Smart Plug Market: Introduction
- Smart plugs are power outlets that provide programmable and manual on/off control and real-time energy usage data of a connected device. A smart plug can replace a standard wall outlet, or sit in place between the wall outlet and the connected device.
- Wi-Fi or Bluetooth connectivity allows remote access from the bedroom to across the world via a smartphone or cloud application.
- Some smart plugs also go one step further and collect information about how much energy the appliance connected through it is using. This is an incredibly useful feature for the energy-conscious consumer.
- Smart plugs are considered ‘smart’ because they let the user control appliances from an app on a phone from anywhere. The apps even enable the user to set schedules for smart plugs so appliances can be turned on and off at set times and on specific days.
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Rise in Demand for Smart Plugs in Construction and Automation Industry
- The rising disposable income of consumers and the advancement of lifestyles are projected to accelerate the growth of the smart plug market in the coming years.
- The low cost of smart plugs in comparison with several other built-in smart appliances is likely to act as a major factor encouraging the development of the market in the next few years.
- Moreover, the extensive need for energy-efficient and innovative household appliances is anticipated to accelerate the development of the market in the coming years. Technological advancements and the rising investment by prominent players is predicted to support the development of the smart plug market across the globe.
- Rise in popularity of smart homes has created potential opportunities for the growth of the smart plug market. Emergence of innovative products, including Wi-Fi smart plugs is estimated to support the market growth in the next few years.
- Rise in the number of applications and technological advancement in this field are projected to enhance the growth of the smart plug market. Also, innovations and easy availability of smart plugs are further expected to ensure the growth of the market in the near future.
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North America to Lead the Global Smart Plug Market
- In terms of region, the global smart plug market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
- Geographically, the North America smart plug market is estimated to hold a substantial share of the market over the next few years. The presence of several leading players and the increasing adoption of advanced home automation technologies is expected to encourage the development of the market in this region in the next few years.
- Furthermore, the smart plug market across Asia Pacific is anticipated to observe rapid growth in the coming years. The rise in contribution from developing economies, including China, India, and Japan is predicted to ensure the market growth in the near future.
- In addition, rising middle-class population and the growing demand for digital services and solutions are some of the key factors that are likely to encourage the market growth in the near future.
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Key Players in the Global Smart Plug Market:
- EDIMAX Technology
- SDI Technologies
- Belkin International
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
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