Sep 14, 2023

Valley Cottage, New York, UNITED STATES NEWARK, Del, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The electric sub-meter market is expected to be worth US$10.4 billion in 2023. By 2033, the market is expected to be worth US$ 15.3 billion. During the projection period of 2023 to 2033, the market is estimated to grow at a CAGR of 4%. One element driving the worldwide electric sub-meter market is the use of electrical sub-metering systems for monitoring, control, and administration at both commercial and residential sites around the world. As a result, the increasing use of electrical sub-metering technology in both the commercial and industrial sectors is driving the global electric sub-meter market. Development for electric submeters is being driven by the rise of smart buildings and the incorporation of Internet of Things (IoT) technology. These meters allow for remote control and supervision, which improves building effectiveness and automation. The United States has been more concerned with energy efficiency and sustainability. This emphasis will most likely boost demand for electric submeters, which offer exact monitoring and control of the usage of energy in both home and business settings. Request Our Sample Report to Stay Ahead of the Growth Curve. Get Key Market Details and Stay Informed about Emerging Trends: https://www.futuremarketinsights.com/reports/sample/rep-gb-4573 Several states and local governments in the United States have enacted energy efficiency laws that encourage the installation of electric submeters. Market growth is likely to be driven by compliance with these laws. The steadfast dedication of the United Kingdom to carbon reduction and sustainability drives demand for electric submeters, which provide exact monitoring and management of energy use. Government measures and incentives to improve energy efficiency stimulate the market even further. Key Takeaways from the Market Study The United States is expected to reach US$ 1.2 billion by 2033. The Chinese market for electric submeters is anticipated to be worth US$ 1.1 billion. The electric sub-meter industry in India is expected to develop significantly, reaching US$ 750 million by 2033. From 2023 to 2033, the smart sub-meters category is predicted to continue dominating the business with a CAGR of 4.5%. The residential sector is likely to expand at a CAGR of 4.2% from 2023 to 2033. “Sub-metering systems can monitor and regulate green energy incorporation as renewable energy sources such as wind and solar power become more popular. In addition, the demand for energy-efficient technologies in commercial and residential facilities is driving market expansion,” says an FMI analyst. Competitive Landscape Energy efficiency, as well as the observation of energy leaks and outages, is becoming increasingly important for both electricity providers and consumers. As a result, government agencies, electrical suppliers, and businesses have created alliances or joint ventures to address energy efficiency issues. In February 2023, Itron Inc. collaborated with SEW, a prominent developer of cloud-based software solutions for the energy and water industries. The purpose of the collaboration is to develop creative solutions that make use of Itron's OpenWay Riva IoT solution, which includes smart power meters and other smart grid technology. In September 2022, EDMI launched the MIRA brand, which provides comprehensive visibility and management based on industry-approved protocols such as DLMS, IDIS, and LWM2M across a wide range of bearer services such as 4G, NB-IoT, and RF Mesh. Top Key Players in Electric Sub-meter Industry Itron Inc. Genus Power Infrastructures Ltd.