Smart Plug Industry Overview
The global smart plug market size was valued at USD 217.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 32.0% from 2022 to 2030. Globally, 8.5 million units of smart plugs were shipped in 2021 and the shipments are expected to reach 104 million units by 2030. The rising adoption of smart devices across commercial and household applications, the growing pace of technological adoption, and the higher standard of living of individuals contribute to the market growth.
The industry is gaining prominence in market share because of the growing customer focus on smart device adoption, increasing penetration of Internet of Things (IoT) devices, and rising penetration of smartphones. Smart plugs are estimated to be useful for energy-saving by cutting power when the device connected to the smart plug is not in use.
Gather more insights about the market drivers, restraints, and growth of the Global Smart Plug Market
The global smart plug market is projected to witness growth essentially owing to the changing consumer preferences and adoption of intelligent home systems/ technologies inclining towards home automation applications. The emerging demand of consumers for advancements in improved energy savings, IoT frameworks, and convenient lifestyles will boost the growth of the market.
The market is characterized by persistent technological innovation to keep pace with the customers' changing needs. Technologies such as intelligent devices, the Internet of Things (IoT), 5G, Wi-Fi, and Bluetooth are some of the latest innovations in the industry. Advancements and innovations are primarily driven by the growing demand for smart plugs across the U.S.
Regulations about the manufacturing and selling of smart plugs vary at regional or country levels. For instance, the smart plugs must comply with the FCC Rules that are subject to certain conditions. The FCC rules are there to protect against harmful interference with residential installation.
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Smart Plug Industry Segmentation
Grand View Research has segmented the global smart plug market based on product support, application, and region:
Smart Plug Product Support Outlook (Volume, Thousand Units; Revenue, USD Million, 2017 - 2030)
- Wi-Fi
- Bluetooth
Smart Plug Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2017 - 2030)
- Commercial
- Household
- Industrial
Smart Plug Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA (Middle East & Africa)
Market Share Insights:
September 2019: SES SA and Dataset, which provides gateway internet services, entered into a partnership agreement to provide end-to-end connectivity in the Mediterranean Sea, servicing cargo and passengers across destinations including Italy, Spain, Greece, and Morocco.
Key Companies profiled:
Some prominent players in the global Smart Plug Industry include
- Ashtead
- Belkin International, Inc.
- D-Link Corporation
- Panasonic Corporation
- EDIMAX Technology Co. Ltd.
- Etekcity Corporation
- Insteon
- Leviton Manufacturing Co., Inc.
- SDI Technologies, Inc.
- TP-Link Technologies Co., Ltd.
- Xiaomi Inc.
- Ankuoo Electronics inc.
- Satechi
- ConnectSense
- Lenovo Group Limited
Order a free sample PDF of the Smart Plug Market Intelligence Study, published by Grand View Research.
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