Newark, Aug. 29, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global smart plug market is expected to grow from USD 5.29 billion in 2021 to USD 99.84 billion by 2030, at a CAGR of 38.60% during the forecast period 2022-2030.
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The global smart plug market is expected to witness expansion due to the transforming consumer preferences. Consumers' rising need for improved energy savings, IoT frameworks, and suitable lifestyles will expand the market's development. The constant technical invention distinguishes the market to keep pace with the customers' varying requirements. Technologies such as the Internet of Things (IoT), 5G, intelligent devices, Wi-Fi, and Bluetooth are some of the recent innovations in the industry. The rising need mainly pushes the improvements and innovations for smart plugs across the United States. Additionally, regulations regarding the selling and manufacturing of smart plugs differ at country or regional levels. For example, the smart plugs must comply with the FCC Rules & regulations that are subject to specific requirements. The FCC regulations are there to safeguard against destructive interference with residential installation.
Competitive Strategy
To enhance their market position in the global smart plug market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2021, TP-Link Technologies Co., Ltd. declared the launch of the Kasa Smart Wi-Fi Outdoor Plug, which features a built-in amplifier and extended Wi-Fi range. The smart plug can be managed through a tablet or smartphone and turn off the devices automatically when not needed.
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Market Growth & Trends
The Innovative products incorporating Wi-Fi smart plugs are expected to uphold market expansion. Smart devices like Amazon Alexa, an intelligent personal assistant manufactured by Amazon, permit smartphone-enabled smart home device control. Also, the Amazon product named Amazon Echo manages all duties of an intelligent home device. Further, the smart city concept is achieving traction with global businesses, like IBM, Microsoft & Alphabet, helping to develop creative initiatives and solutions. Compared to other built-in smart appliances, the lower cost of smart plugs is expected to be a significant factor boosting the market's growth in the upcoming years. Further, there has been an increased need for creative household devices and energy-saving, which is anticipated to speed up market development. Technical advancements and increasing investments by the primary players will contribute to the development of the smart plug market globally.
Key Findings
• In 2021, the Wi-Fi segment dominated the market with the largest market share of 56% and market revenue of 2.96 billion.
The technology segment is divided into Bluetooth, and Wi-Fi. In 2021, the Wi-Fi segment dominated the market with the largest market share of 56% and market revenue of 2.96 billion. The development can be due to the rising integration of Wi-Fi-enabled smart devices with the voice assistant gadgets like Alexa, Google Assistant, and Siri. The Wi-Fi smart plug delivers multiple benefits, such as comfortable access to appliances from smartphones and outdoor access. Regardless, the Wi-Fi chipset is a bit costly compared to Bluetooth, which is anticipated to hinder the market growth during the forecast period.
• In 2021, the household segment dominated the market with the largest market share of 34% and market revenue of 1.79 billion.
The application segment is divided into household, commercial, & industrial. In 2021, the household segment dominated the market with the largest market share of 34% and market revenue of 1.79 billion. The increasing adoption of energy-saving smart home appliances pushes the smart plugs market development. Additionally, energy efficiency criteria set by governments on specific home appliances are propelling the need for smart plugs for household use.
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Regional Segment Analysis of the Smart Plug Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the North American region emerged as the largest market for the global smart plug market, with a market share of around 34.5% and 1.82 billion of the market revenue in 2021. The rising adoption of innovative home technology has completely influenced market development. The increasing expansion of home automation, growing customer choices for energy-saving smart devices, and execution of smart city projects by government initiatives to enhance the standard of living are the essential factors responsible for market development.
Key players operating in the global smart plug market are:
• Xiaomi Corporation
• TP-Link Technologies Co., Ltd.
• Satechi Inc.
• Panasonic Corporation
• Leviton Manufacturing Company
• Lenovo Group Limited
• iHome Inc.
• Etekcity Corporation
• Edimax Technology Co., Ltd.
• Belkin International Inc
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global smart plug market based on the below-mentioned segments:
Global Smart Plug Market by Technology:
• Bluetooth
• Wi-Fi
Global Smart Plug Market by Application:
• Household
• Commercial
• Industrial
About the report:
The global smart plug market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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