The company’s latest report* predicts that the worldwide electricity submeter market value will jump from US$392m in 2012 to US$1.2 billion in 2020, climbing at an impressive Compound Annual Growth Rate (CAGR) of 14.5%.
Submeters are metering devices that monitor and measure the amount of power consumed by individual units within a facility. Large facilities such as industrial plants, commercial buildings, airports, hospitals and other energy-intensive consumers will be the primary beneficiaries of this advanced technology.
GlobalData states that across North America and Europe the market will be driven primarily by regional targets for energy-efficiency and reductions in energy consumption costs. In comparison, the Asia-Pacific region has the potential to make a substantial contribution to the global market thanks to a huge untapped consumer base and increasing need to maximize energy efficiency – the Chinese market alone is expected to more than triple in value during the forecast period, from US$15m in 2012 to US$52m by the end of the decade.
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The US National Institute of Standards and Technology (NIST) estimates that 40% of the energy consumed in Europe is accounted for by residential and commercial buildings, whereas in the US this percentage is as high as 72%. As submeters can ultimately result in lower consumption in these high use areas, their implementation may prove highly significant at a time when the supply and cost of electricity is becoming increasingly uncertain.
This report provides an in-depth analysis of the electricity submeter market, at global and national levels.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
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