Smart Plug Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

MARKET OVERVIEW

Smart plugs enable the user to control the devices by using a mobile phone application remotely. It helps to turn appliances on and off; however, when a smart plug is connected to a smart home, its applications become versatile. With the use of smart plugs, a user can convert any ordinary home appliance such as television, lamp, fan, and air conditioners among others into a smart appliance allowing smart features controllable from mobile devices.

MARKET SCOPE

The "Global Smart Plug Market Analysis to 2031" is a specialized and in-depth study with a special focus on the global market trend analysis. The report aims to provide an overview of the smart plug market with detailed market segmentation by type, application, connectivity, end user, and geography. The report provides key statistics on the market status of the leading smart plug market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

•   Based on type, the global smart plug market is segmented into metering and timing.
  
•   On the basis of application, the market is segmented into energy suppliers and meter companies, appliance manufacturers, and home automation and security.
  
•   Based on connectivity, the market is segmented into Bluetooth, Wi-Fi, and zigbee.
  
•   Based on end user, the market is segmented into residential and commercial.
  

MARKET DYNAMICS
Drivers:

•   The smart plug market growth is highly propelled with the increasing adoption of home automation as well as changing customer preferences towards smart home applications.
  
•   Further, the rising demand for energy savings and convenient lifestyle is another significant factor bolstering the growth of the smart plug market.
  
•   Also, IoT enabled electronic devices has resulted in controlling devices remotely, which in turn is propelling the demand for smart home devices thus, fueling the demand for the smart plug market.
  

Restraints:

•   High cost may hinder the growth of the smart plug market.
  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The smart plug market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the smart plug market in these regions.

IMPACT OF COVID-19 ON SMART PLUG MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition to this, the global travel bans imposed by countries in Europe, Asia-Pacific, and North America are affecting the business collaborations and partnerships opportunities.

Smart Plug Market Report Analysis

Smart Plug Market

• 
  CAGR (2023 - 2031)

  XX%
• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Report Coverage

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis

• Industry landscape and competition analysis & recent developments
• Detailed company profiles

• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

• Belkin International, Inc.
• Hangzhou BroadLink Technology Co.,Ltd
• D-Link Corporation
• EDIMAX Technology
• Etekcity Corporation.
• Insteon
• Leviton Manufacturing Co., Inc.
• Panasonic Corporation
• SDI Technologies Inc.

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

By Type

• Metering
• Timing

By Application

• Energy Suppliers and Meter Companies
• Appliance Manufacturers
• Home Automation and Security

By Connectivity

• Bluetooth
• Wi-Fi
• Zigbee

By End user

• Residential
• Commercial

MARKET PLAYERS

The report covers key developments in the smart plug market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from smart plug market are anticipated to lucrative growth opportunities in the future with the rising demand in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the smart plug market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

•   Belkin International, Inc.
  
•   Hangzhou BroadLink Technology Co.,Ltd
  
•   D-Link Corporation
  
•   EDIMAX Technology
  
•   Etekcity Corporation.
  
•   Insteon
  
•   Leviton Manufacturing Co., Inc.
  
•   Panasonic Corporation
  
•   SDI Technologies Inc.
  
•   TP-Link Corporation Limited.
  
  

The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.

Smart Plug Market Report Scope