Growing adoption of smart devices in households, rapid technological advancements, and improved standard of living of individuals across the globe are some key factors expected to drive market growth
Smart Plug market and its key elements. The report is formulated through extensive primary and secondary research and is curated with an intent to offer the readers and businesses a competitive edge over other players in the industry. The report sheds light on the minute details of the Smart Plug industry pertaining to growth factors, opportunities and lucrative business prospects, regions showing promising growth, and forecast estimation till 2028.
According to Emergen Research, the global smart plug market size was USD 4.92 billion in 2020 and is expected to reach USD 72.62 billion in 2028 and register a revenue CAGR of 40.1% during the forecast period, 2021-2028.
Smart Plug Market Dynamics:
Smart plugs turn any device into smart device and are easy-to-use with seamless integration into home monitoring systems. Smart plugs connect to an app on the smartphones through Wi-Fi or Bluetooth connection and enables users to control appliances or devices that are connected to the plus while simultaneously reducing the need for separate smart hub. Smart plugs allows users to create scenes which are programs that can adjust lighting, coffee maker, washing machine, and other appliances based on the time of the day.
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Growing trend of home automation, increasing penetration of smart devices, and availability of technologically advanced devices at affordable prices are some key factors expected to drive market revenue growth over the forecast period. Smart plugs can control almost any device that works on electricity and this allows them to offer hundreds of possible innovative solutions for homeowners and this has further boosted their adoption and is expected to further fuel revenue growth of the market over the forecast period.
The report, additionally, offers a comprehensive SWOT analysis and Porter’s Five Forces analysis to offer a better understanding of the competitive landscape of the industry. It also covers strategies adopted by prominent players such as mergers and acquisitions, collaborations, joint ventures, product launches, and brand promotions, among others. The report aims to offer the readers a holistic understanding of the relevant features of the industry.
Major Companies in the Market Include:
Belkin International Inc.
Edimax Technology, Co. Ltd.
Lenovo Group Limited
Leviton Manufacturing Company
TP-Link Technologies Co., Ltd.
COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Wi-Fi Segment to Register Rapid Revenue Growth Rate:
Wi-Fi segment is expected to register rapid revenue CAGR over the forecast period attributable to increasing adoption of connected devices, growing popularity of smart homes, availability of high-speed Internet connectivity, and increasing utilization due to numerous advantages of Wi-Fi enabled smart plug such as energy monitoring, battery energy management, and improved user convenience.
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North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share over the forecast period attributable rising adoption of smart home technologies, growing popularity of voice assistant enabled smart plugs, growing focus on reducing energy consumption in residential buildings, and presence of key market players in the region.
The report further divides the Smart Plug market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Smart Plug market.
For the purpose of this report, Emergen Research has segmented the global smart plug market on the basis of technology, application, and region:
Technology Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Detailed Regional Analysis covers:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia-Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The report demonstrates the progress and advancement achieved by the global Smart Plug market, including the historical analysis and progress through forecast years. The report provides valuable insights to the stakeholders, investors, product managers, marketing executives, and other industry professionals.
Key Benefits of Buying the Global Smart Plug Report:
Comprehensive analysis of the changing competitive landscape
Assists in decision making processes for the businesses along with detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the Global Smart Plug Market
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends, and opportunities
Comprehensive regional analysis of the Global Smart Plug Market
Extensive profiling of the key stakeholders of the business sphere
Detailed analysis of the factors influencing the growth of the Global Smart Plug Market
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