By Greentech Lead America: 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
percent.
Recently, building professionals have begun to tie the
technology into broader energy management solutions for property owners and
managers and this trend helps fuel the rapid pace of the market.
“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,” said Eric Bloom, senior analyst, Pike
Research.
Major building efficiency solutions providers Schneider
Electric and Honeywell led the submeter technology and services market
globally. Pure-play vendors also play an important role at the national and
regional levels, offering high-quality products that often fill important
niches.
“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 added.
North America, Western Europe, and Asia Pacific
collectively amount to 85 percent of the global market, with the remaining 15
percent spread between the Middle East, Latin America, Eastern Europe, and
Africa. The surge in demand for submeters and their associated services will
remain consistent over the next 8 years in the largest three regions.