According to the research report titled ‘Global Smart Plug Market Size study, By Product Support (Wi-Fi, Bluetooth), By Application (Commercial, Household, Industrial), and Regional Forecasts 2022-2028’, available with MarketStudyReport, global smart plug market anticipated to record a notable CAGR during 2022-2028.
Rapid uptake of smart devices in residential & commercial settings, shifting trend of smart homes, and rising need for energy-efficient home appliances are the major growth determinants for global smart plug market.
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For the unversed, an electrical plug that is positioned between power cords and sockets is known as a smart plug. This plug serves as a remote-control power switch that enables remote control of the devices through a mobile phone application.
Furthermore, expanding developments in the Internet of Things (IoT) framework and the launch of technologically improved products are expected to impel industry outlook in the coming years.
However, soaring security issues related to smart plugs and IoT, as well as a lack of understanding and design complexity may hamper market development during the stipulated timeframe.
Based on product support, the industry is divided into bluetooth and Wi-Fi. In terms of application ambit, worldwide smart plug market is branched into industrial, household, and commercial.
Regionally, the latest trends are studied across North America (U.S. Canada), Europe (Italy, Spain, France, UK, Germany, Rest of Europe), Asia Pacific (South Korea, Australia, Japan, India, China, and rest of APAC), Latin America (Brazil, Mexico), and Rest of the World.
Among these, North America industry holds a substantial revenue share at present and is slated to register colossal expansion during the assessment timeframe, owing to increasing popularity of smart home technologies and growing preference for energy-efficient smart appliances in the region.
Whereas Asia Pacific region is slated to expand tremendously over the forecast duration, owing to growing demand for digital solutions & services as well as rising government initiatives for smart infrastructure development projects.
Moving to competitive landscape, Ankuoo Electronics Inc., Xiaomi Corporation, TP-Link Technologies Co. Ltd., SDI Technologies Inc., Leviton Manufacturing Company Inc., Etekcity Corporation, Edimax Technology Co. Ltd., Panasonic Holdings Corporation, D-Link Corporation, and Belkin International Inc. are the leading players in global smart plug industry.