Pune, India, Jan. 10, 2023 (GLOBE NEWSWIRE) -- The global smart plug market size was valued at USD 1.55 billion in 2021. The market is expected to grow from USD 1.83 billion in 2022 to USD 9.24 billion by 2029, exhibiting a CAGR of 26.1% during the forecast period. Increasing awareness regarding the efficiency of the product and rising inclination toward energy-efficient solutions are likely to favor market expansion. Fortune Business Insights™ shares this information in its report titled “Smart Plug Market Forecast, 2023-2029.”
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Key Industry Development
March 2020- Leviton Manufacturing Co., Inc., a smart home devices and solutions provider, announced its smart home device product range Decora Smart Wi-Fi 4-Button Controller, which comprises a smart lighting control system, smart home mobile applications, and connected plug.
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 |
Drivers and Restraints
Upcoming and Ongoing City Projects in Developing Countries to Propel Market Progress
Smart plugs are powered by IoT and run with the help of Bluetooth and Wi-Fi, and is the easiest way to boost efficiency. Upcoming and ongoing city projects in developing countries are likely to enhance the demand for the product. Furthermore, the digital transformation of modern cities and buildings is expected to foster product sales. The increasing product adoption for infrastructural development is expected to foster this industry’s progress. Moreover, rising smart city projects are likely to facilitate the demand for the plug. These factors are likely to drive the smart plug market growth.
However, the high installation costs of the plug are likely to create hurdles for market growth.
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Segments
Wi-Fi Segment to Lead Backed by 5G Compatibility and Fast Operation
By product, the market is segmented into Wi-Fi and Bluetooth. The Wi-Fi segment is expected to lead due to 5G compatibility and fast operation.
Residential Segment to Dominate Attributable to Rising Smart Plugs Technology Adoption
As per end-user, the market is classified into commercial, residential, and industrial. The residential segment is expected to lead due to increasing smart plugs technology adoption.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Regional Insights
Presence of Numerous Key Players to Propel Market Growth in Asia Pacific
Asia Pacific is projected to dominate the global smart plug market share due to the presence of numerous key players. The market in Asia Pacific stood at USD 798.9 million in 2021 and is expected to gain a huge portion of the global market share in the coming years. Furthermore, numerous manufacturing facilities in China are expected to facilitate market progress within the region.
In Europe, the availability of large smart home equipment production units is likely to elevate the product demand. This factor may attract market growth in the region.
In North America, the adoption of technologically advanced techniques in residential and industrial sectors may facilitate sales. This factor is likely to boost the market growth.
Competitive Landscape
Major Players Launch Novel Products to Expand Product Portfolio
The prominent companies operating in the market launch novel products to reinforce their product offerings. For example, TP-Link announced a slew of new product range comprised of smart home-connected devices and smart home products such as lighting control systems, smart plug systems, and IoT framework-based monitoring units in January 2022. This product range may enable the company to expand its product offerings and enhance its brand image. Furthermore, major companies deploy mergers, research and development, industrial automation, partnerships, acquisitions, innovations, and expansion strategies to enhance their competitive stance in the global market.
List of Key Players Profiled in the Report
- 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)
- Etekcity Corporation (U.S.)
Major Table of Contents:
- Global Smart Plug Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Product (USD)
- Wi-Fi
- Bluetooth
- By End-user (USD)
- Residential
- Commercial
- Industrial
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Smart Plug Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Product (USD)
- Wi-Fi
- Bluetooth
- By End-user (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- United States
- Canada
- Mexico
- Europe Smart Plug Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Product (USD)
- Wi-Fi
- Bluetooth
- By End-user (USD)
- Residential
- Commercial
- Industrial
- By Country (USD)
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
TOC Continued…!
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