Meter Socket Market

Meter Socket Market Size

Meter Socket Market is anticipated to exhibit a Compound Annual Growth Rate (CAGR) of 7.2% during the forecast span from 2024 to 2034. In 2023, the market size was assessed at USD 22.5 billion and is projected to reach USD 48.3 billion by the completion of 2034.

Meter socket is an important component of electrical system that contains utility meters to measure the energy consumption of a property. These sockets are typically attached to the outside of buildings, providing a secure enclosure for meters, along with easy access for readings and maintenance. Meter sockets ensure accurate measurement and protect the utility meter from external factors by acting as a connector between service cables and the internal wiring of a structure. Additionally, meter sockets adhere to safety standards and are available in a variety of configurations to suit numerous meter types and installation requirements. Moreover, these sockets are made of durable materials like thermoplastics, steel, or aluminum that withstand outdoor weather and provide a reliable connection point for meters. Furthermore, their durability and capacity to withstand harsh weather facilitate precise power consumption measurement, providing assistances to utility companies in measurement and billing.

Market Highlights

Meter Socket Market is anticipated to demonstrate a Compound Annual Growth Rate (CAGR) of 7.2% throughout the forecast period spanning from 2024 to 2034

Meter Socket Market is projected to achieve USD 48.3 billion during the forecast period, owing to a variety of factors such as increased construction activity, widespread adoption of smart meters, and global integration of renewable energy sources. The rising demand for reliable metering solutions in residential and commercial construction is driven by the use of advanced metering infrastructure (AMI) and smart meter technologies. Moreover, government measures to promote energy efficiency and infrastructure development in emerging economies, have significantly contributed to the growth of meter socket market. Additionally, constant innovations in socket design, its durability, and ability to endure harsh weather, have significantly impacted the growth aspects of the market. Besides, major industry players are actively pursuing innovations due to intense competition and constant demand for modern solutions, demonstrating the growing potential of meter socket market.

Source: Fatpos Global

Meter Socket Market Segmentation

Portable Socket segment will expand as they meet modern flexibility needs through enhanced movability

Based on Product Type, Meter Socket Market is segmented into Fixed Socket and Portable Socket. The portable socket segment is expected to grow significantly due to its unique advantages over fixed alternatives. Portable sockets are widely used in high-tech industrial and commercial sectors to monitor energy usage, voltage regulation, and to measure load currents. Their portability allows for easy transportation while accurately meeting operational requirements, which results in high adoption of portable sockets. Furthermore, the growth of the segment can be attributed to the adaptable nature of portable sockets, addressing the needs of industries that demand flexible monitoring solutions. Therefore, the popularity portable sockets stem from their easy handiness and their ability to address the increasing requirements of industries that depend on flexible and portable metering solutions.

Residential segment will grow due to increasing demand for meter sockets amid global population surge

By Application, the Meter Socket Market is divided into Residential, Commercial, and Industrial. The residential segment is expected to account for major market share due to rising population and escalating demand for metering solutions. This increased demand originates from the essential need for continuous power supply and accurate measurement of power consumption reading, which aligns with global sustainability objectives. Therefore, rising population leads to an expansion of the real estate sector and the development of residential projects, which contributes to the growing adoption of meter sockets. This correlation between the growth of residential sector and parallel demand for meter sockets highlights their importance in modern living conditions that promote efficient utilization of energy and constant power availability.

Source: Fatpos Global

Market Dynamics

Growth Drivers

Urbanization and Infrastructure Development Will Drive Market Expansion

Global urbanization and continuous infrastructure development has a significant impact on the meter sockets market. This increasing urbanization leads to higher construction activities, which promotes the demand for electricity meters & compatible meter sockets. Furthermore, with the expansion of cities, reliable and effective metering solutions are becoming increasingly important in order to meet the growing requirement of population dependent on power consumption. Moreover, the demand for meter sockets is being fueled by infrastructure improvements in both developed and developing countries. Therefore, the consistent demand for accurate and dependable metering solutions, along with urbanization is a key factor for the sustained growth of meter sockets market, highlighting its essential role in urban infrastructure development.

