Energy efficiency driving submeters
Residential and commercial buildings account for 40 percent of the energy consumed in Europe; in the United States, that number is much higher -- 72 percent, according to the National Institute of Standards and Technology.
Large facilities such as industrial plants and commercial buildings can benefit from the use of submeters, which can ultimately result in lower consumption in these high use areas.
GlobalData's research suggests that the worldwide electricity submeter market value will jump from $392 million in 2012 to $1.2 billion in 2020 -- for a Compound Annual Growth Rate of 14.5 percent -- and prove significant at a time when the supply and cost of electricity is becoming increasingly uncertain.
Driven by regional targets for energy-efficiency and reductions in energy consumption costs, much of the submeter concentration could be across the United States and Europe. However, the Asia-Pacific region could make a significant impact. The Chinese market alone is projected to more than triple by the end of the decade, according to the research, due to an increasing need to capitalize on energy efficiency and a large untapped customer base.
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Submetering offers deep energy dive for facility owners, utilities