The global market for electric sub-meters has recorded a decline due to COVID-19 but is expected to witness a rapid recovery post the pandemic.
The market was worth $9.7 billion in 2019 and is expected to hit $13 billion by 2030.
The 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 deployment of smart sub-meters in South East Asian countries will then pick up pace.
In the current market scenario, prominent manufacturers are focusing on R&D activities for developing smart sub-meters in order to cater to several applications.
Increasing consumer inclination towards smart sub-meters, owing to surging use of Internet of Technology (IoT), is anticipated to bolster market growth. Moreover, the need by utilities to reduce electrical leakages and power cuts, as well as to provide consumers with accurate and real-time energy usage data will drive the anticipated 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 installation of digital sub-meters.
Given 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 2020 to 2030.
Governments in countries such as Indonesia and Vietnam are walking the extra mile to enable proper electrification across their nations, and, as such, intensifying 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.
“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.”
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.
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