U.S. Meter Sockets Market – Industry Trends and Forecast to 2031

U.S. Meter Sockets Market Analysis and Size

Meter sockets are essential components of an electrical system that provide a housing and connection point for electric utility meters. They serve as the interface between the incoming power supply from the utility company and the wiring within a building or property. These sockets are typically installed on the exterior of a building or in a meter box and are designed to securely hold the electric meter in place. They contain terminal connections where the utility company's wiring connects to the building's electrical system, allowing the meter to measure the amount of electricity consumed. Meter sockets come in various types and configurations to accommodate different metering setups and service requirements. They must adhere to specific electrical codes and standards to ensure safety, accuracy, and compatibility with the utility's equipment and the building's electrical system.

Data Bridge Market Research analyses that the U.S. meter sockets market is expected to reach a value of USD 10,403.36 million by 2031, at a CAGR of 6.8% during the forecast period. The U.S. meter sockets market report also comprehensively covers pricing analysis, patent analysis, and technological advancements.     

Market Definition

A meter socket is an enclosure that houses an electric meter. It is the point where the utility company's power supply connects to a home or business. Meter sockets are typically mounted on the exterior of a building, near the service entrance. They are made of weatherproof material and have a locking cover to protect the meter from tampering. Meter sockets are available in a variety of sizes and configurations to accommodate different amperage ratings and types of service. They are also available with a variety of features, such as weatherproof seals, tamper-proof locks, and ground fault protection.

U.S. Meter Sockets Market Dynamics

This section deals with understanding the market drivers, opportunities, restraints, and challenges. All of this is discussed in detail below:

Drivers

• Upsurge in Demand for Electricity

The escalating demand for electricity in the U.S. serves as a significant catalyst for the expansion of the meter sockets market. The need for electrical power continues to surge, driven by factors such as population growth, industrial expansion, and the proliferation of electric vehicles, there is a consequential requirement for robust and adaptable metering infrastructure. Residential, commercial, and industrial sectors are all experiencing heightened electricity usage, necessitating advanced metering solutions to accurately monitor and manage consumption. This surge in demand underscores the pivotal role played by meter sockets in facilitating efficient energy measurement, contributing to the burgeoning growth of the market.

• Growing Upgradation of Aging Infrastructure in the U.S.

The escalating initiatives to upgrade the aging infrastructure in the U.S. are emerging as a pivotal driver for the U.S. meter sockets market. The U.S. undertakes comprehensive modernization projects to enhance the resilience and efficiency of its electrical grid, there is a consequential surge in demand for advanced metering solutions. The need to replace outdated infrastructure presents a lucrative opportunity for the meter sockets market, with utilities and stakeholders seeking innovative and technologically advanced solutions to complement the revitalization of the country's electrical systems. This trend underscores the strategic importance of meter sockets in facilitating the seamless integration of modern metering technologies into the upgraded infrastructure, positioning the market for substantial growth and market expansion.

Opportunity

• Rising Demand for Lowering the Cost of Electricity

The increasing demand for reducing the cost of electricity presents a significant opportunity for the U.S. meter sockets market. As the focus on sustainable energy practices intensifies, there is a growing need for advanced metering solutions that promote energy efficiency and cost savings. Smart metering technologies, which often utilize meter sockets as a key component, empower consumers with real-time data on their energy consumption, enabling them to make informed decisions to optimize usage patterns and lower electricity costs. This surge in demand for smart metering solutions aligns with the broader industry trends towards grid modernization, creating a favourable landscape for the U.S. meter sockets market to capitalize on the opportunity by providing innovative and efficient solutions that contribute to cost-effective electricity management.

Restraint/Challenge

• Lack of Skilled Professional

The U.S. meter sockets market faces a significant challenge in the form of a shortage of skilled professionals. As the demand for advanced metering solutions continues to grow, there is a pressing need for qualified individuals with expertise in installing, maintaining, and upgrading meter sockets. The shortage of skilled professionals can lead to delays in installations, increased service costs, and potential issues in ensuring the proper functioning of metering systems. Addressing this challenge requires focused efforts in workforce development, training programs, and initiatives to attract and retain skilled technicians in the metering industry, ensuring a robust and efficient market response to the evolving needs of the utility sector.

Recent Developments

• In August 2023, Siemens won the 2023 Tech Cares Award from TrustRadius for the second consecutive year, recognizing its commitment to corporate social responsibility. The award underscores Siemens' impact in areas such as environmental sustainability, workplace culture, diversity, equity, inclusion programs, charitable donations, fundraising, and volunteerism, emphasizing the company's dedication to making a positive difference in 2023
• In November 2023, Schneider Electric and Compass Datacenters announced a substantial expansion of their partnership through a 3 billion multi-year agreement. This collaboration signifies a significant step towards enhancing the efficiency and capabilities of data centers, supporting the growing demand for robust digital infrastructure. This partnership reflects a shared commitment to innovation and sustainability, highlighting the companies' dedication

U.S. Meter Sockets Market Scope

U.S. meter sockets market is segmented on the basis of product type, phase, distribution channel, mounting, number of jaws, rating, material, and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Self-Contained Meter Socket (200A, 320A)
• Meter Main with Load Center/Disconnect
• Transformer-Rated Meter Socket
• Transocket
• Meter Pedestals
• Side-Bussed/Side Wireway Meter Sockets
• Lever Bypass Socket (200A, 320A)
• Multi-Position Meter Sockets

On the basis of product type, the market is segmented into self-contained meter socket (200A, 320A), meter main with load center/disconnect, transformer-rated meter socket, transocket, meter pedestals, side-bussed/side wireway meter sockets, lever bypass socket (200A, 320A), and multi-position meter sockets.

 Phase

• Single Phase
• Three Phase

On the basis of phase, the market is segmented into single phase and three phase.

Distribution Channel

• Indirect
• Direct

On the basis of distribution channel, the market is segmented into indirect and direct.

Mounting

• Flush
• Surface
• Semi-Flush

On the basis of mounting, the market is segmented into flush, surface, and semi-flush.

Number of Jaws

• 4 Jaws
• 5 Jaws
• 6 Jaws
• 7 Jaws
• 8 Jaws
• Others

On the basis of number of jaws, the market is segmented into 4 jaws, 5 jaws, 6 jaws, 7 jaws, 8 jaws, and others.

Rating

• 100-200 Amp
• 200-400 Amp
• Above 400 Amp
• Under 100 Amp

On the basis of rating, the market is segmented into 100-200 Amp, 200-400 Amp, above 400 Amp, and under 100 Amp.

Material

• Metal
• Composite
• Plastic

On the basis of material, the market is segmented into metal, composite, and plastic.

Application

• Residential
• Commercial
• Industrial
• Public Area
• Others

 On the basis of application, the market is segmented into residential, commercial, industrial, public area, and others.

Competitive Landscape and U.S. Meter Sockets Market Share Analysis

U.S. meter sockets market competitive landscape provides details of the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, APAC & SEA presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to U.S. meter sockets Market.

Some of the major players operating in the U.S. meter sockets Market are Eaton, Schneider Electric, ABB, Siemens, Milbank Manufacturing Company, The Durham Company, Brooks Utility, Inc., Leviton Manufacturing Co., Inc., and among others.

SKU-70306