Meter Sockets Market Trends

Growth Drivers

• Growing Number of Data Centers – The use of meter sockets has increased owing to the rising number of data centers across the world. Data centers have introduced thousands of electronic components including servers, cooling equipment, power backup, generators, and others which generate the need for meter sockets for equal power distribution. The energy use of energy use has increased from 200 TWh in 2015 to 320 TWh in 2021.
• Rising Demand for Lowering the Costs of Electricity – Over the world, the cost of electricity has increased considerably which has paved the way for the adoption of meter sockets that are capable of electricity consumption and reduce the wastage of energy. The average residential electricity price has increased from around 12.5 cents (KWh) in 2018 to 13 cents (KWh) in 2019 in the United States.
• The Surge in Energy Management – Governments of different nations are implementing several initiatives for the deployment of energy management systems such as meter sockets that are projected to lower energy consumption and its related costs.
• Deployment of Smart Meters – Technology advancements have led to the introduction of smart meters that are favoring the utilization of meter sockets in both residential and commercial spaces. A total of 4 million smart and advanced meters were installed in 2022 in the United States region.

Challenges

• High Installation Cost – The deployment of meter sockets are high price as their technology requires innovative systems and constant upgrades involve high cost which subsequently increases the deployment costs. This factor is estimated to hamper the market growth during the forecast period.
• Lack of Skilled Professionals for Operating
• Rising Concern Regarding Safety