What is Smart Outlet Market Scope?
Smart outlet refers to a plug which can be integrated into the smart home network. It can be controlled by a smartphone, voice assistance, and others. It is supported by Wi-Fi and Bluetooth. Bluetooth and Wi-Fi connectivity allows to remotely control smart outlet with smartphones and voice controls. It also helps to keep track of real-time energy usage and cost. Market players are focusing on technological advancement in smart home applications. For instance, Phillips announced to launch smart plug in its smart home appliances range for different platforms such as google assistant, amazon alexa, and others. Smart outlet market has high growth prospects owing to the growing popularity of the smart homes. Moreover, growing inclination towards smart home appliances driving the demand for smart outlets.
The Smart Outlet market study is being classified by Type (Wall Mounted and Power Strips) and major geographies with country level break-up. According to AMA, the Global Smart Outlet market is expected to see growth rate of 18.7% and may see market size of USD741.14 Million by 2026.
The Vendors having a strong hold in the market are Soprema SIKA Bauder Liveroof Tremco. Research Analyst at AMA predicts that Vendors from United States will contribute to the maximum growth of Global Smart Outlet market throughout the predicted period.
Panasonic (Japan), Phillips (Netherlands), EDIMAX Technology (Taiwan), Ismartalarm (United States), Eaton (Ireland), SDI Technologies (United States), D-Link (Taiwan), Etekcity (United States), Toshiba Corporation (Japan), TP-Link (China) and Smartlabs (United States) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Legrand (France), Cree Inc. (United States), Leviton (United States) and Belkin International (United States).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Smart Outlet market by Type, Application and Region. On the basis of Type, Wall Mounted are dominating the market in the year 2020 where as Power Strip stood as second largest market share.
On the basis of application, Household Use segment is dominating the market in the year 2020 where as Commercial Use segment stood as second largest market.
On the basis of geography, the market of Smart Outlet 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). North America region held largest market share in the year 2020. Asia Pacific on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
Market Influencers and their development strategies
November 2018, Legrand engaged in manufacturing of switches, sockets, and other electrical equipment acquired Netatmo, a smart home startup in France. This acquisition will help Legrand to enhance its product portfolio in AI-driven electrical appliances.
March 2019, TP-Link launched two new power outlets to expand its home automation range. The first product is KP200 which a Wi-Fi-based power outlet and the second one is Wi-Fi KP400 which is an outdoor plug.
Influencing Market Trend
- Rising Demand for the Wi-Fi Smart Outlets
- Emphasizing On Development of Energy Efficient Electrical Appliances
Market Drivers
- Growing Inclination towards Smart Home Applications
- Emergence of IoT and AI in Smart Home Applications
Opportunities
- Increasing Popularity of Smart Homes
- Rising Demand from the Developing Economies
Restraints
- Fluctuating Raw Material Prizes
Challenges
- Lack of Awareness in the Low and Middle Income Group Countries
Key Target Audience
Electrical Appliances Manufacturers, Electrical Appliances Traders, End-Use Market Participants of Different Segments of Electrical Equipment, Government and Research Organizations, Associations and Industrial Bodies, Research and Consulting Firms, R&D Institutions and Others
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