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Prepaid Electricity Metering Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033
Prepaid Electricity Metering Global Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Prepaid Electricity Metering Market 2024 Key Insights:
• 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%.
• Increasing Demand For Electricity Is Driving The Growth Of The Prepaid Electricity Metering Market.
• Advancements In Prepaid Electricity Metering Enhanced Market Growth
• Asia-Pacific was the largest region in the prepaid electricity metering market in 2023
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