Smart Wiring Devices Market to Reach $24.8 Billion, Globally, by 2032 at 11.9% CAGR: Allied Market Research

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Jan 09, 2024, 06:19 ET

The smart wiring devices market is propelled by growing demand for home automation, energy efficiency, and IoT integration. Factors driving its growth include increased consumer awareness, technological advancements, and the convenience offered by smart devices fostering a surge in adoption globally

WILMINGTON, Del., Jan. 9, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Smart Wiring Devices Market By Product Type (Smart Switches, Smart Dimmers, Smart Thermostat, Smart Outlets, and Others), By Application (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the global smart wiring devices market was valued at $8.1 billion in 2022 and is projected to reach $24.8 billion by 2032, registering a CAGR of 11.9% from 2023 to 2032.

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230 – Pages
104 – Tables
63 – Charts

Prime determinants of growth

The smart wiring devices market is expected to witness notable growth owing to the growth in demand for energy efficiency and the rise in adoption of IoT technology are expected to drive the market opportunity and increase in the adoption of smart homes and buildings. Moreover, the growing demand for smart cities is expected to provide a lucrative opportunity for the growth of the market during the forecast period. On the contrary, security concerns, lack of standardization, and high initial costs limit the growth of the smart wiring devices market.

Report coverage & details:

Report Coverage	Details
Forecast Period	2022–2032
Base Year	2022
Market Size In 2022	$8.1 Billion
Market Size In 2032	$24.8 Billion
CAGR	11.9 %
No. Of Pages In Report	230
Segments Covered	Product Type, Application, And Region.
Drivers	Growth In Demand For Energy Efficiency Rise In Adoption Of IoT Technology Increase In Adoption Of Smart Homes And Buildings
Opportunities	Growth In Demand For Smart Cities
Restraints	Security Concerns And Lack Of Standardization High Initial Costs

The smart switches segment to maintain its leadership status throughout the forecast period.

Based on product type, the smart switches segment held the highest market share in 2022, accounting for more than two-fifths of the global smart wiring devices market revenue, and is estimated to maintain its leadership status throughout the forecast period, as it is known for its small size & flexibility, and it is widely used in smart cities and the consumer electronics sector.

The residential segment maintained its leadership status throughout the forecast period.

Based on application, the residential segment held the highest market share in 2022, accounting for more than half of the global smart wiring devices market revenue and is estimated to maintain its leadership status throughout the forecast period. In addition, the residential segment is projected to manifest the highest CAGR of 12.6% from 2023 to 2032 due to an increase in demand for home automation systems that offer convenience and control to homeowners. The integration of smart wiring devices with voice assistants, such as Amazon Alexa and Google Assistant, has made it easier for homeowners to control their devices, further adding to the convenience and appeal of these devices, which is one of the prime factors driving the market growth.

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North America to maintain its dominance by 2032.

By region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global smart wiring devices industry revenue. Asia-Pacific region is expected to witness the fastest CAGR of 13.4% from 2023 to 2032, owing to rise in awareness about Internet of Things (IoT) and digital applications to enhance resource utilization. Moreover, several key players in smart wiring devices have been expanding their presence in emerging economies, such as China and India, owing to rapid industrialization and urbanization in Asia-Pacific.

Leading Market Players: -

Schneider Electric
ABB Ltd.
Crestron Electronics, Inc.
Legrand S.A.
Control4 Corp
Honeywell International Inc.
Siemens Ag
Johnson Controls International Plc
Lutron Electronics Co., Inc
Leviton Manufacturing Co., Inc.

The report provides a detailed analysis of these key players in the global smart wiring devices market. These players have adopted different strategies such as product development and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Highlights -

The global smart wiring devices market share was valued at $8,127.8 million in 2022.
The smart wiring devices market growth projections for smart switches segment was the highest revenue contributor to the market, with $3,524.8 million in 2022, and is estimated to reach $10,124.8 million by 2032, with a CAGR of 11.3%.
The smart wiring devices market segmentation for residential segment was the highest revenue contributor to the market, with $4,381.9 million in 2022, and is estimated to reach $14,263.3 million by 2032, with a CAGR of 12.6%.
North America was the highest revenue contributor, accounting for $2,560.2 million in 2022, and is estimated to reach $6,881.9 million by 2032, with a CAGR of 10.5%.

Smart Wiring Devices Market Key Segments

By Product Type:

Smart Switches
Smart Dimmers
Smart Thermostat
Smart Outlets
Others

By Applications:

Residential
Commercial
Industrial

By Region

North America (U.S., Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
LAMEA (Brazil, Saudi Arabia, UAE, South Africa, Rest of LAMEA)

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