Meter Sockets Market Size

Meter Sockets Market size was valued at USD 22.9 Billion in 2023 and is anticipated to exceed USD 54.51 Billion by the end of 2036, registering over 6.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of meter sockets is evaluated at USD 24.32 Billion. The rising electricity demand has increased the demand for meter sockets for measuring the amount of power used in a certain period. The International Energy Agency (IEA) has stated that the world’s electrical consumption had reached 22 848 TWh, up 1.7% from 2018.

Meter sockets are an integral part of the electrical industry that helps with accessing and reading meters. It has found its application in various end-use industries such as residential, commercial, public areas, and others as the result of its advantages which includes an accurate reading of electricity consumption by ensuring proper contact with all sides of a meter.