Select Language
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).
Market Summary:
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, and nanotechnology industries. We also provide cost model and manufacturing setup project reports through Syndicated Analytics, a subsidiary of IMARC Group.
Contact US:
IMARC Group
30 N Gould St, Ste R
Sheridan, WY 82801, USA
Website: https://www.imarcgroup.com/
Email: sales@imarcgroup.com
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800
REACH OUT TO US
Call us on
( US: +1-631-791-1145 )
( UK: +44-753-713-2163 )
( India: +91-120-433-0800 )
Drop us an email at
sales@imarcgroup.com