Market Overview 2022-2027:

The global prepaid electricity metering market reached a value of US$ 5.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 8.4 Billion by 2027, exhibiting at a CAGR of 7.8% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

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.

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, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, component, phase and end user.

Breakup by Type:

• 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:

• 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: