Smart Plug Market Size Worth USD 9.24 Billion by 2030 Growing at a CAGR of 26.1% during the forecast period 2023-2030, Data By Contrive Datum Insights

Farmington, Feb. 16, 2023 (GLOBE NEWSWIRE) -- The global Smart Plug Market was valued at US$ 1.83 Billion in 2022 and is projected to reach USD 9.24 Billion by 2030, growing at a CAGR of 26.1% from 2023 to 2030. Internet of Things plugs that support Wi-Fi and Bluetooth are known as smart plugs. A smart connected plug is the most convenient approach to improve and automate the performance of wired devices in a smart home. In the smart home system, these plugs establish a network of intelligent electrical appliances. This helps to regulate the functionality of the outlets and establish a communication protocol between the lights and switches in a specific region. In a smart house, these plugs are either hooked directly into the walls or plugged into a standard electrical outlet.

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IoT-compatible software and applications are utilised to control the functionality of these connectors. These plugs can be operated via voice commands and hand gestures with the aid of Amazon Alexa, Google Home, Siri, and other virtual assistants. When a smartphone, tablet, or laptop is connected to a smart plug, it can control any wired or wireless electrical appliance, such as a fan, light, lamp, or other device.

Smart Plug Market Recent Developments:

• In January 2022 - TP-Link is a global provider of smart home products and connected devices. New Smart Home Connected Devices The Tapo Smart Home Line US launch product family includes a variety of smart home products such as lighting control systems, smart plug systems and IoT framework based monitoring devices. This product helps customers simplify their daily smart home operations.
• In June 2022 - TP-Link, a provider of smart home and connected devices, has launched the Kasa Smart WiFi Plug Mini, a smart home kit and energy monitoring device. These new devices help monitor energy consumption and manage the operation of smart home products.
• In January 2020 - Consumer electronics company Belkin introduces the WeMo Wi-Fi smart plug. This Wemo plug helps Belkin's home kit consumers easily connect all their smart devices.

Smart Plug Market Segmentation Analysis:

Because more people are utilising internet-controlled plugs, the Wi-Fi segment generated the most revenue in 2021 and is anticipated to continue to do so throughout the projection period. Due to an increase in the use of connected devices and the Internet of Things, the Bluetooth market will continue to grow in the coming years. But the Wi-Fi segment has the most promising growth prospects, with the highest CAGR during the forecast period.

The residential segment generated the most revenue in 2021 due to the numerous applications for connected plug systems in the home and the growing popularity of home automation technologies. People are selecting advanced and intelligent plug systems in large numbers, which is anticipated to drive the global market. The industrial sector is anticipated to experience the highest CAGR over the forecast period, as it is anticipated to follow the same trends.

Regional Outlook:

The Asia-Pacific market had a value of USD 798.9 million in 2021 and is anticipated to become the largest market in the world. Utilization of the Internet of Things and connected devices in smart homes and smart cities is anticipated to fuel regional market expansion. Additionally, the major firms employ a number of business strategies to expand their market share in the region.
During the forecasted time span, the U.S. market in North America may expand rapidly. The U.S. market may expand more rapidly if both businesses and households adopt more advanced technology. Germany was the market leader in Europe in 2021, and this may remain throughout the projection period. This is largely due to the rapid adoption of IoT technology and the expansion of the industry 4.0 revolution. According to the National Academy of Science and Engineering, Germany will spend $425 billion on Industry 4.0 by 2025.

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Scope of Report:

Smart Plug Market Dynamic

Market Drivers:

The majority of emerging economies are focusing on digital awareness and digitization. As part of this goal for digitization, most countries are embarking on large-scale smart city projects. One of the most crucial components of smart city projects is the smart and linked plug, which utilises the connected plug system and can be readily controlled by smart devices. In the past decade, connected plug systems have played a significant role in the evolution of smart and digital buildings and cities. This trend is anticipated to continue over the next few years, as smart city initiatives throughout the world increasingly include the internet of things and linked gadgets. It is anticipated that smart city projects that employ smart connected plugs and control systems will save maintenance and energy expenses for the plug system by 40% per year.

Market Restraints:

Following the successful implementation of the Internet of Things in a number of developing nations, more smart and connected plugs are being utilised. Smart home initiatives are increasingly employing connected outlets. However, the basic retail price of smart plugs is significantly greater than the price of existing standard plugs. The most expensive components, such as voice recognition sensors and transmitters and receivers in linked plugs, are primarily responsible for the high unit price. These costly components directly affect the retail price of the smart linked plug.

Smart Plug Market Key Segments Covered:

Top Market Players:
Lenovo Group Limited (Hong Kong), Panasonic Corporation (Japan), TP-Link Technologies Co., Ltd. (China), Xiaomi Inc. (China), D-Link Corporation (Taiwan), Ankuoo Electronics Inc. (U.S.), EDIMAX Technology Co. Ltd. (Taiwan), Leviton Manufacturing Co., Inc. (U.S.), SDI Technologies, Inc. (U.S.), Broad-link Technology Inc. (China), and Others.

By Type

• Wi-Fi
• Bluetooth

By End Use

• Residential
• Commercial
• Industrial

Regions and Countries Covered

• North America: (US, Canada, Mexico, Rest of North America)
• Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
• Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
• The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
• Latin America: (Brazil, Argentina, Rest of Latin America)
• Rest Of the World

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