New York, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to Reports Insights the growth projections for the Global Smart Plug Market remarkable, with an estimated CAGR of 26.40% from 2023 to 2030. The market's worth was USD 1.65 Billion in 2022 and is expected to reach over USD 12.69 Billion by 2030. The increasing popularity of the Internet of Things (IoT) and the growing demand for energy-efficient solutions are driving the demand for smart plugs.
Global Smart Plug Market Trends, Share & Size Analysis, By Connectivity (Wi-Fi, Bluetooth, Zigbee, and Z-Wave), Operating System (iOS and Android), Power Source (Electric and Battery Powered smart plug), Application (Voice Control, Energy Monitoring, Remote Control, and Others), End-User (Residential, Commercial, and Industrial), and By Region, Forecast Period 2023 – 2030.
Get Sample Report@ https://www.reportsinsights.com/sample/673777
Recent Developments
- In June 2022, TP-Link launched Kasa Smart Wi-Fi Plug Mini, an energy monitoring device to manage the operation of smart home products.
- In January 2020, Belkin, an electronic device company launched WeMo Wi-Fi smart plug which helps consumers easily plug in smart devices.
The smart plug is a type of internet-connected device designed to remotely control and automate the use of electrical appliances and devices in homes and businesses. Smart plugs are small devices that fit into a standard electrical outlet, allowing users to turn on and off appliances, lamps, and other devices from anywhere, using a smartphone app or voice commands. The plugs can also be programmed to turn devices on and off on a schedule or in response to certain events or conditions, such as the time of day, the weather, or the occupancy of a room. The smart plug market is driven by the increasing demand for home automation and the growing awareness of energy conservation and cost savings. Smart plugs offer consumers a convenient and easy way to manage their energy consumption, reduce their carbon footprint, and enhance their comfort and convenience. With the increasing adoption of smart home technology and the proliferation of internet-connected devices, the smart plug market is expected to experience significant growth in the coming years.
The proliferation of internet-connected devices is a significant driver for the smart plug market because it creates a growing ecosystem of connected devices in the home or workplace. As more and more devices become connected to the internet, the need for a centralized system to manage and control them becomes increasingly important. Smart plugs provide a simple and effective way to control and automate a wide range of devices, making them an essential part of the connected home or workplace. For instance, smart speakers like Amazon Echo or Google Home have become popular, allowing users to control various devices with voice commands. Smart plugs can be easily integrated with these voice assistants, allowing users to control their appliances with voice commands, and turn on and off lights, coffee makers, or other devices without having to physically interact with them. This provides a higher level of convenience and ease of use, especially for elderly or disabled people.
Further, increased awareness of energy conservation is an important driver for the smart plug market. As people become more conscious of the need to conserve energy and reduce their carbon footprint, they are looking for ways to monitor and control their energy consumption. Smart plugs provide an effective and easy way to manage energy consumption, leading to increased energy efficiency and cost savings.
List of Major Global Smart Plug Market Players
The market research report examines various market factors to determine the key drivers, limitations, and opportunities affecting market players. The report includes a SWOT analysis, regional analysis, and segment analysis to give a complete view of the market situation. This evaluation helps to identify possible growth opportunities through the implementation of technology, product utilization, business strategies, and the launch of new products. The following are major market players operating in the market environment —
-
- Belkin International, Inc.
- D-Link Corporation
- Panasonic Corporation
- EDIMAX Technology Co. Ltd.
- Etekcity Corporation
- Insteon
- Leviton Manufacturing Co., Inc.
- SDI Technologies, Inc.
- TP-Link Technologies Co., Ltd.
- Xiaomi Inc.
Smart Plug Market Research Scope :-
| Report Attributes | Report Details |
| Market Size By 2030 | USD 12.69 Billion |
| Forecast Period | 2023-2030 |
| CAGR (2023-2030) | 26.40 % |
| Base Year | 2022 |
| Study Timeline | 2017-2030 |
| Key Players | Belkin International, Inc., D-Link Corporation, Panasonic Corporation, EDIMAX Technology Co. Ltd., Etekcity Corporation, Insteon, Leviton Manufacturing Co., Inc., SDI Technologies, Inc., TP-Link Technologies Co., Ltd., Xiaomi Inc. |
| By Connectivity | Wi-Fi, Bluetooth, Zigbee, and Z-Wave |
| By Operating System | Android and iOS |
| By Power Source | Electric and Battery-powered Smart Plugs |
| By Application | Voice-Control, Energy-Monitoring, Remote Control, and Others |
| By End-User | Residential, Commercial, and Industrial |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Geography | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
Immediate Delivery Available, Buy Now @ https://www.reportsinsights.com/buynow/673777
Key Market Highlights
- The Global Smart Plug Market size is estimated to exceed USD xx billion by 2030 and grow at a CAGR of xx% during the forecast period (2023-2030).
- Globally, Smart Plug are divided based on the connectivity into Wi-Fi, Bluetooth, Zigbee, and Z-Wave.
- In the context of operating systems, the market is separated into Android and iOS.
- On the basis of power source, the market is categorized into Electric and Battery-powered smart plugs.
- On the basis of application, the market is classified into Voice-Control, Energy-Monitoring, Remote Control, and others.
- In the context of end-user, the market is separated into Residential, Commercial, and Industrial.
- The market is geographically divided into five regions: Europe, South America, the Asia-Pacific, North America, and the Middle East and Africa.
