Quick Summary:
In the global prepaid electricity metering market, the use of conventional electromechanical meters is giving way to prepaid electricity meters due to pressing concerns around efficient electricity usage. Prepaid meters offer greater control and security for users, enabling them to pay for electricity in advance and monitor their consumption closely. These meters significantly bridge the gap between the cost of power supply and revenue realized, ensuring timely payments and finding increasing adoption in both developed and emerging economies alike.
Increases in demand for energy security worldwide are driving sales of prepaid electricity meters as these meters align with the key energy security concerns of energy conservation and efficient power utilization. Instant data provision on power consumption allows users to manage use and balance energy demands effectively. Furthermore, the preference for prepaid electricity meters in emerging economies is rising, with leading electricity firms leveraging these to minimise financial losses due to delayed or missed bill payments. Additionally, governments in many countries are mandating the use of prepaid electricity meters to reduce human intervention in metering, billing, and collection, further stimulating market growth. This comprehensive report provides detailed insights into these and other key trends shaping the prepaid electricity metering market on a global scale.
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
The report 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:
- 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.Key Questions Answered in This Report
1. What was the size of the global prepaid electricity metering market in 2022?2. What is the expected growth rate of the global prepaid electricity metering market during 2023-2028?
3. What are the key factors driving the global prepaid electricity metering market?
4. What has been the impact of COVID-19 on the global prepaid electricity metering market?
5. What is the breakup of the global prepaid electricity metering market based on the type?
6. What is the breakup of the global prepaid electricity metering market based on the component?
7. What is the breakup of the global prepaid electricity metering market based on the phase?
8. What is the breakup of the global prepaid electricity metering market based on the end user?
9. What are the key regions in the global prepaid electricity metering market?
10. Who are the key players/companies in the global prepaid electricity metering market?
What is the estimated value of the Global Prepaid Electricity Metering Market?
What is the growth rate of the Global Prepaid Electricity Metering Market?
What is the forecasted size of the Global Prepaid Electricity Metering Market?
Who are the key companies in the Global Prepaid Electricity Metering Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 143 |
| Published | October 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 5.8 Billion |
| Forecasted Market Value ( USD | $ 9 Billion |
| Compound Annual Growth Rate | 7.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 14 |
Table of Contents
Companies Mentioned
- 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
- Wipro Limited
Methodology
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