Global Revenue from Electric Submeters is Expected to Total $16.3 Billion from 2015 to 2024, According to Navigant Research
Business Wire, February 16, 2016
A recent report from Navigant Research analyzes the global market for electricity submetering, including the key technologies related to electric submeters and the competitive landscape, with global market forecasts through 2024.
Submetering is a crucial component of energy management for attaining granular energy use data and for allowing other software and services to generate actionable insights and facilitate changes. As customers become more aware of energy price volatility, the risks associated with reliability and resiliency, and the challenges posed by sustainability, the electricity submetering market is on the cusp of a transformation. According to a recent report from Navigant Research, global electric submeter revenue is expected to total $16.3 billion from 2015 to 2024.
“Customers are becoming more comfortable with IT developments like the Internet of Things and wireless communications,” says Casey Talon, senior research analyst with Navigant Research. “These changes are key to driving down hardware costs, enabling increased access to energy data, and opening up energy management opportunities for a broader field of users and customers.”
The costs and disruption to business associated with installing submeters remains a substantial barrier to investment for many customers, according to the report. Technological innovations and alternatives to traditional meter installation, including stick-on meters and split-current transformer-based devices, present some opportunities to overcome this barrier.
The report, Electric Submeters, examines the key market dynamics shaping customer adoption of electricity submetering, with a focus on energy management and billing services. The study provides an analysis of the market issues, including drivers, barriers, policies and regulatory mandates, and technology trends, associated with electric submeters. Global market forecasts, broken out by region, customer segment (commercial, institutional, multi-family, and industrial), and application, extend through 2024. The report also examines the key technologies related to electric submeters, as well as the competitive landscape. An Executive Summary of the report is available for free download on the Navigant Research website.