- Asia Pacific and North America are estimated to support the market growth during the forecast period in terms of the large presence of market players combined with high expenditures on technological advancements in Smart Plug.
Global Smart Plug Market Segmentation Details:
Based on connectivity, the Wi-Fi segment contributed the largest shares to the market growth in 2022. A Wi-Fi smart plug is a type of smart plug that uses Wi-Fi to connect to the internet, allowing users to remotely control their electrical devices through a smartphone app or voice commands. Wi-Fi smart plugs can be integrated with popular virtual assistants such as Amazon Alexa, Google Assistant, and Apple HomeKit, allowing users to control their devices with voice commands. This makes it easy for users to turn on and off their devices without the need for a physical remote, making them a popular option for elderly or disabled individuals, in turn driving the segment growth.
Based on operating system, both android and iOS segments are anticipated to offer substantial shares to the Global Smart Plug Market growth during the forecast period. An iOS smart plug is a type of smart plug that is designed to work specifically with Apple's iOS operating system, which powers iPhones, iPads, and other Apple devices. One of the main benefits of an iOS smart plug is its seamless integration with other Apple devices and services. This means that users can control their smart plug using their iPhone or iPad, as well as through other Apple services such as Siri, Apple HomeKit, and iCloud.
Based on power source, the battery-powered smart plugs segment contributed the largest shares to the market growth in 2022, due to its portability and energy efficiency. Battery-powered smart plugs can be controlled through a smartphone app, which allows users to remotely turn on and off their devices, monitor energy consumption, and set schedules. Some battery-powered smart plugs also offer voice control through virtual assistants like Amazon Alexa and Google Assistant. Additionally, the users can easily move battery-powered smart plugs from one location to another without the need for electrical wiring or power outlets, making them a good option for outdoor activities like camping or for powering devices in remote locations.
Based on application, the voice-control segment is anticipated to offer substantial shares to the Global Smart Plug Market growth. Voice-controlled smart plugs have become increasingly popular in recent years, as more and more consumers adopt smart home technology and virtual assistants like Amazon Alexa, Google Assistant, and Apple Siri become more advanced. Increasing adoption of virtual assistants is one of the key factors that is anticipated to fuel the demand for voice-control smart plugs. As virtual assistants become more advanced and widely used, the demand for voice-controlled smart plugs is also expected to increase. In addition, the integration of virtual assistants with other smart home devices, such as smart lights and thermostats, is expected to further drive demand for voice-controlled smart plugs.
Based on end-user, commercial segment contributed the largest shares to the market growth in 2022, as smart plugs can be used to monitor and manage energy consumption in commercial buildings. Additionally, the smart plugs are programmed to turn on and off at specific times, allowing businesses to automate tasks and reduce manual labor. Furthermore, the smart plugs are used to control lighting and other devices, helping to enhance security in commercial settings.
Based on region, North America accounted for the largest share contribution to the market growth in 2022. The increasing adoption of smart home technology, growing demand for energy-efficient solutions, and the rising popularity of voice assistants are some of the key drivers of the smart plug market in North America. Additionally, one of the main reasons for the growing popularity of smart plugs in North America is the increasing demand for energy-efficient solutions. Smart plugs can be used to track and manage energy consumption, helping homeowners and businesses reduce their energy bills and minimize their environmental impact. In addition, the convenience and ease of use of smart plugs make them an attractive option for homeowners and businesses looking to upgrade their electrical infrastructure.
Browse Full Report @ https://www.reportsinsights.com/industry-forecast/global-smart-plug-market-statistical-analysis-673777
Global Smart Plug Market Segmentation:
- By Connectivity
- Wi-Fi
- Bluetooth
- Zigbee
- Z-Wave
- By Operating System
- Android
- iOS
- By Power Source
- Electric
- Battery-powered smart plugs
- By Application
- Voice-Control
- Energy-Monitoring
- Remote Control
- Others
- By End-User
- Residential
- Commercial
- Industrial
Our Others Research Reports here: -
Wireless Smart Plug Market Size, Regional Trends, Growth, By Regions (North America, Europe, Asia Pacific, South America, Middle East And Africa), Segment Analysis, Key Technology Landscape, Market Dynamics, and Forecast (2023-2028)
Wired Smart Plug Market Analysis By Regional (Europe, North America, Asia Pacific, South America, Middle East And Africa), Growth, Trends and Forecast with Impact Analysis of COVID-19 (2021-2028)
Plug-In Automotive Relays Market Size, Regional Trends, Growth, By Regions (North America, Europe, Asia Pacific, South America, Middle East And Africa), Segment Analysis, Key Technology Landscape, Market Dynamics, and Forecast (2023-2028)
Robo Advisor Market Size, Share & Trends Analysis Report by Business Model (Pure Robo Advisors and Hybrid Robo Advisors), Service Provider (FinTech Robo Advisors, Banks, Traditional Wealth Managers), by End-use,Region, And Segment, Forecast Period-2022 – 2028
Bluetooth Smart Plugs Market Analysis By Regions (North America, Europe, Asia Pacific, South America, Middle East And Africa), Size, Growth, Trend and Forecast with Impact Analysis of COVID-19 (2022-2028)
About Reports Insights Consulting Pvt Ltd
ReportsInsights Consulting Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports. Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by ReportsInsights Consulting Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in the foremost countries around the globe.
