The prepaid electricity metering market is anticipated to increase from $8.27 billion in 2023 to $8.97 billion in 2024 at a CAGR of 8.5%, due to government initiatives, energy awareness, consumer preferences, and water conservation.
The prepaid electricity metering market is expected to grow to $12.5 billion by 2028, with a CAGR of 8.6%. The growth is attributed to utility company initiatives, demographic shifts, rural electrification programs, and flexible tariffs. Key trends include microgrid development, advanced metering infrastructure, digital twins technology, AR for maintenance, and home automation system integration.
Major Driver In The Prepaid Electricity Metering Market
The rising electricity demand is expected to boost the prepaid electricity metering market. This growth results from urbanization, population increase, and the widespread use of smart devices. Prepaid meters help manage consumption by encouraging responsible usage. In December 2023, the Energy Information Administration reported a 3.2% increase in US electricity end-use consumption in 2022 compared to 2021, which supports the growth of the prepaid electricity metering market. The market size for prepaid electricity metering is projected to rise from $5.5 billion in 2023 to $6.1 billion in 2024, with a forecasted increase to $9.3 billion by 2028, driven by the demand for energy management solutions.
Request A Free Sample Of The Prepaid Electricity Metering Market Report
Prepaid Electricity Metering Market Competitive Landscape
Siemens AG, General Electric Company, Honeywell International Inc., Larsen & Toubro, Wipro Limited, Xylem Water Solutions Inc., Sagemcom SAS, Itron Inc., Landis+Gyr AG, Secure Meters Limited, Ningbo Sanxing Electric Co Ltd., Semtech Corporation, Holley Technology Limited, Genus Power Infrastructures Limited, Kamstrup A/S, Elmeasure India Pvt Ltd., Conlog (Pty) Ltd., Iskraemeco d.d., Xenius Technologies, Nevon Projects Private Limited, SmartSynch Inc., Techno Meters & Electronics
Key Prepaid Electricity Metering Market Trend
Companies in the prepaid electricity metering market are advancing smart meter technologies to improve energy management and consumer interaction. For example, in May 2023, Conlog (Pty) Ltd., a South African company, introduced the iDM APEX 1. This smart metering solution operates in both prepayment and post-payment modes, offering flexibility to meet customer needs. The meter features a cellular modem for remote monitoring and a short-range radio modem for user interface connections, improving customer control and engagement.
Purchase The Global Prepaid Electricity Metering Market Report Directly And Get A Swift Delivery
Global Prepaid Electricity Metering Market Segmentation
The prepaid electricity metering market covered in this report is segmented –
1) By Type: Single-Phase Meters, Three-Phase Meters
2) By Component: Hardware, Software, Services
3) By Technology: Traditional Meters, Smart Meters
4) By End User: Commercial, Industrial, Residential
By Geography:The regions covered in the prepaid electricity metering market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the prepaid electricity metering market in 2023.
The Prepaid Electricity Metering Global Market Report 2024 furnishes information about the global prepaid electricity metering market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
