Smart Plug Market Size To Reach USD 14.52 Billion By 2032| Driven By The Increasing Adoption Of Smart Home Technologies | Research By S&S Insider

(MENAFN- GlobeNewsWire - Nasdaq) The smart plug market is experiencing significant growth due to rising consumer interest in smart home automation, energy efficiency, and the convenience of remote device management

Austin, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Analysis:

The S & S Insider report indicates that , “ the Smart Plug Market was valued at USD 1.46 billion in 2023 and is expected to grow to USD 14.52 billion by 2032, achieving a CAGR of 29.03% over the forecast period from 2024 to 2032. ”

The smart plug market is experiencing significant growth, primarily fueled by the rising adoption of smart home technologies. As consumers become more environmentally aware, the demand for energy-efficient solutions that effectively manage power consumption is increasing. Smart plugs allow users to remotely control their appliances, improving energy management and potentially reducing costs. The demand for smart plugs has been amplified by the rapid growth of Internet of Things (IoT) devices, which require dependable and manageable power sources. The convenience provided by mobile applications for the remote operation of home devices enhances the attractiveness of smart plugs. For instance, According to the survey, Parks Associates found that 46% of U.S. broadband households have at least one smart home device, and 28% reported owning a smart plug. This indicates a growing interest in smart home solutions as more consumers seek energy-efficient products.

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Technological advancements in wireless communication, such as Wi-Fi, Zigbee, and Bluetooth, play a crucial role in the smart plug market. These innovations enable seamless integration of smart plugs with other devices, enhancing functionality and improving user experiences, making them more appealing to consumers. The COVID-19 pandemic has further accelerated the adoption of smart home technologies, as many individuals working from home seek to enhance their living environments. This trend is expected to persist, driving additional demand for smart plugs as consumers prioritize convenience, control, and energy savings.

However, challenges remain, including the high initial costs of smart devices, which may deter some consumers from adopting smart technologies, as well as compatibility issues with various IoT devices that could restrict broader adoption.

Dominant Market Players with their Products Listed in this Report are:

• Belkin International, Inc . (WeMo Smart Plug)
• D-Link Corporation (mydlink Smart Plug)
• Panasonic Corporation (Panasonic Smart Plug)
• EDIMAX Technology Co. Ltd. (EDIMAX Smart Plug)
• Etekcity Corporation (Etekcity Smart Wi-Fi Plug)
• Insteon (Insteon Smart Plug-In Module)
• Leviton Manufacturing Co., Inc. (Leviton Decora Smart Plug)
• SDI Technologies, Inc. (iHome Smart Plug)
• TP-Link Technologies Co., Ltd. (Kasa Smart Plug)
• Xiaomi Inc. (Xiaomi Mi Smart Plug)
• Ankuoo Electronics Inc. (Ankuoo NEO Smart Plug)
• Satechi (Satechi Smart Plug)
• ConnectSense (ConnectSense Smart Plug)
• Lenovo Group Limited (Lenovo Smart Power Plug)
• TP-Link Technologies Co., Ltd. (Kasa Smart Plug)
• Belkin International, Inc. (WeMo Smart Plug)
• Leviton Manufacturing Co., Inc . (Leviton Decora Smart Plug)
• D-Link Corporation (mydlink Smart Plug)
• Panasonic Corporation (Panasonic Smart Plug)

Segmentation Analysis

By Product

The Wi-Fi segment captured a significant revenue market share of approximately 61% in 2023 and is projected to maintain its dominant position throughout the forecast period. This growth is driven largely by the rising integration of Wi-Fi-enabled smart devices with voice assistants such as Google Assistant, Alexa, and Siri. Wi-Fi smart plugs offer numerous advantages, including the ability to control devices remotely via smartphones and outdoor access. However, the higher cost of Wi-Fi chipsets compared to Bluetooth may present challenges for market growth in the future. Manufacturers of Wi-Fi smart plugs are consistently working to improve product features, making them more dependable and user-friendly. For example, in January 2020, Syska launched a Wi-Fi Smart Plug that is compatible with voice assistants like Google Assistant and Alexa. These plugs are designed for large and mid-range home appliances and can be easily controlled remotely through the Syska Smart Home App.

The Bluetooth smart plug segment is anticipated to grow at the highest CAGR during the forecast period. Bluetooth plugs offer a secure connection through government-grade encryption and frequency hopping, ensuring consistent connectivity. However, the segment's limited market share can be attributed to the necessity for users to be in close proximity to the smart plug, which hampers its adoption compared to Wi-Fi smart plugs.

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Key Market Segments:

By Product Type

• WiFi
• Bluetooth

By Application:

• Industrial
• Household
• Commercial

Regional Landscape

North America led the market in 2023 and captured around 47.0% of the revenue share, primarily due to the increasing adoption of smart home technology. Key drivers of this growth include the expanding prevalence of home automation, consumer demand for energy-efficient smart appliances, and government initiatives aimed at creating smart cities to enhance living standards. The U.S. is projected to continue as the largest market for smart plugs in North America, supported by robust demand from established market players and the rapid integration of innovative home automation technologies. Moreover, changing consumer preferences and increasing disposable incomes are anticipated to further fuel market growth.

The Asia Pacific region is forecasted to witness the fastest growth throughout the forecast period. Demand for smart plugs in this region is mainly driven by the increasing need for digital solutions and services, a growing middle-class population, and changing consumer preferences. Furthermore, government initiatives focused on developing smart infrastructure projects, including smart buildings and homes, are playing a crucial role in accelerating market growth in this area.

Recent Developments

• March 2024: Lutron announced a new partnership with Control4 to enhance integration capabilities for its smart plugs in automated home systems.
• February 2024: Samsung unveiled the SmartThings Plug, allowing users to control and monitor devices through the SmartThings app.
• January 2024: Amazon introduced a new version of its Smart Plug with improved energy monitoring and integration capabilities with smart home devices.

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T able o f Contents - Key Points Analysis

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

5.1 Smart Plug Production and Sales Volumes, 2020-2032, by Region

5.2 Energy Efficiency Standards Compliance, by Region

5.3 Smart Home Technology Adoption, by Region

5.4 Consumer Preferences, by Region

6. Competitive Landscape

7. Smart Plug Market Segmentation, by Product Type

8. Smart Plug Market Segmentation, by Application

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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