Global Information Inc. would like to present a new market research report, "Electricity Submeters: Market Analysis and Forecasts" by Navigant Research.
According to Pikes new 72-page report, the worldwide market for submetering technology and services will grow from $771 million in 2012 to $1.58 billion in 2020, with a compound annual growth rate (CAGR) of 9.4%. That total also includes energy management software, installation costs, customer training, and other services.
Savvy energy managers concerned with the untapped efficiency potential of buildings and factories utilize electricity submetering technology to understand energy use and identify areas for improvement. Today, this market is starting to grow significantly as building professionals tie the technology into broader energy management solutions for property owners and managers.
According to senior analyst Eric Bloom: "to address the growing demand for submetering capabilities, traditional leaders in the building controls and equipment industry have worked to integrate submetering technology into their energy efficiency solutions and platforms. Many firms have made major acquisitions of submeter vendors in recent years to round out their energy efficiency platforms, while others are implementing software and services platforms that provide building owners with actionable insights that save money and make facility management easier."
Bloom adds that, while a number of major building efficiency solutions providers (e.g., Schneider Electric and Honeywell) lead the submeter technology and services market globally; pure-play vendors play an important role at the national and regional levels, offering high-quality products that often fill important niches. North America, Western Europe, and Asia Pacific collectively account for 85% of the global market, with the remaining 15% is spread between the Middle East, Latin America, Eastern Europe, and Africa. This split will remain consistent over the next 8 years as demand for submeters and their associated services surges in the three largest regions.
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