Global Smart Wiring Devices Market Size study & Forecast, by Product (Smart Switches, Smart Dimmers, Smart Thermostat, Smart Outlets, Others), by Application (Residential, Commercial, Industrial) and Regional Analysis, 2023-2030

Global Smart Wiring Devices Market Size study & Forecast, by Product (Smart Switches, Smart Dimmers, Smart Thermostat, Smart Outlets, Others), by Application (Residential, Commercial, Industrial) and Regional Analysis, 2023-2030

Global Smart Wiring Devices Market is valued at approximately USD 8.1 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 11.9% during the forecast period 2023-2030. Smart wiring devices are electrical components that have integrated advanced technologies, enabling them to communicate, interact, and be remotely controlled or automated. These devices have features such as wireless connectivity, sensors, and smart functionality. Smart wiring devices are often part of a larger smart home or building automation system, allowing users to monitor and control their electrical infrastructure through smartphones, tablets, or voice commands. The Smart Wiring Devices Market is expanding because of factors such as rising adoption of smart homes, growing demand for smart cities and growth of the Internet of Things (IoT).

Smart wiring devices offer homeowners the convenience of controlling and monitoring their home environments remotely. The ability to adjust settings, schedule tasks, and receive real-time updates enhances comfort and convenience, contributing to the growing popularity of smart homes, resulting in market growth. According to Statista, the global number of smart homes in the year 2019 reached 191.4 million which increased to 307.82 million in the year 2022 and it is projected to reach 672.57 million by the year 2027. Thus, rising development and adoption of smart homes are driving the market growth. In addition, rising industrialization automation and rising integration of AI capabilities into smart wiring devices are creating new opportunities for market growth. However, the high installation cost of Smart Wiring Devices stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Smart Wiring Devices Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing rising development of smart homes, rising technological advancement, rising government support for the industrial automation, and rising smart city initiatives in the region. Whereas, Asia Pacific is projected to grow at the fastest rate owing to factors such as rising construction of industrial buildings, rising urbanization, and development of smart homes in the region.

Major market player included in this report are:
Schneider Electric
Siemens AG
Honeywell International Inc.
Lutron Electronics Co., Inc,
ABB Ltd.
Johnson Controls International PLC
Control4 Corporation
Eaton Corporation
Leviton Manufacturing Co., Inc.
Hubbell Incorporated

Recent Developments in the Market:
 In September 2022, Lutron Electronics expanded its product range with the introduction of the Diva smart dimmer and the Claro smart switch. The Diva smart dimmer seamlessly integrates the signature design and user-friendly experience of the DIVA series with the Caséta portfolio, known as the industry’s, most interconnected smart lighting control system.
 In September 2021, Schneider Electric, a frontrunner in energy management and automation digital transformation, officially introduced the Square Dtm X and XD Series connected wiring devices at the 2021 CEDIA Expo. Representing exceptional value in wiring devices, the X Series boasts a range of features, including user-friendly installation, a modernized design, and compatibility with smart home systems.

Global Smart Wiring Devices Market Report Scope:
 Historical Data – 2020 - 2021
 Base Year for Estimation – 2022
 Forecast period - 2023-2030
 Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
 Segments Covered - Product, Application, Region
 Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.

The detailed segments and sub-segment of the market are explained below:

By Product:
Smart Switches
Smart Dimmers
Smart Thermostat
Smart Outlets
Others

By Application:
Residential
Commercial
Industrial

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Companies Mentioned

Schneider Electric
Siemens AG
Honeywell International Inc.
Lutron Electronics Co., Inc,
ABB Ltd.
Johnson Controls International PLC
Control4 Corporation
Eaton Corporation
Leviton Manufacturing Co., Inc.
Hubbell Incorporated

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