Smart Plugs Market By Type (Bluetooth, Zigbee, Wi-Fi, and Others), Application (Household, Commercial, Industrial), and Region - Market Perspective, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecast for 2023 – 2032
The global Smart Plugs Market is experiencing remarkable growth, with a valuation of approximately USD 1.4 billion in 2022, and is projected to reach around USD 16 billion by 2032, exhibiting a CAGR of about 27.5% between 2023 and 2032 driven by the increasing demand for energy-efficient solutions and the rising popularity of the IoT.
The adoption of smart devices in both residential and commercial applications, the quick pace of technological advancements, and the high living standards of individuals are also contributing to market growth. The surge in consumer preference for smart homes is driving the smart plugs market share. Smart plugs can control almost any electric device and provide resourceful homeowners with hundreds of possible solutions. The rise of online sales has been a key driver of smart plug sales. However, the delay in delivering smart plug products could negatively impact sales and hinder the market growth.
Smart-connected plugs provide the most convenient way to increase efficiency and automate the operation of wired devices in a smart home. They create a network of smart electrical devices, facilitating the control of the plug system and creating a communication protocol between lights and switches in a given area. The growing demand for better energy conservation, IoT frameworks, and convenient lifestyles are fueling the smart plugs market growth.
The latest technological innovations such as smart devices, IoT, 5G, Wi-Fi, and Bluetooth are expected to positively influence the growth of the market. The shift in popularity towards a more convenient lifestyle increased awareness of energy efficiency, and advancements in the IoT framework have paved the way for remotely controlled devices, including smart plugs. .
- Based on the type, the Wi-Fi segment held the largest market share
- Based on application, the household segment generated the highest revenue
- On the basis of region, North America accounted largest market share
Growing Inclination toward Energy-efficient Electrical Solutions to Fuel the Market Growth
The global smart plugs market is expected to grow significantly due to the increasing inclination toward energy-efficient electrical solutions. Smart plugs are smart connected electrical controls equipped with IoT technology that transforms ordinary devices into smart devices. As eco-friendly electrical devices proliferate and the Internet of Things (IoT) spreads in modern smart and connected home systems, the market growth is supported. Farm and home managers and business owners are increasingly aware of energy conservation and set cross-departmental goals to save and conserve energy.
To achieve these goals, market vendors are rapidly adopting smart, connected plug-and-play systems in their organizations. The increasing adoption of property management systems in commercial buildings is also expected to boost the growth of the smart plug market.
Ongoing and Upcoming Smart City Projects in Developing Economies to Drive the Demand for Smart Plugs
The demand for smart plugs is driven by ongoing and upcoming smart city projects in developing economies. Connected plug systems have played an important role in the smart and digital transformation of modern buildings and cities over the last decade. Most countries are actively implementing large-scale smart city projects, and a smart and connected plug is one of the most important parts of these projects because it uses a connected plug that can be easily controlled by smart devices. This trend is expected to continue during the forecast period as IoT and connected devices proliferate in smart city programs across the globe. The adoption o of connected plug systems in smart city projects is expected to boost market growth globally.
High Initial Costs of Plugs Control System to Restrain Market Growth
The adoption of smart and connected plugs is on the rise, particularly in emerging economies, as the Internet of Things gains popularity. However, the initial cost of smart plugs is a major factor limiting the market growth. The cost of these plugs is considerably higher than traditional plugs due to the expensive components they contain, such as speech recognizers and transmitters, and receivers. Additionally, ownership costs are high due to the need for low latency and high-speed Wi-Fi or Bluetooth connectivity. This makes smart plugs an additional investment for consumers, which slows down market growth.
Technological Advancement in Wireless Technology Provides Lucrative Opportunities for the Market
The increasing demand for smart homes and technological advancements in wireless technology are driving factors for the global smart plugs market. This provides critical players with opportunities to create new and innovative products. The trend is likely to affect the future expansion of the global smart plugs market, as the growth of smart devices, such as personal assistants, and smart city projects continue to push for transformation within the market.
