Awareness about Electrical Leakages Boosts Demand for Electric Sub-meters During COVID-19
The coronavirus pandemic has put majority of the manufacturing and supply channels of electric sub-meters on hold. Companies in the electric sub-meter market are anticipating that the business will witness a rapid recovery post the pandemic. The reopening of several manufacturing facilities is creating job opportunities for workers and is anticipated to revive in 2021.
The number of infected COVID-19 individuals is still indefinite in many parts of the world. Hence, companies in the electric sub-meter market are targeting customers who have become aware about cost savings, such as businesses providing rental services, industrial, and commercial sectors. Since individuals have become aware about electrical leakages and power cuts, there is a demand for smart sub-meters that provide accurate and real-time energy usage data.
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New Meters Exclude Electricity Rates from Common Areas of Building
The allocation of energy costs is often more precise and better documented with electric sub-meters. However, in many cases, these individual meters do not eliminate the need for a meter in common areas of a building such as corridors, vestibules, basement, and underground parking. Hence, Hydro-Québec’s meters are gaining visibility as energy efficient solutions that exclude the electricity rate of common areas.
The electric sub-meter market is projected to cross the value mark of US$ 7.7 Bn by the end of 2030. The Multilin EPM 4600 Multi-feed Power and Energy Meter by tech giant General Electric (GE) is gaining recognition for quickly, accurately, and centrally measuring power and energy usage in specific areas to help reduce operating expenses.
Digital Metering Solutions Gaining Attention of Factory Owners
Advanced communication and login capabilities are being integrated in products being offered by companies in the electric sub-meter market. Manufacturers are increasing the availability of sub-metering solutions that provide comprehensive data logging and other options such as Wi-Fi and USB (Universal Serial Bus) for easy integration in both existing and new infrastructures. Companies in the electric sub-meter market are developing solutions that monitor and manage energy usage in factories, businesses, and across campuses.
Digital metering solutions are a fast growing phenomenon in the electric sub-meter market. Extensive data logging and alarm recording capabilities to systems are grabbing the attention of buyers. Advanced analysis and predictive maintenance of power systems are translating into value grab opportunities for manufacturers.
BMS, aM&T Systems Fuel Demand for Electric Sub-meters
With debate heating on climate change, it has become imperative for businesses to adopt electric sub-meters. These systems help in accurate monitoring of energy consumption in buildings, factories, and campuses. Stakeholders in Europe are abiding with the Metering Instruments Directive (MID) to establish the installation of new meters as per regulations. End users in retail chains, airports, hospitals, and local authority councils are becoming aware about the implementation of effective energy management policies.
Building management systems (BMS) are being combined with electric sub-meters to breakdown energy consumption into individual areas. Such trends are benefitting companies in the electric sub-meter market. Automatic Monitoring and Targeting (aM&T) systems are emerging as a key driver for growth of the electric sub-meter market.
Collaborations with Energy Experts Lead to Provision of Customized Sub-metering Solutions
Forward-thinking analytical tools with real-world data are gaining prominence in sub-metering solutions. CLPe Solutions – a specialist in energy and infrastructure solutions is acquiring recognition for its sub-meters or smart logger downstream systems that help facilities to operate in a smart and more energy efficient manner.
Managing a multi-building campus or a single high-rise building has become easier with the availability of sub-metering system management and support services. Companies in the electric sub-meter market are collaborating with energy experts to offer technology driven solutions to end users in order to derive actionable insights around energy consumption. Companies are increasing efforts to provide customized sub-metering solutions to customers to report site energy usage.
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Electric Sub-meter Market: Overview
- According to Transparency Market Research’s latest research report on the global electric sub-meter market for the historical period 2018–2019 and the forecast period 2020–2030, increasing adoption of electric sub-meters in commercial and industrial applications is expected to boost the global electric sub-meter market across the world
- In terms of revenue, the global electric sub-meter market is estimated to exceed the value of US$ 7.7 Bn by 2030, expanding at a CAGR of ~4% during the forecast period
- The electric sub-meter market is likely to expand at a considerable pace during the forecast period, owing to mandatory regulations for its installation in developed countries and growing practice of energy management across the world
Usage of Electric Sub-meters in Commercial and Industrial Sectors: A Key Driver
- Commercial and industrial sites across the world are witnessing rising demand for electric sub-meters for monitoring, controlling, and managing proper energy
- Real‐time sub-metering offers several benefits to buildings such as equipment performance optimization, smarter alarms implementation, dynamic control, and project performance verification
- Sub-metering data maximizes energy and operational savings in a comprehensive building automation system, thereby enabling advanced analysis and dynamic control changes to manage energy uses
- Thus, rising demand for electric sub-meters in commercial and industrial sectors across the world is expected to drive the market during the forecast period
- However, high cost of electric sub-meters is one of the major factors affecting the global electric sub-meter market. Furthermore, smart sub-metering adds to the cost of data collection and analysis as well as maintenance.
- Impact of the restraint is anticipated to reduce during the forecast period with growing awareness regarding efficient energy management, accurate billing, and greater transparency