Smart Plug Market is an easy method to automate the home’s wired equipment. To use it has to be simply plugged into an outlet and connected to the Wi-Fi network by following the instructions in the compatible software on the phone or tablet. Simply put, a wired device, such as a light or a fan, can be managed from anywhere using a smart plug connected to the phone.
Smart plugs turn any device into a 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 enable users to control appliances or devices that are connected to the plus while simultaneously reducing the need for a separate smart hub.
Smart plugs allow 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. The 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 this has further boosted their adoption and is expected to further fuel revenue growth of the market over the forecast period.
The smart plug market is expected to grow at a faster rate due to the rapid adoption of home automation technologies, changing consumer preferences inclining toward smart home applications, growing need for a convenient lifestyle, improved energy savings, advancement in IoT framework, high acceptance of technologically advanced products among customers, and the population’s average disposable income.
Several other factors are expected to have a significant impact on smart plug demand shortly. Growing demand for energy-efficient residential appliances is likely to have the greatest impact on stoking demand. Smart plugs are also less expensive than built-in smart appliances. This is also accelerating their uptake. Moreover, over the forecast period, regulatory authorities such as BEE, ASHRAE, and DOE will implement regulations that will increase demand for smart plugs.
The smart-home ecosystem is continuing to grow at a rapid pace, but market growth rates are closely linked to the speed with which 5G is deployed. Recent IoT investments by Apple, Amazon, Google, and Alibaba have significantly altered the landscape, providing opportunities for a wide range of businesses but also forcing industry consolidation. Given the current low user penetration, extended product replacement cycles, and increasing device connection, smart plug acceptance will grow in the future.
Wireless technology advancements have also aided our ability to respond to the COVID-19 outbreak. Countries are utilizing creative Internet of Things (IoT) technologies to limit the virus’s impact, such as contact tracing applications. These incorporate a range of technologies into bands, wristbands, and other consumer wireless devices, including Bluetooth Low Energy (BLE), WiFi, and Sigfox.
Increased online sales have been a primary driver of smart plug sales; nevertheless, delays in product delivery can influence sales and market growth. Even though smart plugs are not expensive, they are nonetheless seen as an additional cost by consumers. Some smart plugs have additional setup and configuration requirements in addition to wires and plugs. This may have an impact on smart plug market growth over the forecast period.
Major Companies in the Market Include:
- Belkin International Inc.
- Panasonic Corporation
- iHome, Inc.
- Edimax Technology, Co. Ltd.
- Etekcity Corporation
- Xiaomi Corporation
- Lenovo Group Limited
- Leviton Manufacturing Company
- TP-Link Technologies Co., Ltd.
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