According to IMARC Group’s latest report, titled “Prepaid Electricity Metering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 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.
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.
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Prepaid electricity metering is an electromechanical meter that enables the user to pay for electricity in advance. The meter needs to be recharged before utilizing energy, allowing the consumer to get a set amount of energy. It works on the line of mobile phone or DTH recharge service in which the electricity is automatically cut off once the energy is consumed. Nowadays, prepaid electricity metering has gained traction as it offers enhanced security and control, providing the option to keep track of the electricity consumed.
Market Trends and Drivers:
The global prepaid electricity metering market is primarily driven by the growing need for efficient utilization of electricity. This has also resulted in the shift from conventional meters to prepaid meters across residential and commercial sectors. Prepaid electricity metering also reduces the gap between the power supply cost and the revenue realized by ensuring timely payments. Besides this, the rising awareness regarding energy conservation is also fueling the market growth. Furthermore, governments across various countries have mandated the use of prepaid electricity metering systems to reduce manual intervention in metering, billing and collection processes. Moreover, the rising need to minimize losses caused by electricity thefts and unpaid bills are also propelling the demand for prepaid electricity metering across the globe.
Prepaid Electricity Metering Market 2022-2027 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the prepaid electricity metering market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Accenture Plc
- Aclara Technologies LLC (Hubbell Incorporated)
- Calico Energy Inc.
- Elster Group GmbH (Honeywell International Inc.)
- Exceleron Software Inc
- HCL Technologies Limited
- Infosys Limited
- Itron Inc.
- KAMSTRUP A/S
- Oracle Corporation
- PayGo Electric
- Siemens AG
- Wipro Limited
Key Market Segmentation:
The report has segmented the prepaid electricity metering market on the basis of type, component, phase, end user and region.
Breakup by Type:
- Thin Meter Based Solutions
- Thick Meter Based Solutions
Breakup by Component:
Breakup by Phase:
- Single Phase
- Three Phase
Breakup by End User:
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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