BOULDER, Colo.--(BUSINESS WIRE)--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.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* 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.