Smart Plug Market Scope
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 Smart Plug market study is segmented by Type (Two-hole Plug, Three-hole Plug and Porous Plug), by Application (Household and Commercial) and major geographies with country level break-up.
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 estimates that United States Vendors will contribute to the maximum growth of Global Smart Plug market throughout the predicted period.
Amazon (United States), Honeywell International (United States), Leviton Manufacturing (United States), Azpen Innovation (United States), Belkin International (United States), Aeon Labs (United States), ITEAD Intelligent Systems (China), SAFEMORE (Australia), BroadLink (China) and D-Link Systems (Taiwan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Aukey (China) and Oakter (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AMA Research has segmented the market of Global Smart Plug market by Type, Application and Region.
On the basis of geography, the market of Smart Plug 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).
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
Market Trend
- Growing Trends of Smart Homes
- Increasing Trend for Cost-Cutting
- Increase in the IoT
Market Drivers
- Increasing Awareness on Energy Saving
- Growing Customer Demands Owing to Changing Lifestyle
- Accelerated Implementation of Home Mechanism Services
Opportunities
- Increase in Number of Applications
- A Rise in Technological Advancements
- Greater Need for Energy Saving Appliances
Restraints
- Fluctuating Price of Raw-Material
Challenges
- Lack of Awareness in Rural Regions
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Manufacturers of Smart Plug Accessories, Suppliers and Distributors of Smart Plug Accessories, Venture Capitalists and Private Equity Firms and End-Use Industry