Transparency Market Research has published a new report analysing the global market for smart sub-meters. The report states that the market will record a 4% growth between 2020 and 2030.
Revenue generation within the market is expected to increase to $7.7 billion by 2030 owing to increased deployment, as countries and utilities realise the need to monitor energy leakage as part of energy conservation and optimal operations of distribution networks.
The need to leverage smart meter data to improve energy management is also creating opportunities within the market.
“The government bodies of numerous countries are laying a greater emphasis on energy efficiency. In order to achieve the goal of sustainability and energy management, the government bodies are structuring initiatives and schemes for encouraging the installation of electric sub-meters. These factors will have a profound impact on the growth trajectory of the electric sub-meter market,” according to the Transparency Market Research statement.
The rapid growth in industrialization is expected to spike energy usage resulting in governments introducing stricter energy efficiency regulations, which will pave the way for adoption of real-time energy monitoring solutions such as smart electric sub-meters, according to the study.
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Adoption in commercial and industrial sectors is expected to drive the market. Three-phase electric sub-meters are experiencing substantial demand, especially in the industrial sector, due to features like project performance visualization and equipment performance optimisation.
In addition, the emerging tenant submetering concept will continue to drive an increase in the use of smart sub-meters with each consumer in multi-tenant apartments wanting to leverage smart meter capabilities, according to study data.
Increasing focus on rural electrification in densely populated areas will result in exponential growth of the market. Schemes such as the Upadhyaya Gram Jyoti Yojana in India aimed at improving electrification in rural areas are expected to increase the penetration of smart electric sub-meters as governments seek to enhance the reliability and quality of power supply in rural areas.
Global utilities are increasingly deploying smart electric sub-meters to monitor energy leakages and outages as part of smart grid, grid modernisation, and energy transition programmes.
In addition, technology innovation within the sub-metering segment has prompted utilities into developing smart meter technologies. Partnerships between utilities and sub-metering technology providers will increase the demand from smart electric-sub-meters, according to Transparency Research.