Meter Sockets Market Share

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.

Frequently Asked Questions (FAQ)

Increasing installation of smart meters, growing awareness related to smart buildings, and rising energy price volatility are the major factors driving the market growth.

The market size of meter sockets is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2023 â€“ 2035.

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.

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.

The market is segmented by product type, channel, application, and by region.

The residential segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

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.

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.

Meter Sockets Market Share