The prepaid electricity metering global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Prepaid Electricity Metering Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The prepaid electricity metering market size has grown strongly in recent years. It will grow from $8.27 billion in 2023 to $8.97 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increasing government initiatives, growing awareness of energy, increasing control over energy consumption, increasing consumer preference and reducing non-revenue water.
The prepaid electricity metering market size is expected to see strong growth in the next few years. It will grow to $12.5 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to utility company initiatives, financial inclusion, demographic shifts, rural electrification programs, and customization and flexible tariffs. Major trends in the forecast period include microgrid development, advanced metering infrastructure (AMI), digital twins technology, augmented reality (AR) for maintenance, and integration with home automation systems.
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Scope Of Prepaid Electricity Metering Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Prepaid Electricity Metering Market Overview
Market Drivers –
The increasing electricity demand is expected to propel the growth of the prepaid electricity metering market going forward. The rising electricity demand is due to population growth, urbanization, and the rising use of electric vehicles and smart devices. Prepaid electricity meters help manage electricity consumption by allowing users to pay for energy upfront, encouraging more responsible usage, and reducing the risk of unpaid bills for utility companies. For instance, in December 2023, according to a report published by the Energy Information Administration, a US-based governmental organization, US electricity end-use consumption increased by approximately 3.2% in 2022 compared to 2021, with retail sales to the residential sector rising by 2.6% and sales to the commercial sector increasing by 4.7%. Therefore, the increasing electricity demand is driving the growth of the prepaid electricity metering market.
Market Trends –
Major companies operating in the prepaid electricity metering market focus on developing advanced solutions, such as new smart meter solutions, to enhance energy management and consumer engagement. New smart meter solutions refer to advanced prepaid electricity metering technologies that improve how consumers manage electricity usage and payments. For instance, in May 2023, Conlog (Pty) Ltd., a South Africa-based company that provides end-to-end innovative metering solutions, launched the iDM APEX 1. It is a new smart metering solution to enhance energy management and efficiency. The iDM APEX 1 offers flexibility by operating in prepayments and post-payments, allowing utilities to cater to diverse customer needs and preferences. This dual functionality helps manage cash flow and reduce billing disputes. The meter includes an integrated cellular modem for reliable remote connectivity, enabling utilities to monitor usage and manage accounts effectively. Additionally, it features a short-range radio modem that connects to in-home user interfaces and load management devices, enhancing user engagement and control.
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
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Regional Insights –
Asia-Pacific was the largest region in the prepaid electricity metering market in 2023. The regions covered in the prepaid electricity metering market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the prepaid electricity metering market are 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
Table of Contents
1. Executive Summary
2. Prepaid Electricity Metering Market Report Structure
3. Prepaid Electricity Metering Market Trends And Strategies
4. Prepaid Electricity Metering Market – Macro Economic Scenario
5. Prepaid Electricity Metering Market Size And Growth
…..
27. Prepaid Electricity Metering Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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