Smart Plug Market to Hit USD 256.33 Billion by 2030 on Account of Rising Demand for Smart Homes and Advancements in IoT Technology | Report by SNS Insider
According to SNS Insider’s research, the smart plug market is poised for significant expansion, driven by the increasing demand for smart home solutions, energy efficiency considerations, technological advancements, and a growing awareness among consumers.
Pune, Feb. 05, 2024 (GLOBE NEWSWIRE) — The Smart Plug Market, as indicated by the SNS Insider report, witnessed a valuation of USD 14.41 billion in 2022. Projections suggest a substantial growth, with expectations to reach USD 256.33 billion by 2030, exhibiting a remarkable Compound Annual Growth Rate (CAGR) of 43.3% during the forecast period from 2023 to 2030.
A smart plug, also known as a smart outlet or Wi-Fi plug, is a compact device designed to convert conventional electrical outlets into intelligent, connected hubs. By connecting to a home’s Wi-Fi network, these plugs empower users to remotely control and automate the operation of electronic devices, ranging from lamps and coffee makers to air purifiers and smart TVs. Smart plugs typically feature compatibility with voice assistants like Amazon Alexa and Google Assistant, enabling users to command their connected devices with simple vocal instructions.
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The increasing adoption of smart home ecosystems is a significant driver for the smart plug market. As consumers embrace the concept of interconnected devices, the demand for smart plugs grows in tandem, serving as pivotal components in creating intelligent and automated living spaces. The continuous evolution of Internet of Things (IoT) technology plays a pivotal role in expanding the capabilities of smart plugs. Enhanced connectivity, improved compatibility with other smart devices, and the development of more intuitive applications contribute to the smart plug market’s growth. With a growing emphasis on sustainability and energy conservation, consumers are actively seeking solutions to monitor and optimize their energy usage. Smart plugs, with their energy monitoring features and automation capabilities, address these concerns, driving their adoption as essential components of energy-efficient homes.
Smart Plug Market Report Scope:
|Market Size in 2022
|USD 14.41 billion
|Market Size by 2030
|USD 256.33 billion
|CAGR of 43.3% by 2023-2030
|Major Market Players
|SDI Technologies Inc., D-Link Corporation, Panasonic Corporation, TP-Link Corporation Limited., Insteon, EDIMAX Technology, Belkin International, Inc., Leviton Manufacturing Co., Inc., Hangzhou BroadLink Technology Co.,Ltd, Etekcity Corporation and other key players.
Key Takeaway from Smart Plug Market Study
- Within the smart plug market, two prominent segments are poised for dominance – the WiFi segment and the industrial segment. The WiFi segment gains prominence due to the ubiquitous nature of WiFi connectivity in households, offering seamless integration with smart home systems.
- The industrial segment witnesses a surge in adoption, driven by the need for enhanced energy management and automation in industrial settings. These segments not only address the growing demand for connectivity but also cater to the specific needs of both residential and industrial consumers, solidifying their dominance in the market.
- Meross, a renowned player in the smart home devices market, has recently unveiled its inaugural Matter-enabled smart plug. The Meross Matter smart plug comes equipped with a plethora of features aimed at enhancing user experience and compatibility. Leveraging the Matter standard, which ensures interoperability among various smart devices, this smart plug offers users the convenience of a unified and streamlined smart home experience.
- TP-Link, a global leader in networking and smart home solutions, has recently announced the addition of seven new Kasa Smart devices to its expansive product lineup. The new Kasa Smart devices cover a spectrum of categories, ranging from lighting and security to entertainment and connectivity. TP-Link’s latest offerings include smart light bulbs, plugs, cameras, and switches, each designed to seamlessly integrate into existing smart home ecosystems.
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Market Dynamics Analysis
The smart plug market is currently experiencing dynamic growth driven by several key factors. One of the primary drivers is the increasing adoption of smart home technology, as consumers seek ways to enhance convenience and efficiency in their daily lives. The ability of smart plugs to turn traditional appliances into connected devices has fueled their popularity, allowing users to remotely control and monitor their devices through mobile applications. Additionally, the rising awareness of energy conservation and the need for sustainable practices has boosted the demand for smart plugs, which enable users to manage and optimize their energy consumption.
However, this rapid smart plug market expansion is not without its challenges and restraints. One significant challenge is interoperability issues among different smart home devices and platforms. As the market is flooded with various brands and technologies, ensuring seamless integration and communication between smart plugs and other connected devices can be a hurdle for both consumers and manufacturers. Moreover, concerns regarding data security and privacy have become major restraints for the smart plug market. With the increasing number of connected devices, there is a growing risk of unauthorized access to personal information, prompting users to question the safety of adopting such technologies.
Key Regional Developments
The regional dynamics of the smart plug market reflect a varied landscape influenced by factors such as technological infrastructure, consumer awareness, and regulatory frameworks. Developed regions, including North America and Europe, witness substantial adoption due to a tech-savvy population and robust infrastructure. In contrast, emerging economies in Asia-Pacific exhibit accelerated growth, propelled by rising disposable incomes and a growing emphasis on smart living solutions. Regional dynamics play a pivotal role in shaping market trends and influencing the strategies of key market players.
Impact of Recession
Despite economic challenges posed by an ongoing recession, the smart plug market remains resilient due to its inherent value proposition. The emphasis on energy efficiency and the cost-saving benefits associated with smart plugs position them as a viable investment even during economic downturns. Consumers seeking ways to optimize their utility bills may find smart plugs as a practical solution. However, potential challenges include reduced consumer spending, affecting the rate of adoption. Strategic pricing, targeted marketing, and innovation in cost-effective solutions become crucial for industry players to mitigate the impact and sustain growth during economic uncertainties.
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TABLE OF CONTENT
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.2 Impact on major economies
220.127.116.11 United Kingdom
18.104.22.168 South Korea
22.214.171.124 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Global Smart Plug Market Segmentation, by type
9. Global Smart Plug Market Segmentation, by application
10. Regional Analysis
10.2 North America
10.3.1 Eastern Europe
10.3.1.8 Rest of Eastern Europe
10.3.2 Western Europe
10.3.2.12 Rest of Western Europe
10.4.8 South Korea
10.4.12 Rest of Asia-Pacific
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.7 Saudi Arabia
10.5.1.9 Rest of Middle East
10.5.2.6 South Africa
10.5.2.7 Rest of Africa
10.6 Latin America
10.6.8 Rest of Latin America
11. Company Profiles
11.1 Panasonic Corporation
11.1.2 Products/ Services Offered
11.1.3 SWOT Analysis
11.1.4 The SNS view
11.2 D-Link Corporation
11.3 SDI Technologies Inc.
11.4 TP-Link Corporation Limited.
11.5 EDIMAX Technology
11.6 Belkin International, Inc.
11.8 Leviton Manufacturing Co., Inc.
11.9 Hangzhou BroadLink Technology Co.,Ltd
11.10 Etekcity Corporation.
12. Competitive Landscape
12.1 Competitive Benchmark
12.2 Market Share analysis
12.3 Recent Developments
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