Global Prepaid Electricity Metering Market to Reach US$ 11.3 Billion by 2032, Bolstered by Growing Demand for Energy Security

February 01, 2022 | Electronics and Semiconductors

The latest report by IMARC Group, titled “Prepaid Electricity Metering Market Report by Type (Thin Meter Based Solutions, Thick Meter Based Solutions), Component (Hardware, Software, Services), Phase (Single Phase, Three Phase), End User (Commercial, Industrial, Residential), and Region 2024-2032,” finds that the global prepaid electricity metering market reached a value of US$ 6.2 Billion in 2023. Prepaid electricity metering refers to a system that allows users to pay for electricity in advance. It measures the amount of electric energy consumed by residences or businesses. Prepaid metering is an excellent way of keeping track of electricity consumption and helps budget energy bills. Nowadays, prepaid electricity metering is gaining traction as various governments across the world are taking steps to replace the existing meter systems with prepaid meters to eliminate errors and enhance security and control while providing the option to keep track of the electricity consumed.

Global Prepaid Electricity Metering Market Trends: 

The market is primarily driven by the growing need for energy security and the efficient utilization of electricity. Prepaid electricity metering has reduced the gap between the power supply cost and the revenue realized by ensuring timely payments. As a result, commercial and residential sectors are shifting from conventional to prepaid meters, which, in turn, is fueling the growth of the market. Furthermore, various countries are looking for ways to minimize the losses caused due to electricity theft and the inability to make bill payments on time. Consequently, governments are implementing initiatives to encourage prepaid electricity metering as a way of controlling expenses and offering a hassle-free service. Besides this, the rising awareness regarding energy conservation is also creating a positive outlook for the market. Looking forward, the market is expected to reach a value of US$ 11.3 Billion by 2032, exhibiting a CAGR of 6.7% during the forecast period (2024-2032).

Market Summary: 

  • Based on the type, the market has been segmented into thin- and thick meter-based solutions.
  • On the basis of the component, the market has been classified into hardware, software, and services.
  • The market has been categorized based on the phase into single and three phases.
  • On the basis of the end user, the market has been segregated into commercial, industrial, and residential sectors.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined, with some of the key players being Accenture Plc, Aclara Technologies LLC (Hubbell Incorporated), Calico Energy Inc., Elster Group GmbH (Honeywell International Inc.), Exceleron Software LLC, HCL Technologies Limited, Infosys Limited, Itron Inc., KAMSTRUP A/S, Landis+Gyr AG, Oracle Corporation, PayGo Electric, Siemens AG, and Wipro Limited.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, Component, Phase, End User, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Accenture Plc, Aclara Technologies LLC (Hubbell Incorporated), Calico Energy Inc., Elster Group GmbH (Honeywell International Inc.), Exceleron Software LLC, HCL Technologies Limited, Infosys Limited, Itron Inc., KAMSTRUP A/S, Landis+Gyr, Oracle Corporation, PayGo Electric, Siemens AG and Wipro Limited
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Prepaid Electricity Metering Market to Reach US$ 11.3 Billion by 2032, Bolstered by Growing Demand for Energy Security
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