Global Smart Wiring Devices Market 2024-2031

Global Smart Wiring Devices Market 2024-2031

Smart Wiring Devices Market Size, Share & Trends Analysis Report by Product Type (Smart Switches, Smart Dimmers, Smart Thermostats, Smart Outlets/Plugs, and Others), and by End-User (Residential Sector, Commercial Buildings, Industrial Sector, Government and Public Infrastructure, and Others), Forecast Period (2024-2031)

Smart wiring devices market is anticipated to grow at a CAGR of 12.4% during the forecast period (2024-2031). Smart wiring devices include a collection of components, such as smart switches or plugs that integrate advanced technology to offer enhanced control, automation, and connectivity within a home or building. The devices are seen as a replacement for traditional wiring devices, offering features such as remote control, automation, customization, and energy efficiency among others. The increasing adoption of smart home devices, growing demand for energy-efficient and sustainable devices, and developments in wireless communication technology are key contributors to the global market growth. For instance, in January 2023, Leviton introduced its Decora Edge line of wiring devices, a faster, easier, and safer way to install electrical devices for the home.

Segmental Outlook

The global smart wiring devices market is segmented on the product type and end-user. Based on the product type, the market is segmented into smart switches, smart dimmers, smart thermostats, smart outlets/plugs, and others. Further based on end-users, the market is segmented into the residential sector, commercial buildings, industrial sector, government and public infrastructure, and others. The smart switches subcategory is expected to capture a significant portion of the market share within the product type segment. The high adoption of these switches owing to their ability to provide centralized network management that can improve performance and security. The growth can be attributed to the growing acceptance of IoT-based home automation solutions in addition to the penetration of the electrical infrastructure.

Smart Thermostats Segment is Anticipated to Hold a Considerable Share of the Global Smart Wiring Devices Market

Among the product types, the smart thermostats segment is expected to hold a considerable share of the global smart wiring devices market. The segmental growth is attributed to cost savings and efficiency. Solutions such as the UEI TBH300 satisfy industry expectations for low-cost devices that provide substantial energy savings and operational efficiency. For instance, in July 2022, Universal Electronics Inc. launched the new UEI TBH300 Smart Thermostat. The new UEI TBH300 thermostat sets the standard with a sustainable energy feature that allows property managers and hoteliers to save money and energy on occupied units and rooms. The thermostat is controlled by the RUCKUS IoT suite for hospitality which allows for temperature management in addition to rapid installation.

Regional Outlook

The global smart wiring devices market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the presence of significant companies investing in next-generation IoT solutions.

The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the global Smart Wiring Devices Market

Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period. With growing digitalization, the growing demand for high-end solutions across the region is a key factor driving the regional market growth. The debut of Blenze Pro corresponds to the growing trend in expensive building projects for high-quality, design-centric wiring devices. For instance, in March 2023, Honeywell launched a premium range of wiring devices, Blenze Pro for the Indian market. Blenz Pro range is specifically designed to meet the high-end wiring requirements of architects, interior designers, builders, and developers for residential, commercial, and hospitality buildings. It features high-quality metal and glass front plates, offering a sophisticated look, silent operation, and perfect illumination, enhancing convenience and aesthetics.

Market Players Outlook

The major companies serving the smart wiring devices market include ABB Group, General Electric Co., Honeywell International Inc., Hubbell Inc., and Legrand S.A. among others. The market players are considerably contributing to the market growth by adopting various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2023, ABB acquired Eve Systems GmbH, the new interoperating standard and wireless connectivity technology. The company is set to expedite the delivery of safe, smart, and energy-efficient homes and buildings through Eve's comprehensive range of retrofit-focused consumer-facing products.