In November 2022: CoreEmbedded Technologies Pvt. Ltd launched its smart switch series - 16A WiFi SMART PLUG which offers users the unique features of a guaranteed schedule, guaranteed timer, and more accurate daily/real-time energy monitoring. The Smarteef 16A Wi-Fi Smart Plug has a unique serial number and activation code that can only be added to one account at a time and the user can turn on/off the smart plug anytime and anywhere, set/turn off schedules at a certain time, set a timer to turn off after a certain time, from the Smarteef mobile phone.
In October 2022: Siemens entered into a new partnership with Eplan to develop solutions for switch manufacturers and electrical designers and strengthen cooperation in the field of software solutions for the industry and infrastructure market segments.
In March 2021: EZVIZ Inc. expanded its smart home offering with the new T30-10A-US and T30-10B-US smart plugs. The T30-10B-US Smart Plug can also save money and increase home energy efficiency by providing detailed reports on the energy consumption of connected devices which allows homeowners to understand how much energy individual appliances are using, helping to keep their electricity bills as low as possible.
By type, the smart plugs market is categorized type into Bluetooth, ZigBee, Wi-Fi, and others. Wi-Fi is currently the dominant segment due to the increasing number of connected devices and smart customers, as well as the demand for remote control of home appliances. Recently, Bluetooth power management, energy-saving features, and the convenience of Wi-Fi-compatible smart plugs have improved. Wi-Fi Smart Plugs offer several advantages, including easy access to devices via smartphones and outdoor use. Vendors are continuously developing product features to improve Wi-Fi Smart Plug accessibility, reliability, and functionality.
Based on application, the market is segmented into household, commercial, and industrial. The household segment currently dominates the market due to the adoption of energy-saving measures in appliances and devices. The increasing customer awareness of energy efficiency and the need to minimize electricity bills are driving the use of smart plugs, which aid in current monitoring and Bluetooth power management.
North America is Dominating the Market
North America is currently dominating the smart plug market, mainly due to its widespread adoption of smart home technology, which has had a positive impact on market growth. Factors such as the growing adoption of home automation, increasing consumer preference for energy-efficient smart devices, and the adoption of smart cities through government initiatives to improve living standards are driving the market growth in this region.
One of the key drivers for the high demand for smart plugs in North America is the presence of major players in the market and the accelerated adoption of new home automation technologies. Additionally, the high need for remote use of devices, changing customer preferences, and the rapid advancement of life mechanization technologies for smart homes are significant factors driving the growth of the smart plug business in this region.
Furthermore, the growing consumer demand for an improved power economy, convenient lifestyles, and the development of the Internet of Things (IoT) structure are pushing the growth of the smart plug market.
Asia-Pacific is Experiencing a Strong Influx of Demand for Smart Plugs from E-commerce Platforms
The Asia-Pacific region is currently experiencing a strong influx of demand for smart plugs, mainly from e-commerce platforms. This region is the fastest-growing market for smart plugs, with its growth being majorly driven by the increasing prevalence of digital solutions and services, the expansion of the middle-class population, and changing consumer preferences.
Moreover, the active initiative of governments to develop smart infrastructure projects, such as smart buildings and smart homes, is also responsible for the rapid market growth in the region. The rapid adoption of home automation technology, growing consumer interest in energy conservation, and the growth of luxury housing are all contributing to the growth of the regional market.
In addition, the growing popularity of smart homes is also increasing the demand for Wi-Fi products, which provide convenience to consumers, save time and money, and bring peace of mind to buyers. Most emerging economies in the Asia-Pacific region are focusing on digital awareness and digitization, which has played a vital role in the development of smart and digital buildings and cities, propelling market growth in the coming years.
- CoreEmbedded Technologies Pvt. Ltd
- D-Link Corporation
- EDIMAX Technology Co. Ltd.
- EZVIZ Inc.
- Leviton Manufacturing Co., Inc.
- Panasonic Corporation
The global smart plugs market is segmented as follows:
- North America
- The U.S.
- The UK
- Nordic countries
- Benelux Reunion
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
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