Global Smart Plug Market was valued US$ 1.38 Bn in 2017 and is expected to reach US$ 18.86 Bn by 2026, at a CAGR of 38.38 % during a forecast period.
The smart plug market is segmented into type, application, and region.
Further, smart plug market based on type includes Bluetooth and wi-fi. In terms of application segment, smart plug market is classified into household use, commercial use, and industrial use.
Based on regions, the global smart plug market is divided into five main regions are America, Europe, Asia-pacific, Latin America and Middle East & Africa.
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Smart plugs are used to convert ordinary household appliances into smart appliances.
In terms of type, Wi-Fi segment dominates the market due to smart plugs are easy to use and very affordable, starting at less than $30 per switch, anyone with a smartphone can get in on the convenience of smart home technology by using wi-fi.
The major driving factor of global smart plug market is high demand for remote access to appliances, rapid adoption of home automation technologies, and changing consumer preferences inclining towards smart home applications. The growing need of consumers for a convenient lifestyle, improved energy savings, and advancements in the IoT framework is propelling the smart plug market. Additionally, use of connectivity as a differentiating feature by manufacturers, and the growing demand for energy-efficient appliances.
Security concerns associated with smart plugs and IoT is major restring factor of global smart plugs market.
In terms of geography, the Americas is one of the fastest growing regions in terms of global smart plug market and continue to grow during the forecasted period as well. Some of the major factors responsible for the growing adoption of smart plugs in the region is the high acceptance of technologically advanced products among customers and the average disposable income of the population.
Key companies in global Smart Plug Market include Belkin International Etekcity, EDIMAX Technology, Insteon, D-Link, BULL, Haier, SDI Technologies, Panasonic, TP-Link, Leviton, iSmartAlarm, and Broadlink.
Scope of Global Smart Plug Market:
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Global Smart Plug Market, by Type:
Global Smart Plug Market, by Application:
• Household Use
• Commercial Use
• Industrial Use
Global Smart Plug Market, by Region:
• North America
• Middle East & Africa
• Asia Pacific
• Latin America
Key players operated in Global Smart Plug Market:
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• Belkin International
• EDIMAX Technology
• SDI Technologies