Global Smart Plug Market Size, Share & Industry Trends Analysis Report By Product (Wi-Fi and Bluetooth), By Application (Household, Commercial, and Industrial), By Regional Outlook and Forecast, 2022 - 2028
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Get in-depth analysis of the COVID-19 impact on the Smart Plug Market
Market Report Description
The Global Smart Plug Market size is expected to reach $1.4 billion by 2028, rising at a market growth of 32.4% CAGR during the forecast period.
A smart plug can be installed between electrical cords and sockets to act as a remote-control power switch. Therefore, smart plugs can be used to turn "dumb" electrical equipment into "smart" equipment, enabling those items for usage in home automation or building automation. For example, a smart home hub, a virtual assistant, or a smartphone application can all be used to operate smart plugs.
Wi-Fi, Bluetooth, ZigBee, and Z-Wave are some examples of communication protocols that are utilized with smart plugs. A built-in ammeter is a common feature of smart plugs, allowing users to track the connected equipment's electric energy use (expressed in kilowatt-hours). Smart plugs frequently feature a thin shape to not obstruct access to nearby sockets in a wall outlet.
A quick and easy solution to control the wired appliances in the user house is with smart plugs. The consumer only needs to plug it in and connect it to a Wi-Fi network by following the instructions in the appropriate software on the phone or tablet to set it up. Once a wired device, such as a light or fan, is plugged into a smart plug, the user may now operate it from anywhere in the world using the phone. User can also link their smart plug to a smart home hub, such as an Amazon Echo or Google Home Hub, to enable voice requests like "Alexa, turn on the bedroom fan."
The popularity of smart appliances is rising as a result of their many advantages, such as remote control, file transfer, storage systems, remote monitoring, etc. By enabling smart features controllable from mobile devices, smart plugs are an affordable method for transforming standard home appliances like televisions, lamps, air conditioners, fans, cable boxes, and others into smart appliances. The low cost of smart plugs in comparison to other built-in smart devices is anticipated to play a significant role in the market's growth over the next several years. As a result, the smart appliances' ability to save money and provide convenience will be a major factor in their widespread adoption.
COVID-19 Impact Analysis
The COVID-19 pandemic has forced the entire world to go digital, and smart plugs are now regarded as energy-efficient, time-saving, and security-enhancing devices. A survey that was just released predicts that the market for smart plugs would expand in 2020 compared to 2019. The COVID-19 pandemic forced the entire world to function or operate digitally, and smart plugs are seen as energy-efficient because they save users' time by performing activities digitally. The financial crisis brought on by COVID-19 made low- and middle-income customer groups more price sensitive. Due to their low cost and ability to track energy usage, smart plugs are becoming more and more popular. They assist consumers in lowering their energy consumption through appliances.
Market Growth Factors
Smart Plugs Enhance Safety And Security
After hurrying to the office, the stress feels from leaving electronics on is terrible. Leaving any device in the house unattended poses a threat to the home's security, whether it's the iron, the heater, or any other. By using an app on smartphone, can use the smart plug to turn off all of the devices even after getting into the office or on vacation. Even while you're away on vacation, can program the lights to come on or go off and make it appear as though home. Lights and other gadgets can be integrated into home security strategies using smart plugs. Consumers are all aware that inviting robbers into the home by leaving one light on the entire tis are away on vacation.
Smart Plugs Help Energy Conservation
The Smart Plug has integrated energy management features that can help customers reduce waste and lessen the recurring power costs. Consumer can find power hogs with smart plugs that keep track of energy usage. Users may pay less for electricity as a result of them helping customers reduce energy waste. A few smart plugs have smart meters that monitor energy use. These meters show, how much energy each device consumes in real-time. Users can now determine whether the Xbox or that mess of hair styling equipment is using up all the electricity. Users can reduce latent energy use in addition to eliminating active energy wasters.
Market Restraining Factors
The Expensive Cost And Massive Size Of The Smart Plug
These technologies are so advanced, that one of their drawbacks is that they are frequently quite expensive. The advantages and drawbacks can be balanced, though, if consumers compare it to the amount of money, save each month on bills. Additionally, purchasing a device with superior capabilities is advised if want to make the most of technology. Because of this, may also perceive it to be more expensive, but investing in the best products will always be worthwhile. Since more product modifications are needed than with most other smart devices, the average cost of each smart switch will rise as a result, driving up product development expenses.
On the basis of product, the Smart Plug market is segmented into Wi-Fi and Bluetooth. The Bluetooth segment witnessed a significant revenue share in the smart plug market in 2021. Since the Bluetooth plug uses government-grade encryption and spectrum hopping to support the smart plug device's ongoing connectivity, it offers a secure gateway connection with the smart plug. The low market share of the segment is a result of its demand that the smart plug device is close to the operational people, which accounts for its slower rate of adoption when compared to Wi-Fi smart plugs.
