Smart Plug Market Size to Grow USD 7336.4 Million by 2029 at a CAGR of 10.6% | Valuates Reports

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Oct 11, 2023, 10:10 ET

BANGALORE, India, Oct. 11, 2023 /PRNewswire/ -- Smart Plug Market is Segmented by Type (Bluetooth-Type, Wi-Fi-Type), by Application (Household Use, Commercial Use, Industrial Use): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Computers & Electronics.

Global Smart Plugs market is projected to reach USD 7336.4 Million in 2029, increasing from USD 3523 Million in 2022, with a CAGR of 10.6% during the period of 2023 to 2029.

Major Factors Driving the Growth of Smart Plugs Market:

The Smart Plugs market is expected to increase as a result of the increasing usage of smart devices in both domestic and commercial settings, the rapid uptake of new technologies, and people's improved standard of life.

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TRENDS INFLUENCING THE GROWTH OF THE SMART PLUG MARKET:

There is an increasing need for energy-efficient solutions due to growing concerns about sustainability and energy conservation. With the aid of smart plugs, customers can keep an eye on and manage the energy usage of their gadgets, lowering their electricity costs and carbon footprints. The increased emphasis on energy saving is what motivates people to use Smart Plugs in their homes and places of work. Even when users are away from home, smart plugs provide the ease of remote control of appliances and gadgets. The ability to remotely control devices, whether it be to switch off lights, manage home security systems, or plan appliance usage, is a compelling factor in the growing popularity of the Smart Plugs market.

Because they are frequently among the least expensive and most accessible smart devices, smart plugs are a popular starting point for customers exploring smart home technologies. This accessibility promotes acceptance and furthers the Smart Plugs market development.

The sector is expanding its market share due to increased customer attention on smart device adoption, rising Internet of Things (IoT) device penetration, and rising smartphone penetration. According to estimates, smart plugs can help reduce energy usage by turning off linked devices when they are not in use. As consumer requirements change, the market is characterized by continual technical innovation. Some of the most recent developments in the sector include intelligent gadgets, the Internet of Things (IoT), 5G, Wi-Fi, and Bluetooth. The increased demand for smart plugs in the U.S. is the primary driver of advancements and developments.

In the past ten years, connected plug systems have been a significant part of the intelligent and digital transformation of contemporary buildings and towns. Due to the rising usage of the Internet of things and linked devices in global smart city initiatives, this trend is anticipated to persist during the projected period. The maintenance and energy expenses of the plug system are expected to be reduced by 40% in a single year with the use of smart linked plugs and control systems in smart city projects. This element will also enhance good environmental effects. The majority of modern smart cities have been utilizing Internet of Things sensors to upgrade their current retrofit systems or add linked plugs and control systems.

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SMART PLUG MARKET SHARE

In terms of the worldwide market for smart plugs, the Americas is one of the areas that is expanding the quickest and will do so over the anticipated time frame as well. The region's strong acceptance of technologically sophisticated items among consumers and the average disposable income of the populace are two of the key reasons driving the adoption of smart plugs.

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Key Players:

Belkin
Etekcity
EDIMAX
Insteon
D-Link
BULL
Haier
Media
Grid Connect(ConnectSense)
SDI Technologies(IHom)
Panasonic
Samsung
TP-Link
Leviton
ISmartAlarm
Broadlink
Koogeek
Wyze
Xiaomi
Nyrius
Konke
Shenzhen Orvibo Electronics

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