The global prepaid electricity metering market size reached US$ 5.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 9.0 Billion by2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.
The efficient utilization of electricity currently represents one of the biggest concerns around the world. This has resulted in a shift from convention electromechanical meters to prepaid electricity meters as they provide better security and control and enable users to pay for electricity in advance as well as keep track of the electricity consumed. Besides this, prepaid electricity meters help minimize the gap between the cost of power supply and revenue realized by ensuring timely payments. Consequently, their utilization is increasing in both the emerging and developed economies.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Prepaid Electricity Metering Market Trends:
At present, there is a significant rise in the demand for energy security across the globe. As energy conservation and efficient utilization of power are key aspects of energy security, there is an increase in the overall sales of prepaid electricity meters across the globe. These meters instantly provide data of power consumption, which is then analyzed by users to control the use and stabilize energy demands. Besides this, prepaid electricity meters are getting more preference, especially in emerging economies, as the leading electricity firms are focusing on reducing their financial losses due to consumers’ reluctance or inability to make bill payments on time. Furthermore, governments of numerous countries are mandating the utilization of prepaid electricity meters to minimize human intervention in metering, billing and collection.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global prepaid electricity metering market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, component, phase and end user.
Breakup by Type:
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Thin Meter Based Solutions
Thick Meter Based Solutions
Breakup by Component:
Hardware
Software
Services
Breakup by Phase:
Single Phase
Three Phase
Breakup by End User:
Commercial
Industrial
Residential
Breakup by Region:
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North America
United States
Canada
Asia Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The report has also analysed the competitive landscape of the market 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, Oracle Corporation, PayGo Electric, Siemens AG and Wipro Limited.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
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$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
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)
Key Questions Answered in This Report
The global prepaid electricity metering market was valued at US$ 5.8 Billion in 2022.
We expect the global prepaid electricity metering market to exhibit a CAGR of 7.6% during 2023-2028.
The rising sales of prepaid electricity meters owing to the increasing focus towards energy
conservation and efficient utilization of power are primarily driving the global prepaid electricity
metering market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations, resulting in temporary halt in numerous manufacturing and installation activities for prepaid electricity meters.
Based on the type, the global prepaid electricity metering market has been divided into thin meter based solutions and thick meter based solutions. Currently, thick meter based solutions exhibit a clear dominance in the market.
Based on the component, the global prepaid electricity metering market can be categorized into
hardware, software, and services. Among these, hardware holds the majority of the total market
share.
Based on the phase, the global prepaid electricity metering market has been segmented into single phase and three phase, where single phase currently represents the largest market share.
Based on the end user, the global prepaid electricity metering market can be bifurcated into
commercial, industrial, and residential. Currently, the residential sector accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global prepaid electricity metering market include 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.
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