Smart Plug Market Size & Growth Analysis to 2030

The global smart plug market size is accounted to hold a significant revenue of over USD 5 billion in 2020 and is expected to register a CAGR of over 42% during the forecast period 2021 to 2027. The increasing adoption of smart homes and the growing adoption of home automation are some of the major factors to drive the market growth. Furthermore, increasing consumer awareness for energy savings and the technological advancement in IoT framework, improving living standards, and growing disposable income are expected to boost the market over the forecast period. Moreover, the advancement in wireless technology and the increasing demand for energy-efficient home appliances are anticipated to fuel the market growth.

Market Drivers:

Increasing Adoption of Smart Home Technology: The growing popularity of smart home devices and systems is a significant driving factor for the smart plug market. Smart plugs provide a convenient and cost-effective way to turn traditional appliances into connected devices, allowing users to control and automate their home electronics remotely using smartphone apps or voice assistants.

Energy Efficiency and Cost Savings: Smart plugs enable users to monitor and control the energy consumption of their plugged-in devices. By setting schedules, timers, or using occupancy sensors, users can optimize energy usage and reduce electricity bills. The ability to remotely turn off appliances or electronics that are accidentally left on also contributes to energy savings.

Home Automation and Integration: Smart plugs are a crucial component of home automation systems, allowing for seamless integration with other smart devices and platforms. They can be integrated with smart speakers, hubs, or other smart home ecosystems to create customized automation routines and control multiple devices simultaneously.

Convenience and Remote Access: Smart plugs provide users with the convenience of remotely controlling their plugged-in devices from anywhere using a smartphone or tablet. This feature allows users to turn devices on or off, adjust settings, and monitor energy consumption, even when they are away from home.

Safety and Home Security: Smart plugs offer enhanced safety features and contribute to home security. They can be programmed to turn on and off lights, TVs, or radios at different times, giving the impression that someone is home, deterring potential intruders. Additionally, smart plugs with overload protection and surge suppression help prevent electrical hazards and damage to connected devices.

Integration with Voice Assistants: The compatibility of smart plugs with popular voice assistants, such as Amazon Alexa, Google Assistant, or Apple Siri, has significantly contributed to their adoption. Voice control allows users to easily control their plugged-in devices through simple voice commands, adding to the convenience and user experience.

Growing Awareness of Energy Conservation: Increasing awareness of environmental sustainability and energy conservation is driving the demand for smart plugs. Consumers are seeking ways to reduce their carbon footprint and conserve energy, and smart plugs provide a user-friendly solution to manage and optimize energy usage in their homes.

Government Initiatives and Energy Regulations: Government initiatives, energy efficiency programs, and regulations promoting energy conservation have positively impacted the smart plug market. In some regions, utility companies offer incentives or rebates for the installation and use of energy-saving devices like smart plugs, further driving their adoption.

Technological Advancements: Continuous technological advancements in smart plug features, connectivity options, and user interfaces have fueled market growth. Advanced features such as energy monitoring, power consumption analytics, compatibility with smart home platforms, and Wi-Fi or Bluetooth connectivity have made smart plugs more appealing to consumers.

Increasing Availability and Affordability: The increasing availability of smart plugs from various manufacturers and the declining costs of smart home technology have made smart plugs more accessible to a broader consumer base. This affordability factor has contributed to the widespread adoption of smart plugs in households.

Market Snapshot:

Market Insights:

The global smart plug market is bifurcated into technology, application, and geography. On the basis of technology, the market is further segmented into Wi-Fi, bluetooth, and others. The Wi-Fi segment dominated the global market in 2020 and is expected to hold the largest revenue share of over half of the market by the end of the analysis period. the increasing adoption of smart homes is one of the prominent factor to drive the segment growth. Furthermore, the increasing demand for connected devices, availability of a strong tech-savvy consumer base, and the advantages associated with the product such as energy monitoring and energy management are further expected to fuel the segment growth over the forecast period.

On the basis of application, the market is segmented into commercial, industrial, and household applications. The household segment dominated the global smart plug market in 2020 and accounted to hold the largest market share of over 40% of the market by the end of the analysis period. the increasing inclination towards smart homes coupled with the increasing adoption of smart home appliances is a major factor to drive the market in household applications. Furthermore, the rising consumer awareness regarding energy consumption and the stringent regulation for energy savings are further expected to fuel the segment growth over the forecast period.

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The smart plug comprehensive study analyzes industry trends, market size, competitive analysis, and market forecast – 2021 to 2027. Research Corridor report provides detailed premium insight into the global market and reveals the potential revenue streams, commercial prospects, market drivers, challenges, opportunities, issues, and events affecting the industry. In addition, the report has a dedicated section covering market forecasts and analysis for leading geographies, profiles of major companies operating in the market and expert opinion obtained from interviews with industry executives and experts from prominent companies.

The smart plug market research report presents the analysis of each segment from 2018 to 2027 considering 2020 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2021 to 2027.

Historical & Forecast Period

• 2018-19 – Historical Year
• 2020 – Base Year
• 2021-2027 – Forecast Period

Market Segmentation:

By Technology:

• Wi-Fi
• Bluetooth
• Others

By Application:

• Commercial
• Industrial
• Household

By Region:

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

Geographic Coverage:

Geographically, North America dominated the global smart plug market in 2020 and is estimated to hold the largest revenue share of around one-third of the market by the end of the analysis period. The increasing adoption of smart devices and the growing penetration of IoT-enabled home appliances are some of the major factors to drive the market growth in the region. Furthermore, the increasing rate of smart homes and the increasing integration of home automation technologies are further expected to fuel the market growth in North America. On the other hand, the Asia Pacific is expected to grow at a significant growth rate due to the increasing adoption of energy-efficient buildings in the commercial and residential sectors.

Competitive Assessment:

Some of the major market players operating in the global smart plug market are Belkin International, Inc., Panasonic Corporation, D-Link Corporation, Etekcity Corporation, and EDIMAX Technology Co., Ltd. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Key Companies:

• Belkin International, Inc.
• Panasonic Corporation
• D-Link Corporation
• Etekcity Corporation
• EDIMAX Technology Co., Ltd.
• Leviton Manufacturing Co., Inc.
• Insteon
• TP-Link Technologies Co., Ltd.
• SDI Technologies, Inc.
• ConnectSense

Key Questions Answered by Smart Plug Market Report

• Global smart plug market forecasts from 2021-2027
• Regional smart plug market forecasts from 2021-2027 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2021-2027 covering 15 major countries from the regions as mentioned above
• Smart plug submarket forecasts from 2021-2027 covering the market by technology, by application, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about smart plug market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level smart plug markets from 2021-2027
• Competitive Landscape and market positioning of top 10 players operating in the smart plug market