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.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~ 7% |
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Base Year Market Size (2022) |
~ USD 21.42 Billion |
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Forecast Year Market Size (2035) |
~ USD 55.76 Billion |
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Regional Scope |
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Growth Drivers
Challenges
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:
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Product Type |
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Channel |
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Application |
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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
Ans: Increasing installation of smart meters, growing awareness related to smart buildings, and rising energy price volatility are the major factors driving the market growth.
Ans: The market size of meter sockets is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 – 2035.
Ans: The major players in the market are Eaton Corporation, Siemens Aktiengesellschaft, Austin Energy, Lowe's Companies, Inc., Omaha Public Power District, Milbank Manufacturing Company, The Durham Company, Brooks Utility, Inc., Exelon Corporation, General Electric Company, and other key players.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product type, channel, application, and by region.
Ans: The residential segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Ans: The lack of skilled professionals for operating meter sockets along with the high cost of installation and rising safety concerns are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
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