1. Home
  2. > Construction
  3. > Building Products
  4. > Smart Home Market Trends
Global Smart Plug Market Size, Share & Industry Trends Analysis Report By Product, By Application, By Regional Outlook and Forecast, 2022 - 2028

Global Smart Plug Market Size, Share & Industry Trends Analysis Report By Product, By Application, By Regional Outlook and Forecast, 2022 - 2028

  • July 2022
  • 145 pages
  • ID: 6315058
  • Format: PDF
  • KBV Research

Summary

Table of Contents

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.

Product Outlook

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.

Application Outlook

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.

Regional Outlook

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.

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.

Recent Strategies deployed in Smart plug market

Product Launched and Product Expansions:

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:

By Product

• Wi-Fi

• Bluetooth

By Application

• Household

• Commercial

• Industrial

By Geography

• North America

o US

o Canada

o Mexico

o Rest of North America

• Europe

o Germany

o UK

o France

o Russia

o Spain

o Italy

o Rest of Europe

• Asia Pacific

o China

o Japan

o India

o South Korea

o Singapore

o Malaysia

o Rest of Asia Pacific

• LAMEA

o Brazil

o Argentina

o UAE

o Saudi Arabia

o South Africa

o Nigeria

o Rest of LAMEA

Companies Profiled

• 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.

Unique Offerings

• Exhaustive coverage

• Highest number of market tables and figures

• Subscription based model available

• Guaranteed best price

• Assured post sales research support with 10% customization free

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 150+ Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

ReportLinker may already be registered as a supplier with your company. If you want to Order by PO, check with us first and we'll let you know if we are a registered supplier and what the vendor number is. Otherwise, we'll provide you with the necessary information to register ReportLinker as a vendor.

Grace helps you find the right report:
Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

FAQ
  • How we can help
    • I am not sure if the report I am interested in will fulfill my needs. Can you help me?
    • Yes, of course. You can call us at +33(0) 4 37 65 17 03 or drop us an email at [email protected] to let us know more about your requirements.
    • We buy reports often - can ReportLinker get me any benefits?
    • Yes. Set up a call with a Senior Research Advisor to learn more - [email protected] or +33(0) 4 37 65 17 03.
    • I have had negative experiences with market research reports before. How can you avoid this from happening again?
    • We advise all clients to read the TOC and Summary and list your questions so that we can get more insight for you before you make any purchase decision. A research advisor will accompany you so that you can compare samples and reports from different sources, and choose the study that is right for you.

  • Report Delivery
    • How and when I will receive my Report?
    • Most reports are delivered right away in a pdf format, while others are accessed via a secure link and access codes. Do note that sometimes reports are sent within a 12 hour period, depending on the time zones. However, you can contact us to escalate this. Should you need a hard copy, you can check if this option is offered for the particular report, and pay the related fees.
  • Payment conditions
    • What payment methods do you accept?
      1. Credit card : VISA, American Express, Mastercard, or
      2. You can download an invoice to pay by wire transfer, check, or via a Purchase Order from your company, or
      3. You can pay via a Check made out in US Dollars, Euros, or British Pounds for the full amount made payable to ReportLinker
    • What are ReportLinker’s Payment Terms?
    • All payments must normally be submitted within 30 days. However, you can let us know if you need extended time.
    • Are Taxes and duties included?
    • All companies based in France must pay a 20% tax per report. The same applies to all individuals based in the EU. All EU companies must supply their VAT number when purchasing to avoid this charge.
    • I’m not satisfied. Can I be refunded?
    • No. Once your order has been processed and the publisher has received a notification to send you the report, we cannot issue any refund or cancel any order. As these are not ‘traditional’ products that can be returned, reports that are dispatched are considered to be ‘consumed’.
  • User license
    • The license that you should acquire depends on the number of persons that need to access the report. This can range from Single User (only one person will have the right to read or access the report), or Department License (up to 5 persons), to Site License (a group of persons based in the same company location), or Corporate License (the entire company personnel based worldwide). However, as publishers have different terms and conditions, we can look into this for you.
Purchase Reports From Reputable Market Research Publishers

ref:plp2022

Reportlinker.com © Copyright 2022. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.

Make sure you don’t miss any news and follow us on