The global electric sub-meters market will record more than 6% growth between 2018 and 2029, according to Future Market Insights.
Revenue generation is expected to jump from $12 billion in 2018 to $24 billion by 2029.
In the current market scenario, mergers and acquisitions in the electric sub-meters market are estimated to become more important, as automation and smart solution providers are targeting the acquisition of conventional electric sub-meter manufacturers. Technological advancements to reduce electrical outages and leakages, and monitor electricity consumption data without error, are anticipated to drive the growth of the sub-meters market.
The market is facing increased competition with contract acquirements in Asian countries such as Vietnam and Indonesia. Additionally, regional players in emerging markets are focusing on increasing value-addition in their product offerings at competitive pricing. The deployment of smart electric sub-meters in residential applications is projected to boost the overall demand for electric sub-meters over the forecast period.
Key takeaways of the electric sub-meters market study include:
- The adoption of smart electric sub-meters with IoT is expected to drive key players to acquire component manufacturers.
- The lack of technological adoption of smart electric sub-meters by conventional manufacturers have made them merge with or get acquired by automation providers.
- Steps taken by government agencies to initiate the installation of smart electric sub-meters in their respective countries are anticipated to drive the global electric sub-meter market.
- China is estimated to hold a significant share in the East Asia electric sub-meter market and is expected to drive market growth in the region while rising at a CAGR of above 7% in terms of value from 2019 to 2029.
- The East Asia market is estimated to hold a prominent volume share in the global electric sub-meter market during the assessment period.
- Due to the availability of low-cost smart electric sub-meters for residential applications in China, the overall demand for electric sub-meters is increasing.
- Moreover, government initiatives to promote and deploy smart electric sub-meters in developing countries such as China, India, Brazil, Mexico, Indonesia, and Malaysia are expected to further create opportunities in the global electric sub-meter market.
“Manufacturers from ASEAN and India are focusing on acquiring new orders and tenders to increase their revenue by deploying smart electric sub-meters. This is creating ample opportunities for investments in the electric sub-meter market. The replacement of conventional electric sub-meters with smart electric sub-meters at a low cost is expected to drive market growth in the coming years.”
Key market players include Schneider Electric, General Electric, Siemens AG, Mitsubishi Electric Corporation, Honeywell International, Itron Inc., Landis+Gyr, Xylem Inc.
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