Smart Plug Market Revenue, Driving Factors, Key Players, Strategies, Trends, Forecast
The global smart plug market size reached USD 4.92 Billion in 2020, and is expected to register a CAGR of 40.1% during the forecast period. Market revenue growth is primarily driven by shift in consumer preference towards smart home applications. Improving standard of living among consumers owing to increasing disposable income is expected to boost demand for smart plugs for household use. Rise in adoption of home automation technologies is projected to drive revenue growth of the market during the forecast period. Smart plug is a small adaptor that can be plugged into a regular electrical wall outlet and can be connected to a Wi-Fi network. The ability of smart plugs to convert ordinary devices and appliances in homes into smart ones is contributing to growing demand. Smart plugs allow consumers to control the power supply to the appliance through an app on a smartphone. Rising energy bills and need to minimize energy consumption are other key factors expected to drive growth of the smart plug market during the forecast period. A smart plug can monitor energy consumption of appliances and help consumers to become aware of and reduce power consumption. The consumers can easily turn off appliances with the help of smart plugs and avoid standby consumption. Consumption can be minimized with the use of smart appliances or switching on conventional schedulable appliances through smart plugs. Smart plug applications also include HVAC control, light control, sprinkle control, and control of other home appliances.
The Global Smart Plug Market report presents comprehensive information covering insightful data for businesses and investors for the time period of 2020-2027. The report studies the historical data of the Smart Plug market and offers valuable information about the key segments and sub-segments, revenue generation, demand and supply scenario, trends, and other vital aspects. The report offers an accurate forecast estimation of the Smart Plug industry based on the recent technological and research advancements. It also offers valuable data to assist the investors in formulating strategic business investment plans and capitalize on the emerging growth prospects in the Smart Plug market.
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The leading market contenders listed in the report are:
Belkin International Inc, Panasonic Corporation, iHome Inc., Edimax Technology Co., Ltd., Etekcity Corporation, Xiaomi Corporation, Satechi Inc., Lenovo Group Limited, Leviton Manufacturing Company, and TP-Link Technologies Co., Ltd
Key reasons to buy the Global Smart Plug Market report:
The latest report comprehensively studies the global Smart Plug market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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Market Segmentations of the Smart Plug Market
Technology Outlook (Revenue, USD Billion; 2018–2028)
Wi-Fi
Bluetooth
Others
Application Outlook (Revenue, USD Billion; 2018–2028)
Commercial Use
Industrial Use
Household Use
Regional Outlook (Revenue, USD Billion; 2018–2028)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
BENELUX
Italy
Spain
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Rest of MEA
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Regional Outlook of the Smart Plug Market
The global Smart Plug market has been categorized into several important geographical regions, including North America, Europe, Asia Pacific, Latin America, and Middle East Africa. In this section, authors of the report have studied the presence of the global Smart Plug market across major geographies. Moreover, the estimated market share, market size, revenue contribution, sales network and distribution channel, and other crucial elements of each regional segment have been detailed in the report.
Key reasons to buy the Global Smart Plug Market report:
The latest report comprehensively studies the global Smart Plug market size and provides useful inference on numerous aspects of the market, such as the current business trends, market share, product offerings, and product share.
The report offers an insightful analysis of the regional outlook of the market.
It offers a detailed account of the end-use applications of the products services offered by this industry.
The report holistically covers the latest developments taking place in this industry. Therefore, it lists the most effective business strategies implemented by the market rivals for ideal business expansion.
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