Pune, May 08, 2023 (GLOBE NEWSWIRE) -- A global Electronics business-consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “Smart Wiring Devices Market”. The report is a combination of primary data and secondary data and domain expert has analyzed the Smart Wiring Devices Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the Smart Wiring Devices market growth from USD 7.5 Bn in 2022 to USD 23.42 Bn in 2029 at a CAGR of 12.06 percent.
Smart Wiring Devices Market Report Scope and Research Methodology
| Market Size in 2022 | USD 7.5 Bn. |
| Market Size in 2029 | USD 23.42 Bn. |
| CAGR | 12.06 percent (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2022 |
| Number of Pages | 270 |
| No. of Tables | 115 |
| No. of Charts and Figures | 112 |
| Segment Covered | Product Type and Application |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Smart Wiring Devices Market Report Scope and Research Methodology
The Smart Wiring Devices market report includes the extensive usage of both primary and secondary data collection methods. The report involves various factors affecting the industry, including the competitive landscape, historical data, current trends in the market, upcoming technologies, and the market risks, opportunities, barriers, and challenges for the Smart Wiring Devices market. For the competitive analysis of the Smart Wiring Devices market, major industry players are mentioned by region, along with their price, financial standing, product, product portfolio, technical developments, mergers and acquisitions, joint ventures, and strategic alliances.
The bottom-up approach was used to establish the Smart Wiring Devices market size and its estimation by various segments. Product Type and Application are the segments used to analyze Smart Wiring Devices to determine the favorable and unfavorable aspects that affect market growth.
SWOT analysis was conducted to provide the strengths and weaknesses of the Smart Wiring Devices Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Smart Wiring Devices Market.
Smart Wiring Devices Market Dynamics
Smart Wiring Devices have many applicable benefits including energy efficiency and insurance perks, maximizing home security. Thus, the increasing demand for Smart Wiring Devices in houses and homes fuels the market demand.
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The Smart Wiring Devices market is driven by the increasing demand for HD and Ultra HD sound quality audio tracks, the growing adoption of IoT technology from buildings and smart homes and the increasing demand for energy-efficient devices. The development of the smart city in emerging economies is a lucrative opportunity for market growth. Over the forecast period. The market growth is expected to be hampered by complex processes and continuous change, the stringent requirements for quality and delivery and deficiency of tribal knowledge Security Threats in the Smart Home.
Smart Wiring Devices Market Regional Insights
In 2022, North America held the Smart Wiring Devices Market and is expected to grow at the highest growth rate for the market during the forecast period. The regional market is driven by changing lifestyles, increasing demand for luxurious interiors for residential and commercial buildings, an improvement in economic conditions and rising investment in IoT solutions. The US held the dominating position in the Smart Wiring Devices Market due to the presence of prominent key players.
In Europe, the United Kingdom is expected to grow at a CAGR of 12.7 percent for the Smart Wiring Devices Market. The penetration into the Internet of Things growth, the development of the consumer electronics industry and a rise in investments are the boosting factors for the regional market demand.
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Smart Wiring Devices Market Segmentation
By Product Type
- Smart Dimmers
- Smart Switches
- Smart Outlets
- Smart Thermostat
- Smart Sprinkler Controllers
- Smart Smoke Alarms
- Smart Video Doorbells
- Others
Based on products, the market is divided into Smart Dimmers, Switches, Outlets, thermostats, sprinkler controllers, smoke alarms, video doorbells and others. In 2022, the Smart switches segment lead the market with the largest market share. It is driven by rapid urbanization, advancements in the IoT things and increasing penetration of the internet.
By Application
- Industrial
- Residential
- Commercial
On the basis of the Application, the market is divided into industrial, commercial and residential. In 2022, the residential segment dominated the market with the largest market share. This is due to the increase in the number of the users of home security system devices.
Smart Wiring Devices Market Key Players Include:
- ABB Ltd.
- Honeywell International Inc.
- Control4 Corp
- Crestron Electronics, Inc.
- Legrand S.A.
- Johnson Controls International plc.
- Lutron Electronics Co., Inc
- Leviton Manufacturing Co., Inc.
- LG Electronics
- Schneider Electric
- Samsung
- Apple
- General Electric
- Siemens
- Schneider Electric
- IDEA SMART By VIMAR
- Eaton
- Legrand
- Panasonic
- Eaton
- Leviton
- Lutron Electronics
- Signify (Philips)
- Acuity Brands Lighting
- Lite-Puter Enterprise
- Hubbell
- GE Lighting
- Bull
- Orbit
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Key questions answered in the Smart Wiring Devices Market are:
- What are Smart Wiring Devices?
- What was the Smart Wiring Devices market size in 2022?
- What is the growth rate of the Smart Wiring Devices Market?
- Which are the factors expected to drive the Smart Wiring Devices market growth?
- What are the different segments of the Smart Wiring Devices Market?
- What are the factors restraining the growth of the Smart Wiring Devices Market?
- What is the demand pattern of the Smart Wiring Devices Market?
- What major challenges could the Smart Wiring Devices Market face in the future?
- What segments are covered in the Smart Wiring Devices Market?
- Who are the key players in the Global Smart Wiring Devices market?
- What are the upcoming industry applications and trends for the Smart Wiring Devices Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis of the Product Type, Application and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Recommendations
Maximize Market Research is leading Electronics and research firm, has also published the following reports:
Home Automation System Market – The market size is expected to reach USD 74.5 Bn by 2029 at a CAGR of 6.59 percent during the forecast period. The market is driven by the increase in demand for safety & security for homes and increasing homeownership among the millennials.
Handheld Digital Multimeter Market – The market size is expected to reach USD 755.68 Mn by 2029 at a CAGR of 4.5 percent during the forecast period. The market is driven by the increase in the use of the Handheld Digital Multimeter in industrial facilities, increasing multimeter demand in the automotive and energy sectors.
IoT Home Automation Market – The market size is expected to reach USD 181.28 Bn by 2029 at a CAGR of 12.10 percent during the forecast period. The market is driven by the increasing use of Internet of Things (IoT) devices in a home automation system
Smart Home Appliances Market – The market size is expected to reach USD 60.58 Bn by 2029 at a CAGR of 8.65 percent during the forecast period. The market is driven by changing lifestyles, technological advancement in smart devices, the demand for IoT-based devices and the high adoption of wireless communication technology.
Smart Home Devices Market – The market size is expected to reach USD 205.85 Bn by 2029 at a CAGR of 10.4 percent during the forecast period. The market is driven by the increasing importance of home monitoring in remote locations, growing concern about safety and security among the population, a growing number of internet users and increasing adoption of smart devices.
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
