Global smart plug market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Smart Plug Shipments Will Rise Manifold Through 2030
Nearly 8.5 million smart plugs were supplied globally in 2021, and 104 million are anticipated to be shipped by 2030. The global smart plug market is expected to develop due to smart devices being increasingly used in household and business applications, the pace of technology adoption increasing, and people's rising standards of living. Due to increased customer attention on smart device adoption, rising Internet of Things (IoT) device penetration, and expanding smartphone penetration, the industry is becoming more prominent in market share. By cutting power when the device connected to the smart plug is not in use, smart plugs are considered useful for energy conservation. The adoption of intelligent home systems and technologies that lean toward home automation applications, along with changing consumer preferences, are the main drivers of the projected growth of the market.
The consumer demand for improvements in energy efficiency, IoT frameworks, and convenient lifestyles will drive the expansion of smart plug market. To keep up with the shifting needs of the consumer base, the market is characterized by constant technological innovation. The Internet of Things (IoT), intelligent devices, 5G, WiFi, and Bluetooth are some of the latest innovations in the sector. The rising demand for smart plugs in the United States is the main force behind advancements and innovations. Different countries or regions have different laws governing the production and sale of smart plugs. For example, the smart plugs must abide by the FCC Rules, which are subject to a few restrictions. The FCC regulations were implemented to guard against destructive interference with residential installation.
Smart Plug Market: COVID-19 Impact
The COVID-19 epidemic has caused smart plugs and digital devices to gain popularity worldwide since they are thought to save consumers' time by automating tasks, are more energy-efficient, and improve security. Additionally, during the early months, people were compelled to stay at home, particularly in countries around the world that had implemented partial or total lockdowns to stop the spread of the coronavirus. The shutdown has hampered the flow of goods across several industries, which has delayed the arrival of smart plugs on the world market. As a result, the smart plug market grew slowly throughout this pandemic.
Delayed Delivery Remains a Longstanding Challenge Facing Smart Plug Market
The increasing demand for advanced wireless technology has strengthened the market's ability. Nations use cutting-edge Internet of Things (IoT) solutions, like contact tracing programs. These employ several different technologies, such as WiFi, Sigfox, and Bluetooth Low Energy (BLE), built into bracelets, bands, and other consumer wireless products. Another factor significantly boosting the demand for smart plugs is the high demand for remote access to tools, changing consumer preferences, and the quick adoption of home automation technologies for smart home applications. The smart plug market is driven by consumers' growing demands for improved power economies, a comfortable lifestyle, and advancements in the internet of things (IoT). On the other hand, although growth in online sales has been a significant driver of the sales of smart plugs, delivery delays can harm sales, restraining the market expansion in long term. Although not particularly expensive, smart plugs are still seen as an additional expense by consumers, which will bring down the rate of market growth.
Smart Plug Market Prospects Heighten with Frequent Product Innovations Debuting Markets
Additionally, the numerous growth opportunities within the market for smart plugs are further facilitated by the successful product launches and other innovations by key market players. As an illustration, TP-link recently unveiled the Kasa Smart WiFi Power Strip, which offers six grounded outlets and can be independently controlled and scheduled. Three quick USB charging ports are also included. Additionally, an increase in emerging markets and strategic alliances will act as market drivers and expand favorable conditions for the expansion of the smart plug market.
WiFi the Leading Segment in Smart Plug Market as Demand for Connected Devices Soars
The WiFi segment currently holds the largest market share and is anticipated to dominate the smart plug market during the forecast period. The development is due to the growing compatibility of Wi-Fi-enabled intelligent devices with voice assistants like Google Assistant, Alexa, and Siri. Numerous benefits of the WiFi smart plug include outdoor access and simple device access from smartphones. In contrast, the WiFi chipset is a little more expensive than Bluetooth, which is anticipated to restrict the market growth during the forecasted period.
The manufacturers of WiFi smart plugs are constantly improving their product features to increase their functionality and make WiFi smart plugs a better, more reliable, and easier-to-use product. For instance, in January 2020, Syska introduced a WiFi Smart Plug that works with Alexa and Google Assistant voice assistants. The Syska Smart Home App from the company makes it simple to remotely control these plugs, which are best for large and mid-sized home appliances.
Smart Plug Market Continues to See Residential Segment’s Lead as Smart HomeAppliances Become Ubiquitous
With roughly 76% of the overall smart plug market revenue coming from household applications in 2021, this sector led the entire market and is anticipated to expand y over the coming years. The market for smart plugs is expanding as more energy-efficient intelligent/smart home appliances are being adopted. The demand for smart plugs for household use is also being driven by energy efficiency standards established by governments for specific home appliances. The usage of smart plugs is on the rise in part because people are becoming more and more aware of the many advantages they offer. These advantages include remote monitoring, energy control, scheduling, cost savings, and the reduction of manual intervention. The growing market for smart energy management systems in homes heavily depends on smart plugs.
North America’s Smart Plug Market at the Forefront with Solid Penetration of Smart Technology
Regarding growth rate, the global smart plug market has seen North America outpace all other regions. The widespread acceptance of technologically advanced products by consumers and the average disposable income of the population have been key drivers of this growth in sales. The count of smart homes is expected to increase in North America, with nearly 30 million American households are expected to do so shortly. Customers are increasingly looking to install connected devices in their homes, such as video doorbells, connected cameras, connected light bulbs, smart locks, and smart speakers, which could propel the market to expand.
Since family safety was cited as a key factor in encouraging people to adopt smart home technology, security-focused smart home devices are in demand. However, consumers using smart home technology, such as smart lighting and energy management solutions, to make their lives more convenient represent the market's most significant growth driver in the area. Due to decreased production costs, the area promotes adoption through generous discounts. For instance, Kasa offered two Wi-Fi-enabled smart plugs in November 2021 for US$13, allowing users to access and manage their holiday decorations from a distance. Thousands of favorable reviews accumulated throughout the product's lifetime helped to increase the discount further. Research shows that there is room for growth. For example, the pre-covid survey conducted by internet service provider Rakuten.ca (formerly Ebates.ca) revealed that Canadians with smart home technology are hooked; 78% of respondents said they intend to buy even more smart home technology in the coming year. The survey also showed that, despite their initial hesitation, Canadians had become addicted to smart home gadgets. Consumers emphasize technologies that make their traditional appliances smart because adopting smart appliances is constrained by budgetary restrictions. This is expected to present the smart plug market with sizable growth prospects.
Global Smart Plug Market: Competitive Landscape
A few of the players in the smart plug market include Ankuoo Electronics Inc, Belkin International Inc, D Link Corp, Edimax Technology Co Ltd, Halonix Technologies Pvt Ltd, Hangzhou BroadLink Technology Co Ltd, Indiegogo Inc., Insteon Technologies LLC, ITEAD Intelligent Systems Co. Ltd, Lenovo Group Ltd., Leviton Manufacturing Co. Inc., Panasonic Corp, Revogi Innovation Co. Ltd., Satechi LLC, SDI Technologies Inc., Syska Led Lights Pvt. Ltd., TP-Link Corp. Ltd, Vesync Co. Ltd., Wipro Ltd, and Xiaomi Inc.
Recent Notable Developments
Regional Classification of Global Smart Plug Market Can be Given as Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Smart Plug Market
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