Meter Socket Market To Witness An Exponentiation Between 2020-2030

Introduction

In today's world technological advancement is occurring rapidly, new technology is coming very frequently with advancement in technology. Meter socket is a kind of power device, which create a path for electric equipment/ appliance to be connected to the alternating current. A meter socket is a type of power device that connects an electrical meter, or watt-hour meter, to a house. It is also used in the meters, such as in commercial building, outside houses, construction sites and others where it measures the amount of power used, so the supplier know what amount to charge.

The main application of meter socket is to provide a secure connection in equipment's and machine, where a small mistake can cause major harm to the equipment. As different machines operate on different voltage and frequencies, hence it required different meter socket of suitable specification and capacity.

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Owing to the different advantages and applications of meter socket, the demand of meter socket also is growing exponentially. Due to advancement in technology, meter socket are becoming waterproof, so it can stand up to rain, snow, wind and other natural elements. Owing to such vital applications of meter socket, the requirement is increasing rapidly, which driving the meter socket market.

Meter Socket Market: Dynamics

The major factors which are driving the global meter socket market are, increasing awareness regarding safety feature in electrical equipment's, increasing need for electricity meter as efficient and reliable power distribution systems, increasing consumption and sales of home appliances. Also the electric meters can use in both macro-level or micro-level application, which help to increase the demand of electric meters, as a result meter socket market is increasing.

The growing adoption of technology along with increasing number of IoT based devices creating passiveness in the conventional meter socket, which also driving the meter socket market positively. Other factors which help in the growth of meter socket market are growing construction industry, growing electrical equipment industry and increasing need of smart devices.

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The meter socket is expected to benefit directly from residential, commercial and industrial building and construction projects with a healthy rate of installation per square meter of the building structure.

However, with owing to growing number of local vendors as well as development of grey market, offering meter socket in low prices is hampering the growth of market. Prominent manufacturers involved in the meter socket market are focusing on the technological advancement in meter socket, which make it more safe and reliable such as fire retarding properties and protection of current overflow. The manufacturers are also continuously trying to expand their market by opening up in new regions, through mergers and acquisition activities.

Meter Socket Market: Segmentation

Based on the application
Commercial
Residential
Public area
Others

Based on the product type
Portable socket
Fixed socket

Based on the sales channel
Online
Offline


Meter Socket Market: Regional Outlook

Considering region, the market of meter socket is anticipated to lead by North America during the forecasted period owing to the growing adoption of new technologies and the presence of various meter socket distributors in this region. The Asia Pacific is projected to witness the robust growth in the meter socket market, as the electrical equipment industry and construction industry is growing rapidly in this region and the demand of modern electric meter is also growing which driving the growth of meter socket market in this region.

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Europe is estimated to witness, the double-digit growth, in terms of revenue, due to the growing number of manufacturers and demand of meter socket in this region. Africa has projected a substantial increase in the meter socket market, owing to growing adoption of technology and growing electrical equipment industry in this region.

Meter Socket Market: Key Players

Some of the key players involved in the meter socket market include Eaton Corporation, ChuangGuan Electric Appliance Co. Ltd., Lueabb Corporation, Austin Energy, Siemens Automation Company, Lowe's Companies, Inc., Omaha Public Power Distric, Milbank Manufacturing Company, The Durham Company, Brooks Utility, Inc, Exelon Corporation and others.

The research report presents a comprehensive assessment of the meter socket market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to meter socket market segments such as component, type, application, end-user and region, etc.

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