Based on the Application, the Smart Plug market is divided into Commercial, Household, and Industrial. The household segment procured the largest revenue share in the smart plug market in 2021. The market for smart plugs is expanding as energy-efficient smart home products become more popular. The need for smart plugs for residential use is also being fueled by government energy efficiency mandates for several household equipment’s.
|Market size value in 2021||USD 202.2 Million|
|Market size forecast in 2028||USD 1.4 Billion|
|Historical Period||2018 to 2020|
|Forecast Period||2022 to 2028|
|Revenue Growth Rate||CAGR of 32.4% from 2022 to 2028|
|Number of Pages||145|
|Number of Tables||250|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Product, Application, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Region wise, the Smart Plug market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region garnered the highest revenue share in the smart plug market in 2021. The market growth has been boosted by the growing use of smart home technology. As a result of government efforts to improve the standard of living, smart cities have become more popular, causing the market to grow primarily as a result of home automation, energy-efficient smart appliances, and consumer demand for smart appliances.
Free Valuable Insights: Global Smart Plug Market size to reach USD 1.4 Billion by 2028
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.
Strategies deployed in Smart Plug Market
» Partnerships, Collaborations and Agreements:
- Jun-2022: Belkin's Wemo introduced Wemo Smart Plug with Thread, a smart plug developed especially for Apple users. The new Smart Plug with Thread is a smart plug in which users can use Siri or the Home app to turn off or on devices, or to arrange plans.
- Jan-2022: Wemo, automation and IoT brand from Belkin International unvieled Smart Video Doorbell. The new smart video doorbell offers a first ever expanded 178-degree view area, 4MP high-resolution camera with improved optimal zoom clearness, and night vision to deliver consumers with more intuition about residence.
- May-2022: Leviton expanded its prevailing Decora Smart product line by introducing Decora Smart Wi-Fi 2nd, Gen Tamper-Resistant Outlet. The new device enhances smart lighting control chances for Leviton customers, offering a new No-Neutral Switch and Dimmer for those living in older residences along with two new 2nd Gen devices that are consistent with Hey Google, Amazon Alexa, and HomeKit/Siri to manage and support consumer voice assistant choices.
- May-2021: TP-Link launched Kasa Smart Wi-Fi Mini Plug and Kasa Smart Wi-Fi Outdoor Plug, a pair of refreshed smart plug solutions. The new Kasa Smart Wi-Fi Mini Plug is the ideal smart, simple and small Wi-Fi Plug to fit in tight areas without blocking adjoining sockets whereas Kasa Smart Wi-Fi Outdoor Plug (EP40) offers a long Wi-Fi range of up to 300 feet with a built-in power amplifier.
- Sep-2020: Xiaomi unveiled Xiaomi Mijia Smart Socket 2 Bluetooth Gateway Edition. The new Xiaomi Mijia Smart Socket 2 is a Bluetooth Gateway linked to sub-devices and contains useful data to deliver information. Additionally, The data of all the connected devices including a smart door lock, thermostat, or any smart home product, can be watched via the Mijia app.
» Business Expansions:
- Jan-2022: TP-Link expanded its business by establishing a new smart home brand to the U.S. market, named Tapo. The latest Tapo line would target numerous smart home segments with more products & features, beginning with all new advanced security cameras, light bulb and light strip, Apple Homekit compatible smart plug and switch, a set of IoT hub, motion sensors and smart button.
Scope of the Study
Market Segments Covered in the Report:
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- 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.
- SDI Technologies, Inc.
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What would be the size of the Smart Plug Market by 2028?
The Smart Plug Market size is projected to reach USD 1.4 billion by 2028.
What are the key driving factors and challenges in the Smart Plug Market?
Smart Plugs Enhance Safety And Security are driving the market in coming years, however, The Expensive Cost And Massive Size Of The Smart Plug restraints the growth of the market.
What are the major top companies in the competitive landscape?
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.
At what CAGR is the Smart Plug Market estimate to grow in the forecast period?
The expected CAGR of the Smart Plug Market is 32.4% from 2022 to 2028.
Which segment shows a high revenue share of the Smart Plug Market in 2021?
The Wi-Fi segment acquired maximum revenue share in the Global Smart Plug Market by Product in 2021 thereby, achieving a market value of $1.1 billion by 2028.
Which region dominated the Smart Plug Market in 2021?
The North America market dominated the Global Smart Plug Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $535.1 million by 2028.