Meter Sockets Market size is anticipated to surpass USD 55.76 Billion by the end of 2035, witnessing around 7% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of meter sockets was around 21.42 Billion. The rising electricity demand has increased the demand for meter sockets for measuring the amount of power used in a certain period. The International Energy Agency (IEA) has stated that the world’s electrical consumption had reached 22 848 TWh, up 1.7% from 2018.
Meter sockets are an integral part of the electrical industry that helps with accessing and reading meters. It has found its application in various end-use industries such as residential, commercial, public areas, and others as the result of its advantages which includes an accurate reading of electricity consumption by ensuring proper contact with all sides of a meter.
Growth Drivers
Challenges
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~ 7% |
|
Base Year Market Size (2022) |
~ USD 21.42 Billion |
|
Forecast Year Market Size (2035) |
~ USD 55.76 Billion |
|
Regional Scope |
|
Product Type (Fixed, Portable)
The portable segment in the meter sockets market is poised to grow at a significant rate and hold the largest value of 52% in 2035 with a notable CAGR value. The major factor for segment expansion is the rising benefits of portable meter sockets over fixed meter sockets. These are usually used in the high-tech industrial and commercial sector that requires constant monitoring of energy usage, voltage regulation, load currents, and other metrics. It is easy to use and easy to transport as per the requirement which is to propel segment size in the forecast period.
Application (Residential, Commercial, Public Areas)
The residential segment is predicted to hold 34% share of the global meter sockets market by the end of the forecast timeline. The major factor that is estimated to favor segment growth is the increasing population across the world is demanding meter sockets for uninterrupted power supply and accurate measuring of power consumption for sustainable living. Furthermore, the rapid growth in the real estate sector and the development of various residential projects across various economies of the world are anticipated to increase the utilization rate of meter sockets in the residential sector.
Our in-depth analysis of the global market includes the following segments:
|
Product Type |
|
|
Channel |
|
|
Application |
|
North American Industry Forecast
The meter sockets market in the North America region is slated to be the largest with about 35% share. The increase in the demand for power monitoring devices such as meter sockets owing to rising initiatives by the United States government for deploying smart meters to upgrade the aging power infrastructure in the region. In addition to the other factors, high electricity consumption across various sectors and escalation in the need for energy management, as well as growing industrialization in the region, are also anticipated to contribute positively to the market growth in the region.
APAC Market Statistics
The Asia Pacific meter sockets market value is projected to grow at a significant share registering about 24% by the end of 2035. The growing city initiatives and rapid urbanization is estimated to be the major factor for market value expansion in the region. For instance, India launched its 'Smart City Mission’ initiative to transform its urban landscape. The increasing growth of meter monitoring and controlling of power consumption is anticipated to favor market growth during the projected timeline.
Author Credits: Abhishek Verma, Hetal Singh
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?