Smart Plug Market

Smart Plug Market Revenue Drivers, Growth Opportunities, Value Chain Analysis and Forecast Research Report Till 2028

“The global smart plug market size is expected to reach USD 20.84 billion by 2028, according to a new report. It is expected to expand at a CAGR of 36.2% from 2021 to 2028.”

The global Smart Plug Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.

Market Overview: The global smart plug market size is expected to reach USD 20.84 billion by 2028, according to a new report. It is expected to expand at a CAGR of 36.2% from 2021 to 2028. The rising popularity of smart homes, technological innovation in home automation, and consumers' inclination toward a digitally comfortable lifestyle are expected to drive the market.

Key Players:           

Belkin International, Inc. D-Link Corporation Panasonic Corporation EDIMAX Technology Co., Ltd. Etekcity Corporation Insteon Leviton Manufacturing Co., Inc. SDI Technologies, Inc. TP-Link Technologies Co., Ltd. Ankuoo Electronics Inc. ConnectSense

Request free sample to get complete analysis of top-performing companies @ https://www.millioninsights.com/industry-reports/global-smart-plug-market/request-sample Growth Drivers: Smart plug is gaining popularity as it offers several benefits such as monitoring and operating home appliances remotely and energy monitoring of individual devices, thus resulting in energy and cost savings. Technological advancement in the internet of things (IoT), innovative product launches, growing investment from major market players, and consumers’ willingness to buy smart home applications are expected to fuel the expansion of the market globally.

Consumers’ shift toward a comfortable lifestyle, increased awareness regarding energy savings, and advancement in the IoT framework are some of the factors that helped promote the use of smart plug remotely. These products help to reduce manual efforts and archive home automation by controlling devices like washing machines, TV, fridge, air conditioners, and security s ystem through mobile applications remotely.

Product Outlook:  

Wi-Fi Bluetooth

Wi-Fi smart plugs accounted for the largest share of more than 56.0% in 2020 and is expected to register the fastest CAGR from 2021 to 2028. The growing popularity of smart homes will encourage the sale of Wi-Fi smart plugs as they are considered to be one of the most impactful devices available in smart homes. Wi-Fi products offer convenience to the consumers by saving time and money and provide peace of mind to the buyers. These Wi-Fi products take voice commands through Alexa, Siri, and Google Assistant.

The Bluetooth smart plugs segment emerged as the second-largest segment in 2020. Bluetooth smart plug is useful when consumers are around the smart plugs as it is easy to operate with short range.

Bluetooth’s big advantage for smart homes is low energy use.

Application Outlook:   

Commercial Household Industrial

Regional Outlook: North America held the largest share of over 30.0% in 2020 and is expected to witness the fastest growth over the forecast period. The increasing adoption of advanced home automation technologies and the existence of new emerging players and several leading market players will drive the regional market in the years to come. Moreover,an increase in disposable income and changing lifestyle will boost the market growth in the near future.

Europe held the second-largest share in 2020.The fast pace adoption of home automation technologies, increasing consumers’interest in energy saving, and rising luxury lifestyle in the countries, including Germany, the U.K., France, and Italy, will boost the regional market growth over the next few years.

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