Global Smart Plug Market: Snapshot
With growing integration of smart devices, it is increasingly becoming important to maintain an environment that is not complex to use. A plug, which essentially only turns things off and on, can transform into a versatile device when they are used inside smart homes. These smart plugs can be used via an app, which in turn enables functionalities even when individuals are not in the territory to manually operate the switch. With these automatic triggers, security of a home system can be radically improved, be it controlling home appliances such as air conditioners, television, cable box, lamp, a coffee machine, fan, and others.
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The trend in the building and construction industry, and a number of others, is to conserve energy by all means possible, as power consumption is on a radical rise on the back of infrastructural development across emerging economies. Smart plugs can automate daily operations that can be very monotonous, such as maintaining energy in the kitchen. As a result, convenience is another added advantage that is driving the smart plug market in addition to energy saving benefits.
This global smart plug market report has been developed by experienced electronics analysts who understand the commerce of it. The analysts have strictly followed proven research methodologies to compile data and figures on the current demand experienced in the smart plug market and provides in-depth assessment of various factors that will determine the demand during the forecast period of 2017 to 2025. The report has segmented the smart plug market into various aspects and gauged the potential of demand that will be forthcoming from different important regions and countries. The report also contains a featured chapter on the competitive landscape, wherein a number of notable players have been analyzed for their business portfolio.
Global Smart Plug Market: Overview
Smart plugs, having myriad uses, can form versatile building blocks of smart homes. Controlled remotely by a mobile app or a home automation smart hub, a smart plug allows users to turn on and off any appliance that plugs into a standard wall socket. Some plugs can even be programmed so that they can automatically turn on or off on particular times or depending upon certain events.
A smart plug plugs right into an ordinary outlet and has its own outlet too. Hence, it is like an outlet extension. Given the rising popularity of smart homes, the global market for smart plug is slated to see skyrocketing growth in the years to come.
Global Smart Plug Market: Key Trends
A number of factors are slated to have positive impact on the demand for smart plugs in the foreseeable future. Among them, the rising demand for energy-efficient household appliances, will likely have maximum effect in propelling demand. Besides, smart plugs are also cheaper than built-in smart appliances. This is also pushing up their swift adoption.
In order to facilitate higher sales of their products, manufacturers and distributers are promoting smart plugs through different exhibitions, digital marketing campaigns, and other initiatives. This is also stoking growth in the market along with continued product development which will result in a plethora of smart plugs with cutting-edge software and technology being launched in the market in the near future.
Global Smart Plug Market: Market Potential
The global market for smart homes, progressing by gigantic strides, is slated to create tremendous opportunity in the smart plugs market too. Already, the market is inundated with innovative products such as Wi-fi smart plugs. Further, smart plug works with both Amazon’s Alexa and Google’s Assistant. That means you can use the Smart Plug to convert an item in your home into a voice-controlled appliance.
The main end-use segment in the smart plug market is residential end users. They account for maximum sales as smart plugs cost them less than built-in smart appliances.
Depending upon the stages in technology adoption, the global market for smart plug can be segmented into innovators, early adopters, and early majority. Of them, the early majority hold the dominant market share and will continue doing so in the years to come as well. This is because people in the early majority segment such as tech-savvy consumers and small businesses are passionate and knowledgeable about the product and hence invest in those.
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Global Smart Plug Market: Regional Outlook
From a geographical standpoint, the Americas has been outpacing all other regions in terms of growth rate in the global market for smart plugs. Factors bringing about such progress in the sales has been the high acceptance of technologically advanced products among customers and the average disposable income of the population. Europe too is a crucial market on account of the same reasons.
Global Smart Plug Market: Competitive Analysis
Competition in the global market is both steep and diversified owing to the presence of numerous regional and international vendors across the globe. A large number of companies are heavily investing in research and developmental activities to develop innovative and high-quality products. Prominent names operating in the industry that have been profiled in the report are Belkin International, Etekcity, EDIMAX Technology, and Insteon
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