The Asia Pacific Smart Plug Market would witness market growth of 33.0% CAGR during the forecast period (2022-2028).
Regulations governing the production and sale of smart plugs vary by region or nation. For instance, the smart plugs must go by the FCC Rules, which are constrained by specific requirements. The purpose of the FCC regulations is to prevent damaging interference with residential installation. The same norms and standards that apply to plug receptacles that have been installed also apply to smart plugs (outlets). A few smart plug models go above and beyond the minimal requirements for safety.
In the case of power spikes or other electric occurrences that could harm items using that plug, smart plugs have automated shut-off features. Smart plugs improve the safety of conventional plugs in numerous ways for many houses. The majority of smart plug manufacturers advise against utilizing a conventional power strip and extra extension with a smart plug and instead advise plugging devices straight into the smart plug unit. For example, a utilizing g plug with a regular power strip that has several extension cables plugged into it will probably cause the smart plug to turn off to avoid a fire hazard.
The third-largest electricity producer in the world is India. At the end of March 2022, India's national electric grid had an installed capacity of 399.467 GW. Large hydroelectric facilities are included in the category of renewable power plants, which make up 39.2% of the installed capacity. The gross electricity produced by utilities in India for the fiscal year (FY) 2019–20 was 1,383.5 TWh, and the nation as a whole produced 1,598 TWh of energy (utilities and nonutility together). In FY2019, there was gross power consumption of 1,208 kWh per person. The world's greatest electric energy use in agriculture was noted in FY2015. Despite India having a low electricity tariff, per capita electricity usage is low compared to most other countries.
The China market dominated the Asia Pacific Smart Plug Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $113.6 million by 2028. The Japan market is estimated to grow at a CAGR of 32.3% during (2022 - 2028). Additionally, The India market would display a CAGR of 33.9% during (2022 - 2028).
Based on Product, the market is segmented into Wi-Fi and Bluetooth. Based on Application, the market is segmented into Household, Commercial, and Industrial. The report also covers geographical segmentation of Smart Plug market. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Smart Plug Market is Projected to reach USD 1.4 Billion by 2028, at a CAGR of 32.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Xiaomi Corporation, Panasonic Corporation, Belkin International, Inc., D-Link Corporation, Lenovo Group Limited, Etekcity Corporation, Ashtead Group PLC, Leviton Manufacturing Co., Inc., TP-Link Technologies Co. Ltd., and SDI Technologies, Inc.
By Product
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