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.
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.
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.
Key Players in the Global Smart Plug Market:
- EDIMAX Technology
- SDI Technologies
- Belkin International
Global Smart Plug Market, Research Scope
Global Smart Plug Market, by Technology
- Early Majority
- Early Adopters
Global Smart Plug Market, by Type
Global Smart Plug Market, by End-user
- Household Use
- Commercial Use
- Industrial Use
Global Smart Plug Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.