Global Smart Plug Market size was valued at USD 1.68 Bn in 2023 and is expected to reach USD 10.83 Bn by 2030, at a CAGR of 30.5 %.
Smart Plug Market Overview:
The Smart Plug Market analysis provides a comprehensive picture of competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Smart Plug Market, as well as the causes for variances in the industry’s growth in various places
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Smart Plug Market Scope:
To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.
Smart Plug Market Drivers:
The surge in smart home technology adoption is a primary driver of the smart plug market's growth. As consumers increasingly seek to enhance their home automation capabilities, smart plugs offer a simple and affordable entry point. They enable users to control and monitor electrical devices remotely through smartphones or voice assistants such as Amazon Alexa and Google Assistant. This convenience, combined with the growing ecosystem of interconnected smart devices, propels the demand for smart plugs. Also, advancements in IoT (Internet of Things) technology are continually improving smart plug functionality, making them more efficient, user-friendly, and integral to modern smart homes. For instance, the smart plug technology demonstrated remarkable energy savings of over 20% in an office environment and the American Council for an Energy-Efficient Economy reports even higher energy reduction of 50-60% with smart plugs. This technology came into building design, improving energy efficiency and there is still time to enact positive change. The U.S. Department of Energy (DOE) estimates that buildings account for 40% of energy consumption, and that a significant portion is wasted due to inefficient use.
Smart Plug Market Segmentation:
by Product Type
Bluetooth
Wi-Fi
Others
by Application
Commercial
Residential
Industrial
by Distribution Channel
Online
Offline
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Smart Plug Market Key Players: The key players are
North America Smart Plug Leading Companies
1. Honeywell International (USA)
2. Belkin International (USA)
3. Etekcity (USA)
4. Insteon (USA)
5. SDI Technologies (USA)
6. Leviton (USA)
7. iSmartAlarm (USA)
8. Aeon Labs (USA)
9. Monoprice (USA)
10. Lutron (USA)
11. Emporia Energy (USA)
12. GE (USA)
Asia Pacific Smart Plug Key Manufacturers
13. EDIMAX Technology (Taiwan)
14. D-Link (Taiwan)
15. Haier (China)
16. Panasonic (Japan)
17. TP-Link (China)
18. Broadlink (China)
19. Ankuoo Electronics, Inc. (China)
20. ITEAD Intelligent Systems (China)
21. Teckin (China)
22. Aqara (China)
23. Smarteefi (India)
24. Meross (China)
Regional Analysis:
Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Smart Plug Market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.
Key Questions Answered in the Smart Plug Market Report are:
Which sub-segment had the largest share in the Smart Plug Market?
How is the competitive landscape of the Smart Plug Market in 2023?
Which are the key drivers impacting the Smart Plug Market growth?
Which region holds the maximum share in the Smart Plug Market?
What will be the CAGR of the Smart Plug Market during the forecast period (2023-2029)?
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