The North America Smart Plug Market would witness market growth of 31.7% CAGR during the forecast period (2022-2028).
During the forecast period, the expansion of the smart plug market is predicted to be further stimulated by the evolution of consumer lifestyles and an increase in disposable income. In addition, it is predicted that the need for cutting-edge, energy-efficient home appliances would fuel the expansion of the smart plug market in the upcoming years. The key market players' increasing investments are anticipated to fuel the growth of the smart plug market. In the coming years, the market for smart plugs will rise significantly due to the rising popularity of smart infrastructure, including smart buildings, residences, and other infrastructure.
Additionally, governments in numerous nations are taking steps to raise residents' living standards. This element would help the market for smart plugs grow even further. The introduction of novel goods, such as Wi-Fi smart plugs, is also likely to considerably fuel market expansion. The market for smart plugs is expected to rise as a result of technological developments and an increase in smart device applications.
Canada is one of the top nations in the world that mostly uses clean hydropower. The proportion of electricity generation in 2020 was 60 percent hydro, 14 percent nuclear, 12 percent coal, 6 percent natural gas, and 5 percent wind and solar energy. Another 1%, roughly, was added to the power from hydro and wind. Less than 0.2 percent came from geothermal, tidal waves, and other sources. Ontario and Quebec no longer generate electricity using coal. Between 89 and 95 percent of the energy used in the systems of Manitoba, British Columbia, Newfoundland and Labrador, Prince Edward Island, and Yukon comes from hydroelectricity.
The US market dominated the North America Smart Plug Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $386.1 million by 2028. The Canada market is poised to grow at a CAGR of 34.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 33.5% 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 U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Smart Plug Market is Estimated to reach $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.
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