Wireless technologies are helping to remove the barriers related to submeter installation, report finds
A new 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 that extend through 2024.
Demand is increasing for holistic energy management solutions, and electric submeters are critical data acquisition devices expected to continue to gain market share. This commoditized technology is proving especially helpful for customers interested in billing allocation and energy efficiency improvements. Click to tweet: According to a new report from Navigant Research, global revenue from electric submeters is expected to grow from $949.7 million in 2015 to $2.5 billion by 2024.
“In the recovery since the economic downturn, commercial and industrial building owners have turned to energy efficiency as a mechanism for realizing impactful cost savings,” says Casey Talon, senior research analyst with Navigant Research. “Submetering is a crucial component for attaining the granular energy consumption data that enables energy management software and services to generate actionable insights and facility and organizational changes.”
Technology trends such as the Internet of Things (IoT), cloud computing, and the adoption of mobile devices are expanding the business case for investment in submeter hardware, according to the report. Because of power outages during installation and specialized labor costs, an array of alternative metering devices that utilize wireless communications and new form factors are growing in popularity.
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.
Contact: Lindsay Lorenz
* The information contained in this press release concerning the report, Electric Submeters, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.