Pune, India, Dec. 13, 2023 (GLOBE NEWSWIRE) -- The global Smart Plug Market size was valued at USD 1.55 billion in 2021 and is projected to reach USD 9.24 billion by 2029, exhibiting a CAGR of 26.1% during the forecast period. Fortune Business Insights presents this information in their report titled "Global Smart Plug Market Forecast, 2024-2029."
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Notable Industry Development:
TP-Link is a global provider of smart home products and connected devices. It launched its new product chain of smart home-connected devices, Tapo Smart Home Line in the U.S. This product chain includes various smart home products such as lighting control systems, smart plug systems, and IoT framework-based monitoring units. This product helps customers to simplify regular smart home operations.
Key Takeaways
- Smart Plug Market size in Asia Pacific was USD 798.9 Million in 2021
- Supply Chain Disruption to Hamper Growth
- Wi-Fi Segment Recorded Highest Revenue in 2021 Owing to Fast Operation and 5G Compatibility
- Residential Segment to Lead Backed by Increasing Adoption of Smart Plug Technology
Discover the Leading Players Featured in the Report:
“Companies leading the global Smart Plug Market are 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)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 26.1% |
| 2029 Value Projection | USD 9.24 billion |
| Base Year | 2021 |
| Smart Plug Market Size in 2021 | USD 1.55 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 140 |
| Segments Covered | Product, End-User and Geography |
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Drivers and Restraints:
Increasing Technological Advancement to Stimulate Growth
The global smart plug market growth is expected to grow due to the rising technological advancement during the projected period. The increasing popularity of smart homes, smart devices, and smart infrastructure has created various opportunities for this market’s growth in coming years. Technological advancement in innovative products like wi-fi smart plugs and cost-effective products to drive the market. Moreover, the popularity of IoT-based applications has provided access to electronic devices remotely. For instance, Wipro launched energy monitoring smart plus devices of 10A, which connects with small appliances at home and has voice control features that will connect devices like Alexa and Google Assistant to the electronics.
Segmentation
By Product
- Wi-Fi
- Bluetooth
By Industry
- Residential
- Commercial
- Industrial
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights:
Presence of Prominent Players to Promote Growth in North America
North America is expected to hold the largest global smart plug market share during the forecast period. Growing popularity of smart products by leading players in the market is driving the market in the region. Additionally, increasing consumer preference for smart devices like smart locks, smart speakers, video doorbells will positively affect the growth in the coming years.
Europe is expected to have a sizable share of the market. The rising number of smart devices users and the explosion of smartphones and smart devices are driving the region's growth. The increasing significance of remote monitoring, home security, and safety concerns are the major contributing factors.
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Competitive Landscape:
Manufacturers Focus on R&D Investments to Strengthen their Position
With the existence of numerous players, the market is very competitive and highly expanded. Players are investing in R&D activities for innovative products and various business strategies to expand the market. Manufacturers will find new development possibilities and develop distinctive growth strategies by delivering a comprehensive market research study.
FAQs
How big is the Smart Plug Market?
The Smart Plug Market size was USD 1.55 billion in 2021. It is expected to reach USD 9.24 billion by 2029.
How fast is the Smart Plug Market growing?
The Smart Plug Market will exhibit a CAGR of 26.1% during the forecast period, 2022-2029.
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