GLOBAL ELECTRIC SUB METER MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global electric sub meter market growth can be hampered due to high initial investment and installation costs associated with electric sub meters. Installation of electric sub meters requires significant upfront capital expenditure as professional help is needed for the installation process, which adds to the overall cost. Materials used for manufacturing sub meters such as modules, sensors and connectivity hardware are  also expensive. Furthermore, additional costs are incurred for setting up the network infrastructure needed to transmit real-time meter data to central systems. These high initial costs create reluctance among building owners and facility managers to install sub meters. The payback period for these investments tend to be longer, which discourages certain segments. Moreover, additional installation expenditures are needed if the existing electrical wiring needs upgrades to support sub meters. These supply-side challenges of the market need to be addressed to accelerate adoption rates.

Opportunity- Growing demand for real-time energy monitoring and management

Growing demand for real-time energy monitoring and management solutions can offer opportunities for global electric sub meter market growth. With rising electricity costs and focus on energy efficiency, owners of multi-tenant commercial and residential buildings are increasingly realizing the benefits of sub meters. Installation of sub meters allows tracking of energy consumption patterns in granular level, which helps identify wastage and adopt measures to optimize usage. This leads to cost savings. Further, sub meters provide flexibility to apportion utility costs fairly based on actual consumption. These also help comply with government regulations in some countries regarding energy audits. With the availability of low-cost connectivity options and analytics tools, sub meters are enabling data-driven management of energy consumption. This boosts demand for sub meters across different end-use industries .