Smart Plug Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Smart Plug Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : August, 2021 | Technology & Media

Report Digest


Global Smart Plug Market: Snapshot

With growing integration of smart devices, it is increasingly becoming important to maintain an environment that is not complex to use. A plug, which essentially only turns things off and on, can transform into a versatile device when they are used inside smart homes. These smart plugs can be used via an app, which in turn enables functionalities even when individuals are not in the territory to manually operate the switch. With these automatic triggers, security of a home system can be radically improved, be it controlling home appliances such as air conditioners, television, cable box, lamp, a coffee machine, fan, and others.

The trend in the building and construction industry, and a number of others, is to conserve energy by all means possible, as power consumption is on a radical rise on the back of infrastructural development across emerging economies. Smart plugs can automate daily operations that can be very monotonous, such as maintaining energy in the kitchen. As a result, convenience is another added advantage that is driving the smart plug market in addition to energy saving benefits.

This global smart plug market report has been developed by experienced electronics analysts who understand the commerce of it. The analysts have strictly followed proven research methodologies to compile data and figures on the current demand experienced in the smart plug market and provides in-depth assessment of various factors that will determine the demand during the forecast period of 2017 to 2025. The report has segmented the smart plug market into various aspects and gauged the potential of demand that will be forthcoming from different important regions and countries. The report also contains a featured chapter on the competitive landscape, wherein a number of notable players have been analyzed for their business portfolio.

Global Smart Plug Market: Overview

Smart plugs, having myriad uses, can form versatile building blocks of smart homes. Controlled remotely by a mobile app or a home automation smart hub, a smart plug allows users to turn on and off any appliance that plugs into a standard wall socket. Some plugs can even be programmed so that they can automatically turn on or off on particular times or depending upon certain events.

A smart plug plugs right into an ordinary outlet and has its own outlet too. Hence, it is like an outlet extension. Given the rising popularity of smart homes, the global market for smart plug is slated to see skyrocketing growth in the years to come.

Global Smart Plug Market: Key Trends

A number of factors are slated to have positive impact on the demand for smart plugs in the foreseeable future. Among them, the rising demand for energy-efficient household appliances, will likely have maximum effect in propelling demand. Besides, smart plugs are also cheaper than built-in smart appliances. This is also pushing up their swift adoption.

In order to facilitate higher sales of their products, manufacturers and distributers are promoting smart plugs through different exhibitions, digital marketing campaigns, and other initiatives. This is also stoking growth in the market along with continued product development which will result in a plethora of smart plugs with cutting-edge software and technology being launched in the market in the near future.

Global Smart Plug Market: Market Potential

The global market for smart homes, progressing by gigantic strides, is slated to create tremendous opportunity in the smart plugs market too. Already, the market is inundated with innovative products such as Wi-fi smart plugs. Further, smart plug works with both Amazon’s Alexa and Google’s Assistant. That means you can use the Smart Plug to convert an item in your home into a voice-controlled appliance.

The main end-use segment in the smart plug market is residential end users. They account for maximum sales as smart plugs cost them less than built-in smart appliances.

Depending upon the stages in technology adoption, the global market for smart plug can be segmented into innovators, early adopters, and early majority. Of them, the early majority hold the dominant market share and will continue doing so in the years to come as well. This is because people in the early majority segment such as tech-savvy consumers and small businesses are passionate and knowledgeable about the product and hence invest in those.

Global Smart Plug Market: Regional Outlook

From a geographical standpoint, the Americas has been outpacing all other regions in terms of growth rate in the global market for smart plugs. Factors bringing about such progress in the sales has been the high acceptance of technologically advanced products among customers and the average disposable income of the population. Europe too is a crucial market on account of the same reasons.

Global Smart Plug Market: Competitive Analysis

Competition in the global market is both steep and diversified owing to the presence of numerous regional and international vendors across the globe. A large number of companies are heavily investing in research and developmental activities to develop innovative and high-quality products. Prominent names operating in the industry that have been profiled in the report are Belkin International, Etekcity, EDIMAX Technology, and Insteon

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?