The smart plug market will be witness development primarily due to the fast adoption of home automation technologies and varying customer’s preferences leaning towards smart home applications. The rising need of individuals for improved energy savings, a convenient lifestyle, and progressions in the IoT framework will complement the smart plug market.
Smart plugs are gaining popularity as well as are offering several benefits such as remote control, remote monitoring, and other features allowing convenience and cost savings for the consumer. It offers easy access via an app, which consecutively allows functionalities even when people are not in the area to manually function the switch. With these automatic triggers, the safety of a home system could be radically enhanced, be it monitoring home appliances for instance television, air conditioners, cable box, a coffee machine, lamp, fan, along with others.
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Smart Plugs Market – Key Trends
Increasing preference for smart homes has generated potential prospects for the development of the smart plug market. The development of innovative products, comprising Wi-Fi smart plugs is projected to upkeep the market expansion.
Smart devices such as Amazon Alexa, an intelligent personal assistant manufactured by Amazon, allow smartphone-enabled smart home devices control. Another product by Amazon, Amazon Echo, also controls all tasks of a smart home. Additionally, the smart city concept is gaining traction with worldwide companies, such as Alphabet, IBM, and Microsoft aiding the development through innovative initiatives and solutions.
The lesser price of smart plugs in contrast to several other built-in smart appliances is anticipated to act as a major aspect encouraging the expansion of the market in the approaching years. Additionally, there has been a high demand for innovative household appliances and energy-efficient, which is expected to quicken the expansion of the market. Technological progressions and the growing investments by the major participants will complement the expansion of the smart plug market worldwide.
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Smart Plugs Market – Growth Restraints
Mounting online sales have been a major accelerator in smart plug sales, however, delay in deliveries of the product can impact the sales and market growth of smart plug. Despite smart plugs are not expensive, but these are still considered an extra cost to invest among consumer. In some smart plugs, there is an additional requirement of setups and configuration as well as wires and plugs. This can influence the market growth of smart plugs during the forecast period.
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COVID-19 Impact on Smart Plugs Market
The COVID-19 outbreak has led the world to function digitally and smart plugs are being considered as energy-efficient, save the time of the consumer with automated tasks, and enhances security. According to a published report, the smart plug market is anticipated to witness growth as compared to 2019. As smart plugs respond to voice commands consumers are showing enthusiasm towards the technology as well as getting rid of mundane manual tasks such as using a voice-enabled remote to control all equipment, rather than relying on manually operated remote controls for each.
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Smart Plugs Market – Region-wise Analysis
North America secures the leading position in the global smart plugs market due to the presence of pioneer brands. The region is a fast and early adopter of rising home automation technologies.
Rising economies in Asian nations such as China, Japan, and India are anticipated to experience a remarkable growth during the assessment period. This could be due to the broadening base of the middle-class cohort, altering consumer preferences, and increasing demand for digital services and solutions.
Smart Plugs Market – Competitive Analysis
The smart plug market is diversified and highly competitive due to the several vendors investing in research & development activities to develop advanced home automation solutions, and providing a myriad of products nurturing the market development. The key participants are further focusing on the introduction of new products along with creating an awareness amid consumers concerning the benefits are anticipated to ascertain the expansion of the smart plug market over the year to come.
TP-link launched Kasa Smart Wi-Fi Power Strip offering six grounded outlets that could be independently scheduled and controlled. Additionally, it has three quick USB charging ports.
Wipro launched 10A smart plug with energy monitoring, which is apt for small appliances for instance electric kettle, televisions, table fans, air purifiers, and set-top boxes. Additionally, it also connects with a voice control device such as Amazon Alexa and Google Assistant.
Prominent companies operating in the smart plug market globally include EDIMAX Technology, Panasonic, iSmartAlarm, D-Link, SDI Technologies, Etekcity, Leviton, TP-Link, Belkin International, and Insteon.
Global Smart Plugs Market: Market Segmentation
Global Smart Plugs Market: Key Players (this is an indicative list – full list of key players available upon request)
- D-Link Corp.
- Belkin International Inc.
- Etekcity Corp.
- EDIMAX Technology Co. Ltd.
- iSmart Alarm Inc.
- Panasonic Corp.
- Leviton Manufacturing Co. Inc.
- TP-Link Technologies Co. Ltd.
- SDI Technologies Inc.
The report on Smart Plugs Market covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Historical Actual Market Size, 2015 - 2019
- Market Size & Forecast 2020 to 2030
- Supply & Demand Value Chain
- Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
- Market Drivers and Restraints
Regional analysis for Smart Plugs Market includes
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa
Report on Smart Plugs Market highlights:
- Shifting industry dynamics
- In-depth market segmentation
- Historical, current and projected industry size
- Recent industry trends
- Key competition landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.