Smart Plug Market Analysis: Growth, Trends, Size, Share, and Forecast 2030
The global smart plug market is poised for remarkable growth in the coming years, with smart plug shipments expected to skyrocket from 8.5 million in 2021 to an estimated 104 million by 2030, according to a comprehensive industry report. The report sheds light on the dynamics that will shape the market’s trajectory, offering valuable insights into its promising short-term outlook.
Rising Demand Driven by IoT and Home Automation
The exponential growth of the smart plug market can be attributed to several key factors. The increasing adoption of smart devices in both household and business applications, coupled with the rapid pace of technology adoption, has fueled the industry’s prominence in the market share. Smart plugs, known for their energy-saving capabilities by cutting power when devices are not in use, have gained traction as consumers prioritize energy efficiency.
The surge in demand for smart plugs is further driven by consumers’ desires for improved energy efficiency, IoT integration, and convenient lifestyles. Home automation applications and evolving consumer preferences are at the forefront of this market’s projected growth.
The COVID-19 pandemic played a significant role in accelerating the adoption of smart plugs and digital devices. As lockdowns and stay-at-home orders were implemented worldwide, consumers sought automated solutions to save time, improve energy efficiency, and enhance security. However, supply chain disruptions during the pandemic slowed the market’s growth.
Challenges and Opportunities
While the demand for advanced wireless technology continues to bolster the market, challenges such as delivery delays and consumer perception of smart plugs as an additional expense may hinder long-term growth. Nevertheless, frequent product innovations and strategic alliances among key market players are expected to create favorable conditions for market expansion.
WiFi Dominates Market Share
The WiFi segment currently holds the largest market share and is projected to maintain its dominance in the smart plug market. The compatibility of WiFi-enabled devices with voice assistants like Google Assistant, Alexa, and Siri has contributed to this growth. While WiFi offers numerous benefits, its slightly higher cost compared to Bluetooth may limit market growth.
Manufacturers of WiFi smart plugs are continually enhancing product features to increase functionality and ease of use, further propelling market growth.
Residential Segment Leads the Way
The residential segment accounted for approximately 76% of the overall smart plug market revenue in 2021 and is expected to continue expanding. The increasing adoption of energy-efficient smart home appliances, driven by government energy efficiency standards and consumer awareness, has fueled demand for smart plugs in households. These devices offer advantages such as remote monitoring, energy control, scheduling, cost savings, and reduced manual intervention.
North America Takes the Lead
North America has outpaced all other regions in smart plug market growth. The region’s tech-savvy consumers, high disposable income levels, and increasing smart home adoption have been key drivers. The growth of smart homes, coupled with a focus on security and convenience, has accelerated the market’s expansion.
Key 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.
The global smart plug market is set to embark on an exciting journey of growth, driven by technological advancements, increasing demand for energy-efficient solutions, and the widespread adoption of smart home devices.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/smart-plug-market
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This press release first seen on Brilad