Smart electric submeters on the rise
A recent electric submeter study found that smart submeters are on the rise, and are expected to push the global market to US$24bn by 2029.
According to the study, mergers and acquisitions in the electric submeter market are estimated to become more important as automation and smart solution providers are targeting the acquisition of conventional electric submeter manufacturers.
Technological advancements to reduce electrical outages and leakages, and to monitor electricity consumption data without error, are also anticipated to drive the growth of the global market.
Key takeaways of the market study include:
- The adoption of smart electric submeters with IoT is expected to drive key players to acquire component manufacturers.
- The lack of technological adoption of smart electric submeters by conventional manufacturers has forced them to merge with, or become acquired by, automation providers.
- Steps taken by government agencies to initiate the installation of smart electric submeters in their respective countries are anticipated to drive the global electric submeter market.
- China is estimated to hold a significant share in the East Asia electric submeter 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 submeter market during the assessment period.
- Due to the availability of low-cost smart electric submeters for residential applications in China, overall demand for electric submeters is increasing.
- Government initiatives to promote and deploy smart electric submeters in developing countries such as China, India, Brazil, Mexico, Indonesia and Malaysia are expected to further create opportunities in global the electric submeter market.
Some of the key players involved in the manufacturing of electric submeters included in this study were Schneider Electric, General Electric, Siemens, Mitsubishi Electric, Honeywell International, Itron, Landis+Gyr, Xylem, ABB and OSAKI ELECTRIC, among others. Acquisition of electric submeter manufacturers by automation providers is expected to be a key trend that is expected to improve the market share.
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 submeters in residential applications is projected to boost the overall demand for electric submeters over the forecast period.
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