NEW
YORK, June 6, 2024 /PRNewswire/ -- The
global smart plug market size is estimated to grow by
USD 22.79 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 48.4% during the forecast period. The
global smart plug market has seen significant growth in recent
years, with major brands showcasing built-in smart appliances at
trade shows like the Consumer Electronics Show and IFA. Despite the
challenge of competing with these established players, smart plug
vendors continue to innovate and launch upgraded products. To boost
sales, they employ marketing strategies such as promotional
campaigns, digital marketing, and social media engagement.
Collaborations with retailers like Amazon also contribute to market
expansion. Trade shows remain an essential platform for showcasing
smart plug technology and driving market growth.
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segments, customer landscape, and companies- View the snapshot
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Smart Plug Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
48.4%
|
Market growth
2024-2028
|
USD 22799
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
35.13
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 33%
|
Key
countries
|
US, Germany, UK, China,
and Japan
|
Key companies
profiled
|
BroadLink,
ConnectSense, D Link Corp., EDIMAX Technology Co. Ltd., Halonix
Technologies Pvt Ltd., Havells India Ltd., Hon Hai Precision
Industry Co. Ltd., Indiegogo Inc., Insteon Technologies LLC, ITEAD
Intelligent Systems Co. Ltd., Lenovo Group Ltd., Leviton
Manufacturing Co. Inc., Panasonic Holdings Corp., Revogi Innovation
Co. Ltd., Satechi LLC, Syska Led Lights Pvt. Ltd., TP Link Corp.
Ltd., Vesync Co. Ltd., Wipro Ltd., and Xiaomi Communications Co.
Ltd.
|
Market Driver
The smart plug market is experiencing significant growth with
various industries adopting these devices for automation and energy
management. Smart plugs enable users to control electrical
appliances remotely and monitor energy consumption. Massive
companies and small businesses are integrating smart plugs into
their operations, especially in sectors like manufacturing,
healthcare, and hospitality. IoT technology plays a crucial role in
the functionality and connectivity of these devices.
Smart plugs are also being used for security purposes, such as
turning lights on and off to give the illusion of occupancy. The
market is projected to continue growing, with advancements in
technology leading to more features and applications. Smart plugs
are an essential tool for modern businesses seeking to increase
efficiency and reduce costs.
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impact of trend, driver and challenges - Request
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Market Challenges
• The adoption
of smart plugs faces challenges due to consumer unfamiliarity and
apprehension. Limited technological exposure hinders awareness of
benefits. Security concerns and high costs add to consumer
hesitation. However, increasing smartphone and Internet usage
globally is boosting confidence. The mass adoption of smart plugs
will be gradual, potentially impacting market growth during the
forecast period.
• The smart plug
market is experiencing significant growth with increasing demand
for home automation solutions. However, challenges persist in this
sector. One major issue is ensuring compatibility with various home
automation systems and devices. Another challenge is ensuring
security and privacy of data transmitted through smart plugs.
• Additionally,
cost remains a concern for many consumers, as they seek affordable
yet effective smart home solutions. Furthermore, regulatory
compliance and standardization are essential to ensure consumer
safety and confidence in the market. Overall, addressing these
challenges will be crucial for the continued growth and success of
the smart plug market.
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report!
Segment Overview
- End-user
- 1.1 Residential
- 1.2 Commercial
- Connectivity
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Residential- The Smart Plug market is
experiencing significant growth due to increasing home automation
trends. These devices allow users to remotely control electrical
appliances, enhancing energy efficiency and convenience. Businesses
are also adopting smart plugs for cost savings and operational
efficiency. With user-friendly interfaces and compatibility with
various voice assistants, smart plugs are becoming a must-have for
modern homes and offices.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
Research Analysis
The Smart Plug Market is experiencing significant growth in the
context of the smart home industry, with Wi-Fi and Bluetooth
segments leading the way. IoT framework plays a crucial role in
enabling automation and energy monitoring features in these plugs.
The residential segment is currently the largest market for smart
plugs, but the industrial and commercial segments are also showing
strong potential. Smart voice recognition technologies like Google
Assistant, Siri, Amazon Alexa, and others are increasingly being
integrated into these plugs for enhanced user experience.
Security issues are a key concern in the home automation
industry, and smart plug manufacturers are addressing these
concerns through robust encryption and authentication mechanisms.
Smart city projects are also driving demand for IoT-based plugs,
contributing to the overall growth of the market. Energy
conservation is a significant benefit of smart plugs, making them
an attractive option for consumers looking to reduce their carbon
footprint.
Market Research Overview
The Smart Plug Market is a growing sector in the technological
industry, focusing on energy management and automation solutions.
These devices enable users to control electrical appliances
remotely and monitor energy consumption in real-time. Smart Plugs
use Wi-Fi, Bluetooth, or other connectivity technologies to connect
with home networks and applications. They are compatible with
various voice assistants, such as Amazon Alexa and Google
Assistant, for hands-free control.
Smart Plugs are used in various sectors, including residential,
commercial, and industrial, to save energy, increase efficiency,
and enhance convenience. The market is driven by factors like
increasing energy prices, growing awareness of energy conservation,
and the proliferation of smart homes and buildings. The market is
expected to grow significantly in the coming years due to these
factors and ongoing technological advancements.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Connectivity
-
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio