Global Smart Plug Market Size to Grow at a CAGR of 27.40% in the forecast Period of 2023-2028

Smart Plug Market

The ‘Global Smart Plug Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global smart plug market, assessing the market on the basis of its segments like technology, application, and major region.

The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the basis of SWOT and Porter’s Five Forces Models.

The key highlights of the report include:

Market Overview (2018-2028)

  • Forecast CAGR (2023-2028): 40%

The smart plug market is being driven by changing lifestyles, and advancements in the Internet of Things (IoT) architecture, and growing demand of customers for improved power economies. Meanwhile, smart plugs are increasingly in demand from the commercial sector since they offer precise energy consumption data, programmable timer functionality, and remote management. These features lead to energy savings, greater security measures, better services, and cost savings.

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More appliances are being connected to smart plugs as a result of the rapid development in the use of convenient appliances and the ease of smart plugs that can also be operated by voice commands and gestures. These smart plugs can control any wireless or wired appliance, including lamps, lighting, fans, and more, thereby expanding the smart plug market.

Household applications account for a sizable share of the market as smart plugs are convenient, user-friendly, comfortable, and help save money on electricity. Smart plugs are a more preferable option because users can remotely turn on and off their home appliances even when they are away without investing in new smart appliances. Furthermore, smart plugs have the capacity to prevent overheating and can effectively manage time because users may schedule their equipment on an automatic basis.

Smart Plug Industry Definition and Major Segments

Smart plugs are internet of things (IoT)-based electronic devices that plug right into electrical outlets and may be utilised from anywhere in a house or building. These plugs are wireless, more energy-efficient, and commonly operate over Bluetooth or Wi-Fi. Any device or appliance can be plugged into the smart plug, and controlled using the smart plug itself.

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Based on technology, the market is segmented into:

  • Wi-Fi
  • Bluetooth
  • Others

By application, the market is categorised into:

  • Commercial
  • Industrial
  • Household

On the basis of region, the market is divided into:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Smart Plug Market Trends

The key trends propelling the smart plug market include a growing customer focus on smart device adoption, increasing use of Internet of Things (IoT) devices, and widespread penetration of smartphones. The usage of smart plugs is intended to help save energy by turning off linked devices when they are not in use. The growing demand from consumers for improvements in energy efficiency, IoT frameworks, and convenient lifestyles will fuel the smart plug market expansion.

Wi-Fi smart plugs are highly popular as most households have some form of Wi-Fi connectivity, enabling easier management of smart plug connected devices. More users have greater familiarity with Wi-Fi systems due to which many consumers often prefer smart plugs with Wi-Fi technology. The range of Wi-Fi also tends to be wider and can be connected with voice assistants such as Siri, Alexa, and Google Assistant, further increasing ease of use.

The easy installation and useability of smart plugs is another key trend contributing to the market for smart plugs. Unlike smart devices, which may require separate apps and installation processes, smart plugs can be installed directly and controlled centrally, enabling easier usage. The growing availability of smart plugs through online and offline stores due to their rising popularity is further augmenting the market for smart plugs.

Key Market Players

The major players in the global smart plug market report are D-Link Corporation, Panasonic Corporation, EDIMAX Technology Co., Ltd., Leviton Manufacturing Co., Inc., TP-Link Corporation Limited., Xiaomi Group, Satechi, Lenovo, Belkin International, Inc., and Meross Technology Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

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