What is Wi-Fi Smart Plugs Market?
Smart plugs are one of the most affordable and easiest to use smart home devices. They allow to turn almost any wired appliance with an on/off switch in the home into an automated one that can be controlled by a simple tap on the phone or voice command. The Wi-Fi smart plug is an affordable device that instantly connects to the smartphone and thus can easily get control over any device in the house. It is easy to switch on and of the devices and gadgets in the home with the help of this Wi-Fi smart plug. One of the great features of the Wi-Fi smart plug is scheduling. The user can easily schedule the device to go on and off or to keep the light going even when there is no one at home. Also, another handy feature of the device is temperature control. So, if the device is already plugged and it is overheating then the Wi-Fi smart plug would send the user an alarm or it will switch it off on its own. The increase in demand for these kinds of products is fuelling the growth of the market. The feature of energy monitoring is also attracting customers to the product because individuals are concerned regarding the environment. These plugs are used at home and in offices or any commercial place.
The market study is being classified by Type (Two-hole Plug, Three-hole Plug and Porous Plug), by Application (Commercial and Household) and major geographies with country level break-up.
BroadLink (China), Honeywell International (United States), Leviton Manufacturing (United States), Azpen Innovation (United States), D-Link Systems (Taiwan), Aeon Labs (United States), Belkin International (United States), ITEAD Intelligent Systems (China) and SAFEMORE (Australia) are some of the key players profiled in the study.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Wi-Fi Smart Plugs market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Wi-Fi Smart Plugs market by Type, Application and Region.
On the basis of geography, the market of Wi-Fi Smart Plugs has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Easy Availability of the Plugs
- Increasing Awareness on Energy Saving
- Growing Customer Demands Owing to Changing Lifestyle
- Accelerated Implementation of Home Mechanism Services
Market Trend
- Growing Trends of Smart Homes
- Increasing Trend for Cost-Cutting
- Increase in the IoT
Restraints
- Fluctuating Price of Raw-Material
Opportunities
- Increase in Number of Applications
- A Rise in Technological Advancements
- Greater Need for Energy Saving Appliances
Challenges
- Lack of Awareness in Rural Regions
On June 23rd, 2020 the world's leading smart home solution provider BroadLink, had thereby announced its revolutionary smart home technology NoAPP™ which could bring a 1-minute setup journey for Wi-Fi IoT (Smart Plug) device without any app and works directly with Alexa and Google Home
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Manufacturers of Patch Panel Accessories, Suppliers and Distributors of Patch Panel Accessories, Venture Capitalists and Private Equity Firms and End-Use Industry