Meter Sockets Market Trends

Growth Drivers

Growing Number of Data Centers – The use of meter sockets has increased owing to the rising number of data centers across the world. Data centers have introduced thousands of electronic components including servers, cooling equipment, power backup, generators, and others which generate the need for meter sockets for equal power distribution. The energy use of energy use has increased from 200 TWh in 2015 to 320 TWh in 2021.
Rising Demand for Lowering the Costs of Electricity – Over the world, the cost of electricity has increased considerably which has paved the way for the adoption of meter sockets that are capable of electricity consumption and reduce the wastage of energy. The average residential electricity price has increased from around 12.5 cents (KWh) in 2018 to 13 cents (KWh) in 2019 in the United States.
The Surge in Energy Management – Governments of different nations are implementing several initiatives for the deployment of energy management systems such as meter sockets that are projected to lower energy consumption and its related costs.
Deployment of Smart Meters – Technology advancements have led to the introduction of smart meters that are favoring the utilization of meter sockets in both residential and commercial spaces. A total of 4 million smart and advanced meters were installed in 2022 in the United States region.

Challenges

High Installation Cost – The deployment of meter sockets are high price as their technology requires innovative systems and constant upgrades involve high cost which subsequently increases the deployment costs. This factor is estimated to hamper the market growth during the forecast period.
Lack of Skilled Professionals for Operating
Rising Concern Regarding Safety

Meter Sockets Market: Key Insights

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	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

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 Trends