Research Nester assesses the growth and market size of the global meter socket market which is anticipated to be on account of the growing importance of uninterrupted power supply and escalation in the demand for electricity for various applications.
New York – June 5, 2023 - Research Nester’s recent market research analysis on “Meter Socket Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global meter socket market in terms of market segmentation by product type, channel, application, and by region.
Growing Concern for High Electricity Bills to Promote Global Market Share of Meter Sockets
The global meter socket market is estimated to grow majorly on account of the increased need for measuring the amount of power used for maintaining sustainable power consumption. In addition to the other factors, meter sockets are being deployed in commercial building, residential complexes, and construction sites that helps in connecting an electrical meter to the inside of the building. Furthermore, the escalation in the awareness regarding safety, the rising need for electricity meters as efficient and reliable power distribution systems, and the surge in demand and consumption of home appliances. Also, rapid technological development has propelled the introduction of smart meters with the growing integration of IoT devices which has subsequently led to an expansion of the global meter socket market value.
Some of the major growth factors and challenges that are associated with the growth of the global meter socket market are:
Growth Drivers:
• Rising Demand to Lower Electricity Bills
• Increasing Adoption of Smart Devices
Challenges:
The rising concern for risks associated with the handling of meter sockets along with the requirement of a high installation cost and lack of awareness are some of the major factors anticipated to hamper the global market size of meter sockets.
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By channel, the global meter socket market is segmented into direct sales and distribution. The direct sales segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The growing awareness about the advantages of meter sockets for sustainable power consumption has led to an increase in sales of meter sockets directly to consumers. The presence of meter sockets in a retail store, electrical spaces, and others have led to the dominance of the segment over the forecasted period.
By region, the North American meter socket market is to generate the highest revenue by the end of 2035. This growth is anticipated by a higher number of people demanding meter sockets for monitoring power utilization in a specific timeframe. Furthermore, the presence of major key players in the region along with the various initiatives taken by the United States government for regulating power consumption is propelling the demand for meter sockets. The technological advancements and the high investments in research and development activities are also anticipated to bring lucrative growth opportunities for market expansion in the region over the next few years.
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This report also provides the existing competitive scenario of some of the key players of the global meter socket market which includes company profiling of 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.
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