Prepaid Energy Meter: Introduction
A prepaid energy meter needs to be recharged first in order to utilize energy. A prepaid energy meter is just a like a mobile phone or DTH recharge. After recharging, consumers get a set amount of energy for consumption. Once that energy is consumed, the electricity is automatically cut off.
The traditional method of electricity billing is a lengthy and time consuming process. Even though most energy meters are digital, the problem of human error while making the bill cannot be eliminated. Many countries around the world are taking steps to replace the existing meters with prepaid energy meters in order to eliminate these errors, which is likely to drive the prepaid energy meter market during the forecast period.
Key Drivers and Opportunities of the Global Prepaid Energy Meter Market
Prepaid cards and the prepaid phone market have been popular since many years. The market during the forecast period is expected to witness slow growth as it is reaching a saturation point. The next prepaid product market is of electricity, with utilities around the world investing heavily in this segment in order to streamline the distribution and collection process. This is expected to be one of the major driving factors of the prepaid energy meter market during the forecast period.
Countries around the world are looking for ways to minimize the losses caused due to theft of electricity and unpaid bills. India plans to change all electricity meters to prepaid smart meters by 2022. Such initiatives by governments will fuel the market growth during the forecast period. 5.8 million prepaid meters are already used in Great Britain and the number is expected to increase during the forecast period since consumers prefer to have a control over their expenses and opt for a hassle free service.
Few global players operate in this market and new players entering the market have huge scope during the forecast period.
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In terms of geography, the global prepaid energy meter market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Europe is projected to be the region with highest share in the global prepaid energy meter market followed by North America. This is mainly because developed nations in the region have already adopted prepaid energy meters and are finding ways to market them.
On the other hand, Asia Pacific is expected be the fastest growing region in the global prepaid energy meter market as many countries in the region are facing problems of electricity theft, and issues with the billing process etc. This has prompted governments of many countries in the region to take important steps to develop the electricity sector.
Key Players Operating in the Global Market Major players operating in the global prepaid energy meter market include:
Conlog
EDMI Limited
El Sewedy Electrometer Group
Elster GmbH
Exceleron
HCL
Hexing Electrical Company Ltd
Itron Inc.
Landis+Gyr
PayGo Energy
Secure Meters
Siemens AG
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Thin Meter-based Solutions
Thick Meter-based Solutions
Global Prepaid Energy Meter Market, by Application
Residential
Commercial
Industrial
Global Prepaid Energy Meter Market, by Price
Low
Medium
High
Global Prepaid Energy Meter Market, by Distribution Channel
Online
Offline
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
Customer Experience Maps
Insights and Tools based on data-driven research
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment. The following regional segments are covered comprehensively:
North America
Asia Pacific
Europe
Latin America
The Middle East and Africa
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