Dublin, May 04, 2023 (GLOBE NEWSWIRE) -- The "Global Smart Plugs Market Size, Trends & Growth Opportunity, by Technology, by End-user by Region and Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global smart plugs market was valued at USD $266.7 million in 2021 which is expected to reach USD 2460.0 million by 2027 at a CAGR 32.01%.
Companies Mentioned
- Panasonic
- Belkin International
- Insteon
- Leviton
- TP-Link
- D-Link
- Etekcity
- SDI Technologies
- iSmartAlarm
- EDIMAX Technology
Smart plugs are power receptacle devices that plug into traditional electrical outlet and integrate into smart home. Rise in disposable income of customers and change in lifestyle are further projected to accelerate the global smart plug market in coming years. Increase in adoption of energy efficient home appliances and innovative product in smart homes will drive the market growth.
Market Drivers
Increase in technological advancements and investments by prominent players are the key driving factors which are expected to boost the global smart plug market growth. Furthermore, growing need of consumers for a convenient lifestyle, advancements in the IoT framework, and improved energy saving will have the positive impact on market growth.
Moreover, smart devices are becoming popular due to benefits such as remote control, remote monitoring, and other features enabling cost savings and convenience will propel the market growth during this forecast period. Also, implementation of smart homes due to government initiatives to enhance standard of living, will significantly grow global smart plug market.
Market Restraints
However, security concerns associated with smart plugs are the major restraining factors which are expected to hamper the global smart plug market growth.
Market Segmentation
By Technology
- Bluetooth
- Wi-Fi
By End User
- Automotive
- Healthcare
- Aerospace & Defense
- Power & Energy
- Consumer Electronics
- IT & Telecommunication
- Industrial
- Others
For more information about this report visit https://www.researchandmarkets.com/r/dr3fj8
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