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Strict government regulations pertaining to the installation of electric sub-meters are expected to aid growth of the global electric sub-meter market.
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In the electric sub-meter market, digital metering solutions are an emerging trend. Buyers are drawn to devices with alarm recording and extensive data logging abilities.
ALBANY, N.Y., March 9, 2021 /PRNewswire/ Instead of providing an individual metre that will calculate the entire energy consumption in the building, the electric-sub metre assists in tracking and calculating the electricity consumption for each individual part of the construction. Installing electric-sub metres in multi-tenant spaces eliminates the additional cost incurred for maintenance, which helps the building s owner financially. As such, the ability to save cost and regulate energy consumption is estimated to pave way for rapid growth of the global electric sub meter market in the years to come.
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The global variable frequency drive market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period.
This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the variable frequency drive market.
The AC Drives segment, by type, is expected to be the largest market from 2020 to 2025
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