Transition to Smart Metering Technologies Will Provide Growth Opportunities

Significant shift toward smart metering technologies is responsible for the increase in demand for compatible meter sockets. Smart meters depend on specialized sockets for smooth integration in order to improve the monitoring of energy consumption, efficiency, and real-time data collection. This shift is in accordance with global initiatives for energy conservation and modernization of power grids, which is accelerating the adoption of smart metering systems. Furthermore, the compatibility and functionality of meter socket with modern technologies are important for precise data exchange and for the smooth operation of metering infrastructure. Therefore, as consumers are increasingly adopting smart innovations, the demand for meter sockets which are capable of supporting smart meter installations increases, resulting in the expansion of market.

Restraints

Regulatory Restrictions May Prevent the Expansion of Market

Slow pace of regulatory approvals and standardization processes is a significant restraint affecting the meter sockets market. This industry operates within a framework governed by regulations that ensure the safety and reliability of metering equipment. However, delays and inconsistencies in obtaining regulatory approvals for new technologies or handling certification processes can hinder the innovation and growth of the market. These obstructions could delay the introduction of advanced meter socket designs or impact the integration of new features, which limits the ability of manufacturers to introduce innovative products. Furthermore, absence of uniform standards across regions can create difficulties for manufacturers which prevents the adoption and operation of meter sockets, limiting the market expansion.

Recent Developments

• Siemens received the 2023 Tech Cares Award from TrustRadius for the second consecutive year in August 2023, recognizing its commitment to corporate social responsibility. The award recognizes Siemens' contributions in areas such as environmental sustainability, workplace culture, diversity, equity, inclusion programs, charitable donations, fundraising, and volunteerism, emphasizing the company's commitment to making a difference in 2023.
• Schneider Electric and Compass Datacenters announced a 3 billion multi-year agreement in November 2023 to significantly expand their partnership. This collaboration represents a significant step toward improving data center efficiency and capabilities, thereby supporting the growing demand for robust digital infrastructure.
• Landis+Gyr will exhibit the latest hardware and software solutions for electricity, heat, gas, and water metering in November 2022, having expanded its portfolio in the Smart Metering, Grid Edge Intelligence, and Smart Infrastructure fields.
• In September 2022, EDMI launched the MIRA brand, which is communications agnostic, enabling end-to-end visibility and control based on industry standard protocols such as DLMS, IDIS, and LWM2M across a wide range of bearer services such as 4G, NB-IoT, and RF Mesh.

Meter Socket Market

Key Players:

• Eaton Corporation
• Schneider Electric SE
• Siemens AG
• ABB Group
• Legrand
• Leviton Manufacturing Co., Inc.
• Hubbell Incorporated
• General Electric Company
• Ningbo Litesun Electric Co., Ltd.
• Milbank Manufacturing Co.
• Elster Group GmbH
• Wenzhou Shuanghuan Electrical Technology Co., Ltd.
• Meter Devices Company
• Echelon Corporation
• Itron, Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Meter Socket Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa.  North America region is expected to dominate the market owing to rising demand for electricity monitoring devices, driven by government initiatives in the region. The focus on installing smart meters as part of upgrading power infrastructure is a significant driver of the market. Simultaneously, factors such as high electricity consumption across various sectors and industrialization, contribute to the growth trajectory of market. These collective approaches place North America at the forefront of the meter sockets market.

Furthermore, Asia Pacific region is expected to witness substantial growth, driven by the initiatives focusing on urban development and the rapid pace of urbanization. Government and private initiatives prioritize the integration of advanced technologies to improve power management within evolving urban cities. Moreover, the increasing focus on measuring power consumption across various sectors contributes to the expansion of Asia Pacific region.

Source: Fatpos Global

Impact of Covid-19 on Meter Socket Market

COVID-19 pandemic had diverse impacts on the meter sockets market. Initially, the market faced disruptions in production, supply chains, and logistics due to lockdowns and restrictions, that caused temporary slowdowns. Moreover, construction delays and reduced activities affected the demand for meter sockets, especially in residential and commercial sectors. However, as the pandemic proceeded, there was a shift towards remote monitoring and digital solutions for energy management. This accelerated the adoption of smart meters, including meter sockets that were compatible with advanced metering infrastructure. Furthermore, the pandemic highlighted the significance of reliable electricity supply and efficient energy management, attracting investments in upgrading power infrastructure. Therefore, while COVID-19 initially disrupted the market, in the longer run, it led to increased focus on digital solutions and smart metering technologies,  which positively impacted the growth of meter sockets market.

Meter Socket Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Meter Socket Market Scope and Segments

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