Meter Sockets Market Share

North American Industry Forecast

The meter sockets market in the North America region is slated to be the largest with about 35% share. The increase in the demand for power monitoring devices such as meter sockets owing to rising initiatives by the United States government for deploying smart meters to upgrade the aging power infrastructure in the region. In addition to the other factors, high electricity consumption across various sectors and escalation in the need for energy management, as well as growing industrialization in the region, are also anticipated to contribute positively to the market growth in the region.

APAC Market Statistics

The Asia Pacific meter sockets market value is projected to grow at a significant share registering about 24% by the end of 2036. The growing city initiatives and rapid urbanization is estimated to be the major factor for market value expansion in the region. For instance, India launched its 'Smart City Mission’ initiative to transform its urban landscape. The increasing growth of meter monitoring and controlling of power consumption is anticipated to favor market growth during the projected timeline.