Smart Plug Market – Industry Trends and Report 2022- 2030

The Brainy Insights launched a study titled Smart Plug Market Size by Technology (Bluetooth, Wi-Fi), Application (Household, Commercial, & Industrial), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030 

The global smart plug market is expected to grow from 5.29 billion in 2021 to USD 99.84 billion by 2030, at a CAGR of 38.60% during the forecast period 2022-2030. The lifestyle growth and the increasing disposable earnings of consumers will boost the smart plug market development during the projection time. Similarly, the demand for innovative and energy-saving household devices is assessed to expand the smart plug market in the forthcoming years. The increasing investments of influential market players are anticipated to increase the smart plug market globally. The rising popularity of smart homes, smart buildings, and other smart infrastructure has made lucrative prospects for the smart plug market change over the projection duration. Furthermore, government across different nations is taking steps to upgrade the living standards of individuals. The above factor pushes the global smart plug market growth. The beginning of innovative outcomes, like Wi-Fi smart plugs, will probably propel market transition significantly. The technological improvements and expansion in the number of applications in the smart device area are likely to expand the smart plug market. Likewise, smart plugs are comfortable and economical, further anticipated to support market growth in the future years. 

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The Wi-Fi segment dominated the market, accounting for around 2.96 billion global revenue in 2021. 

The technology segment is divided into Bluetooth, and Wi-Fi. The Wi-Fi segment dominated the market, accounting for around 2.96 billion global revenue in 2021.  The Wi-Fi smart plug manufacturers are pushing for continued growth in the product features to improve the abilities of the Wi-Fi smart plugs, driving them to more affordable, valuable, and trustworthy outcomes. For example, in January 2020, Syska founded a Wi-Fi Smart Plug, consistent with the voice assistants such as Alexa and Google Assistant. 

The household segment dominated the market, accounting for around 1.79 billion global revenue in 2021. 

The application segment is divided into household, commercial, & industrial. The household segment dominated the market, accounting for around 1.79 billion global revenue in 2021. The increasing adoption of energy-saving smart home appliances pushes the smart plugs market development. Further, government power-saving measures on specific home appliances are driving the demand for smart plugs for household usage. 

Regional Segmentation Analysis:  

The market is analyzed based on five regions: North America, Europe, Asia Pacific, South America, and the Middle East and Africa. North America is expected to be the largest market during the forecast period. The United States is the biggest market for smart plugs in North America, developing an increased demand due to crucial established market players and the accelerating adoption of appearing home automation technologies. Similarly, changing customer tastes and rising disposable income will likely boost market development. 

Competitive Analysis:  

The market’s major players include Xiaomi Corporation, TP-Link Technologies Co., Ltd., Satechi Inc., Panasonic Corporation, Leviton Manufacturing Company, Lenovo Group Limited, iHome Inc., Etekcity Corporation, Edimax Technology Co., Ltd., Belkin International Inc, among others. 

About The Brainy Insights: 

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market. 

Contact Us 

Avinash D 
Head of Business Development 
Phone: +1-315-215-1633 
Email: sales@thebrainyinsights.com  
Web: http://www.thebrainyinsights.com 

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