The global electric sub meter market has been forecast to increase at a compound annual growth rate (CAGR) of 14.6% between 2012 and 2020.
Sub metering technology is not new, nor have the basic capabilities and configurations changed significantly over the last few decades. It has long provided a way for savvy energy managers concerned with the untapped efficiency potential of buildings and factories to understand energy use and identify areas for improvement.
Increasing emphasis is being placed on improving the energy efficiency of buildings across all consumer segments, which is expected to drive the growth of the global electricity sub meter market. Buildings account for a substantial share of energy consumption.
For example, 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% (NIST, 2011).
This has encouraged the introduction of building energy efficiency policies in key countries worldwide. A number of labelling programs and rating systems have also been introduced with the objective of developing energy efficient green buildings, such as Leadership in Energy and Environmental Design (LEED) in the US, the Building Research Establishment Energy Assessment Method (BREEAM) in the UK and the Comprehensive Assessment System for Built Environment Efficiency (CASBEE) in Japan.
Overall, the worldwide market for sub metering technology and services totals $771 million and will grow to $1.58 billion in 2020.
North America, Western Europe, and Asia Pacific collectively amount to 85% of the global market, with the remaining 15% spread between the Middle East, Latin America, Eastern Europe, and Africa. This split will remain consistent over the next 8 years as demand for sub meters and their associated services surges in the largest three regions.
For more information on the global electric sub meter market, see the latest research: Global Electric Sub Meter Market
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