Meter Sockets Market Size

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.

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 Size