Smart Plug Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Smart Plug Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Smart Plug Market

The smart plug market size was valued at USD 1.55 billion in 2021, and the market is now projected to grow from USD 1.83 billion in 2022 to USD 9.24 billion by 2029, exhibiting a CAGR of 26.1% during the forecast period of 2023-2029.

Global lockdown and skilled labor migration regulations will harm smart plug market growth during forecast period. The global economy and human life are in jeopardy due to the recent coronavirus pandemic. The governments of some nations have firmly enforced a nationwide lockdown in an effort to contain the COVID-19 outbreak. Even though the shutdown might aid in slowing the coronavirus's spread. But it has had a negative impact on the world economy. It caused supply chain disruptions for significant new companies and sectors. Due to the shutdown of manufacturing plants and concerns about contracting COVID-19, a large number of skilled workers also moved back to their home country. Manufacturing facilities suffer from supply chain disruptions and skilled workforce migration, which lowers final product production and slows market expansion.

Current and future smart city initiatives to increase product demand in developing economies will propel smart plug market growth during forecast period. The majority of emerging economies are turning their attention to digitalization and digital awareness. The majority of nations are aggressively executing large-scale smart city initiatives as part of this digitization strategy. One of the key components of smart city initiatives is the smart and linked plug, which makes use of a system that is simple for smart devices to handle.

Increasing propensity for energy-efficient electrical solutions to drive market expansion during forecast period. Another name for smart plugs is smart connected electrical control systems. IoT-enabled smart plugs are frequently utilized to transform commonplace devices into smart ones. When plugged into an electrical outlet, a variety of electronic control units are utilized. Industry growth is anticipated to be supported by growing trends in environmentally friendly electrical gadgets and the growing use of the Internet of Things (IoT) in contemporary smart and connected home systems. The adoption of IoT-based connected device systems is expected to considerably contribute to energy conservation and conservation efforts, as energy conservation is one of the most popular subjects in the world. Many business owners and managers of facilities and housekeeping grew more conscious of the importance of conserving energy. They establish different interdepartmental or organizational targets for energy saving and conservation. To achieve these objectives, managers quickly use smart linked plug systems in their companies. Additionally, it is anticipated that the growing use of building management systems in commercial buildings would accelerate the growth of the smart plug market globally.

Comprehensive Analysis of Smart Plug Market

The smart plug market and semiconductor & electronics industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the semiconductor & electronics benefit management industry. These segmentations are methodically segregated by Product and by end users. The Product segmentations include Wi-Fi and Bluetooth, By End-user segmentations include Commercial, Residential, and Industrial.

The Asia Pacific region lead the smart plug market by benefitting a market size of USD 789.9 billion in 2021 due to Current and future smart city initiatives and Increasing propensity for energy-efficient electrical solutions.

The top players in the market play a crucial role in the semiconductor & electronics industry assuring industrial prospectus growth and setting market standards. These players include, Lenovo Group Limited (Hong Kong), Panasonic Corporation (Japan), TP-Link Technologies Co., Ltd. (China), Xiaomi Inc. (China), D-Link Corporation (Taiwan), Ankuoo Electronics Inc. (U.S.), EDIMAX Technology Co. Ltd. (Taiwan), Leviton Manufacturing Co., Inc. (U.S.), SDI Technologies, Inc. (U.S.), Broad-link Technology Inc. (China) these market players provide a level-playing competitive landscape.

In January 2022, TP-Link is a worldwide supplier of connected devices and smart home products. In the United States, it introduced the Tapo Smart Home Line, a new line of smart home-connected gadgets. A variety of smart home devices, including IoT framework-based monitoring units, smart plug systems, and lighting control systems, are part of this product chain. Customers can simplify routine smart home activities with the help of this device.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2018-2029

Base Year 2021

Estimated Year 2022

Forecast Period 2022-2029

Historical Period 2018-2020

Unit Value (USD billion)

Segmentation By Product, End-user, and Region

Segmentation By Product

Wi-Fi

Bluetooth

By End-user

Residential

Commercial

Industrial

By Region

North America (By Product, End-user, and Country)

U.S. (By End-user)

Canada (By End-user)

Mexico (By End-user)

Europe (By Product, End-user, and Country)

U.K. (By End-user)

Germany (By End-user)

France (By End-user)

Italy (By End-user)

Spain (By End-user)

Rest of Europe (By End-user)

Asia Pacific (By Product, End-user, and Country)

China (By End-user)

India (By End-user)

Japan (By End-user)

South Korea (By End-user)

Rest of Asia Pacific (By End-user)

Middle East & Africa (By Product, End-user, and Country)

GCC (By End-user)

South Africa (By End-user)

Rest of Middle East and Africa (By End-user)

South America (By Product, End-user, and Country)

Brazil (By End-user)

Argentina (By End-user)

Rest of South America (By End-user)


Please Note: It will take 5-6 business days to complete the report upon order confirmation.