The latest report by IMARC Group, titled “Prepaid Electricity Metering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global prepaid electricity metering market reached a value of US$ 5.3 Billion in 2021. 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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$ 8.4 Billion by 2027, exhibiting a CAGR of 7.8% during the forecast period (2022-2027).
- 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.
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