Smart Plug Market - Growth, Trends, COVID-19 Impact, And Forecasts (2023 - 2028)

Smart Plug Market - Growth, Trends, COVID-19 Impact, And Forecasts (2023 - 2028)

The smart plug market is expected to register at a CAGR of 42.2% over the forecast period. The use of and credence on devices that can be managed remotely through a wireless connection is growing globally, a fundamental factor driving the smart plug market. Key HighlightsThe Smart Plug market, owing to the rapid adoption of home automation technologies, changing consumer preferences inclining towards 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 average disposable income of the population is expected to grow at a tremendous pace.A number of other factors are slated to have an assertive impact on the demand for smart plugs in the near future. Among them, the growing demand for energy-efficient household appliances will possibly have the highest effect on stoking demand. Besides, smart plugs are also more economical than built-in smart appliances. This is also forcing their swift adoption. Besides, the regulations released by regulatory agencies such as BEE, ASHRAE, and DOE will drive the demand for smart plugs during the projection period.The smart-home ecosystem is continuing its accelerated expansion, but market growth rates are directly connected to the speed of 5G implementation. Recent IoT investments by Apple, Amazon, Google, and Alibaba have transformed the landscape noticeably, giving opportunities for all sorts of companies, but have also forced market strengthening. Acknowledging the contemporary moderate user penetration, long product replacement cycles, and rising device connectivity, the adoption of smart plugs will improve in the future.The concept of smart cities marked a great prospect with the Internet of Things in the energy, waste, and infrastructure sectors. Smart home, a significant trend in the smart city, offers several benefits. Several smart city projects and initiatives are ongoing, and by 2025, around 30 global smart cities are expected, with 50% of them likely to be in North America and Europe.?In the residential sector, the smart-home ecosystem continues its accelerated expansion, but market growth rates are directly connected to the speed of 5G implementation. Recent IoT investments by Google, Apple, Amazon, and Alibaba transformed the landscape noticeably, giving opportunities for all sorts of companies, but have also forced market strengthening. Acknowledging contemporary moderate user penetration, long product replacement cycles, and rising device connectivity, the adoption of smart plugs will improve in the future.The key players in the market are focusing on improving their product lines by introducing new products into the market. For instance, in November 2021, Kasa introduced TP-Link Kasa EP10, a capable smart plug that can be controlled via phone or voice.Advances in wireless technology have also empowered our ability to respond to the COVID-19 pandemic. Countries are using innovative Internet of Things (IoT) solutions, such as contact tracing applications, to mitigate the impact of the virus. These utilize a variety of technologies, including Bluetooth Low Energy (BLE), WiFi, and Sigfox, incorporated into bands, bracelets, and other consumer wireless devices.Smart Plug Market TrendsHouse Hold Use to have a Significant Control on the Smart Plug Market The most fundamental application of the smart plug is energy monitoring and Control in household use, for example, in Smart HVAC Systems. Apart from that, smart plugs give real-time insights with more exceptional accuracy at the equipment level, whereas most smart meters employ disaggregation algorithms to examine the smart meter reading for measuring equipment level consumption. While smart plugs may have added features to control energy consumption on a regular basis, the insights given by smart meters are principally passive and need a greater cycle of observation and analysis. Electricity theft incites huge losses for utilities globally. With the growing installation of smart meters, these conflicts are growing more and more discrete and challenging to identify. With the implementation of smart plugs, the specific energy reading from any machine can easily be matched with the smart meter data to conclude whether electricity theft is taking place or not. Thus, smart plugs can give important insights and an answer to the problem of electricity theft. The usage of smartphones by households is also driving the Smart plug market. For instance, According to the Consumer Technology Sales and Forecast study, smartphone shipments are expected to reach 154.1 million units (USD 74.7 billion in shipment revenues) in 2022, representing a 3% increase from 2021. (149.6 million). The increasing availability of 5G is driving the upward trend, as 5G devices will account for 73% of smartphone shipments (USD 61.37 billion in revenue) in the coming year. A particular feature of smart plugs, such as standby power-saving and occupancy detection, will assist in saving energy without yearly intervention by the user. The interpretation of the energy savings tendered over a month or a year can then be included in the electricity bill to intensify energy awareness in the public domain. Also, detecting defective devices using excessive energy proves to be an advantage to both the user and the utility. The e-commerce players in the market are offering smart plugs through their sites, which helps increase the demand for the smart plug market. For instance, Amazon released Smart Plug, 2022 Newest HEMERE Smart Plugs That Work with Alexa & Google Assistant Removable Wall Outlet Shelf Only WiFi 2.4G. The smart socket has broad compatibility and can be used in the home, workplace, bedroom, kitchen, living room, bathroom, or any other space with limited outlets. North America Leads in the Smart Plug Market North America has been outpacing all other regions in terms of growth rate in the global market for smart plugs. Factors delivering such progress in sales have been the large acceptance of technologically advanced products amongst customers and the average disposable income of the population. Smart homes are on the surge in North America, with nearly 30 million U.S. households forecasted to add smart home technology in the future. The products customers are looking to attach to their homes include video doorbells, connected cameras, connected light bulbs, smart locks, and smart speakers of late, which could lead to the growth of the smart plug market. Security-focused smart home devices are in demand, as family safety was voted as an important motivator for adopting smart home technology in a fresh survey. However, the most prominent driver for the market in the region is consumers using smart home technology like smart lighting solutions and energy management solutions to ease their lives with greater convenience. The region encourages adoption through extensive discounts, owing to a decline in the cost of production. For instance, in November 2021, Kasa offered two smart plugs for USD 13, with Wi-Fi capabilities, enabling users to remotely access and control their Christmas decorations. The discount was further maximized through thousands of positive reviews built up over the product's lifetime. Market developments, such as internet service company, Rakuten.ca's (formerly Ebates.ca) pre-covid survey, indicated that Canadians with smart home technology are hooked, as 78% say they plan to purchase even more smart home technology within the next year, indicating growth potential.? The survey further demonstrated that despite the initial reluctance, Canadians are now hooked on smart home products. As budget constraints limit the adoption of smart appliances, consumers focus on technologies that make their conventional appliances smart. This is anticipated to offer significant opportunities for the market's growth.Smart Plug Market Competitor Analysis The Smart Plug Market is moderately competitive and consists of several major players. Few of these major players currently dominate the market in terms of market share. A large number of organizations are massively investing in research and developmental projects to develop innovative and high-quality products. Notable names in the industry profiled in the report are Belkin International, Inc, BroadLink Technology Co., Ltd., Panasonic Corporation, etc. February 2022 - Belkin, a consumer electronics company, unveiled its latest connectivity solutions based on Intel's ThunderboltTM 4 controller. The CONNECT Pro Thunderbolt 4 Dock and Thunderbolt 4 cable take advantage of Thunderbolt 4 advantages to provide dual display compatibility for video resolutions up to 4K at 60Hz, the total bandwidth of 40Gbps, Power Delivery for quick charging, and much more. Additional Benefits: The market estimate (ME) sheet in Excel format 3 months of analyst support