The global smart plug market has displayed resilience and growth despite challenges posed by the COVID-19 pandemic. With people compelled to stay at home during lockdowns, the demand for smart plugs and digital devices surged as consumers sought to automate tasks, enhance energy efficiency, and bolster security. However, delayed deliveries due to supply chain disruptions hindered the market’s rapid expansion during the pandemic.
𝐅𝐨𝐫 𝐌𝐨𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭 𝐑𝐞𝐚𝐝: https://www.fairfieldmarketresearch.com/report/smart-plug-market
A recent report forecasts a manifold increase in smart plug shipments, projecting 104 million units to be shipped globally by 2030. The rising adoption of smart devices in both households and businesses, along with increasing Internet of Things (IoT) device penetration and consumers’ quest for energy-efficient and connected lifestyles, are driving factors behind this projected growth.
The WiFi segment holds the largest market share, expected to dominate the intelligent plug market during the forecast period. Compatibility with voice assistants like Google Assistant, Alexa, and Siri, outdoor access, and device control via smartphones have contributed to WiFi smart plugs’ popularity. However, the segment faces a challenge due to slightly higher costs compared to Bluetooth-enabled smart plugs.
The residential segment has been leading the smart plug market, accounting for approximately 76% of total revenue in 2021. The rising adoption of energy-efficient smart home appliances, coupled with government-driven energy efficiency standards, has spurred the demand for smart plugs in households. Advantages like remote monitoring, energy control, scheduling, cost savings, and reduced manual intervention have also played a significant role in driving consumer interest.
North America stands at the forefront of the global smart plug market, outpacing other regions in terms of growth rate. The region’s acceptance of technologically advanced products, coupled with the increasing number of smart homes, has fueled the market’s expansion. Security-focused smart home devices and the adoption of innovative home technology to enhance convenience have been primary drivers for growth in North America.
Key market players, including Ankuoo Electronics Inc, Belkin International Inc, D Link Corp, and others, have contributed to the market’s success through frequent product innovations and strategic alliances. Successful product launches like the Kasa Smart WiFi Power Strip by TP-link and the WiFi Smart Plug by Syska have further boosted market prospects.
Despite challenges, the global smart plug market remains poised for growth, fueled by consumer demands for improved energy efficiency, IoT advancements, and convenient lifestyles. Technological innovations, such as 5G, WiFi, and Bluetooth, will continue to shape the market, while increasing awareness and affordability will unlock significant growth opportunities.
Related Other Reports:
https://sites.google.com/view/smart-plugmarket/home
https://mastodon.social/@marketresearch/110807945679518356
https://notepin.co/write?id=btcnvjnjbvwnain
