US$ 9.74 Bn at the end of 2021. The market is projected to register a 3% CAGR and reach a valuation of US$ 12.8 Bn by 2030.
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 stack.
In the current market scenario, prominent manufacturers are focusing on R&D activities for developing smart sub-meters to cater to several applications. Smart sub-meters help reduces electrical leakages and power cuts, and provide accurate consumption data to customers.
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The global value of the electric sub-meter market was US$ 9.74 Bn in 2021 and is projected to follow a stable growth curve during the forecast period of 2022-to 2030.
Key Takeaways for Electric Sub-meter Market Study
- Increasing consumer inclination towards smart sub-meters, owing to the surging use of the Internet of Technology (IoT), is anticipated to bolster market growth.
- Conventional sub-meter manufacturers are merging with global technology providers and key market players, considering increasing traction towards smart sub-meters.
- Governments in several countries are launching initiatives for rural electrification and the installation of digital sub-meters.
- Given the noteworthy growth of the market in China, the East Asia region is projected to have a significant share in the global electric sub-meter market from 2022 to 2030.
- The COVID-19 pandemic has put a majority of manufacturing and the supply chain of electric sub-meters on hold. As the number of infected individuals is increasing, industrial trade activities are expected to plunge significantly on a global scale, affecting the production and demand for electric sub-meters. Post containment of COVID-19 and lifting of lockdowns in developed regions, the global population would continue to follow social distancing protocols. Sales of electric sub-meters and new projects related to the deployment of smart sub-meters in South East Asian countries will then pick pace.
“Manufacturers in emerging markets such as India and ASEAN countries are entering into supply agreements through tenders and new orders. Replacement of conventional electric sub-meters with novel smart sub-meters is expected to remain the key growth driver of the electric sub-meter market. In addition, manufactures are investing heavily in R&D activities in order to provide tech-driven smart electric sub-meters at comparatively lower prices, without compromising on quality.”
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Electric Sub-meter Market: Competitive Landscape
Players active in the electrical sub-meter market covered in this research study are ABB, OSAKI ELECTRIC CO., LTD., Schneider Electric, Honeywell International, Landis+Gyr, General Electric, Itron Inc., Siemens AG, Xylem Inc., and Mitsubishi Electric Corporation. These key participants are looking to expand their footprints by acquiring regional manufacturers in the electrical sub-meter market.
Moreover, the global electric sub-meter market is fairly fragmented, with the presence of global as well as regional manufacturers. Market competition is anticipated to intensify due to strategic mergers & acquisitions by global market players to reinforce their business presence across continents.
Governments in countries such as Indonesia and Vietnam are walking the extra mile to enable proper electrification across their nations, and, as such, intensify the competitive ratio in the market. Regional players in the electric sub-meter market are working towards innovating their product portfolios and reducing operational costs to provide products at lower prices.
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