FELTON, Calif., April 21, 2021 /PRNewswire/ -- The global smart plug market size is expected to reach USD 20.84 billion by 2028, according to a new report by Million Insights. It is expected to expand at a CAGR of 36.2% from 2021 to 2028.
What are Key Factors Driving the Smart Plug Market?
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. 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 system through mobile applications remotely.
This product acts as a mediator between the power plug and any appliances per the consumers' wish to plugin. At the basic level, it turns the device on and off, but when it is connected to the smart home platform, it becomes a very effective device. Home devices connected to smart plugs can control remotely through mobile devices and monitor energy consumption, leading to power saving and cost reduction.
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The COVID-19 pandemic led the world to operate or function digitally, and smart plug is considered to be energy efficient as it saves the time of consumers by digitally automated tasks. COVID-19 brought a financial crisis, which led to the increased price sensitivity among the low- and middle-income consumer groups. This is increasing the adoption of smart plugs as they are low-cost and energy monitoring devices that help the consumers in reducing energy consumption by monitoring the appliances.
Key Questions Answered in the Report:
Which Region to Account Fastest Growth Rate?
North America is expected to witness the fastest growth from 2021 to 2028 owing to the increasing adoption of home automation technologies and energy-efficient and innovative household appliances in the U.S. and Canada.
Which Segment of the Smart Plug Market to Register Fastest Growth Rate?
By product support, the Wi-Fi segment is expected to witness the fastest growth from 2021 to 2028. The growing application scope of such products due to their exceptional convenience features is expected to remain a favorable factor for the segment growth.
Which Segment of the Smart Plug to Hold the Highest Market Share?
The household application segment held the largest share of more than 40.0% in 2020. The inclination toward smart homes at the global level paved a way for the industry growth in the household sector.
Browse 85 page research report with TOC on "Global Smart Plug Market" at: https://www.millioninsights.com/industry-reports/global-smart-plug-market
Million Insights has segmented the global smart plug market on the basis of product support, application, and region:
- Smart Plug Product Support Outlook (Revenue, USD Million, 2017 - 2028)
- Smart Plug Application Outlook (Revenue, USD Million, 2017 - 2028)
- Smart Plug Regional Outlook (Revenue, USD Million, 2017 - 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
- List of Key Players of Smart Plug Market
- Belkin International, Inc.
- D-Link Corporation
- Panasonic Corporation
- EDIMAX Technology Co., Ltd.
- Etekcity Corporation
- Leviton Manufacturing Co., Inc.
- SDI Technologies, Inc.
- TP-Link Technologies Co., Ltd.
- Ankuoo Electronics Inc.
- Xiaomi Inc.
- Lenovo Group Limited
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