Smart Plug Market Revenue is driven by the Higher Standard of Living of Individuals

Posted on 2023-06-02 by researchinsights in Industrial, Technology // 0 Comments

San Francisco, Calif., USA, June 02 2023 — /EPR Network/ —

Smart Plug Industry Overview

The global smart plug market size was valued at USD 217.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 32.0% from 2022 to 2030. Globally, 8.5 million units of smart plugs were shipped in 2021 and the shipments are expected to reach 104 million units by 2030. The rising adoption of smart devices across commercial and household applications, the growing pace of technological adoption, and the higher standard of living of individuals contribute to the market growth.

The industry is gaining prominence in market share because of the growing customer focus on smart device adoption, increasing penetration of Internet of Things (IoT) devices, and rising penetration of smartphones. Smart plugs are estimated to be useful for energy-saving by cutting power when the device connected to the smart plug is not in use.

Gather more insights about the market drivers, restraints, and growth of the Global Smart Plug Market

The global smart plug market is projected to witness growth essentially owing to the changing consumer preferences and adoption of intelligent home systems/ technologies inclining towards home automation applications. The emerging demand of consumers for advancements in improved energy savings, IoT frameworks, and convenient lifestyles will boost the growth of the market.

The market is characterized by persistent technological innovation to keep pace with the customers’ changing needs. Technologies such as intelligent devices, the Internet of Things (IoT), 5G, Wi-Fi, and Bluetooth are some of the latest innovations in the industry. Advancements and innovations are primarily driven by the growing demand for smart plugs across the U.S.

Regulations about the manufacturing and selling of smart plugs vary at regional or country levels. For instance, the smart plugs must comply with the FCC Rules that are subject to certain conditions. The FCC rules are there to protect against harmful interference with residential installation.

Browse through Grand View Research’s Electronic Devices Industry Related Reports

Smart Home Hardware Market – The global smart home hardware market size was valued at USD 61.73 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 14.3% from 2023 to 2030.

LED Lighting Market – The global LED lighting market size was worth USD 70.94 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 11.0% from 2023 to 2030.

Smart Plug Industry Segmentation

Grand View Research has segmented the global smart plug market based on product support, application, and region:

Smart Plug Product Support Outlook (Volume, Thousand Units; Revenue, USD Million, 2017 – 2030)

Wi-Fi
Bluetooth

Smart Plug Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2017 – 2030)

Commercial
Household
Industrial

Smart Plug Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2017 – 2030)

North America
Europe
Asia Pacific
Latin America
MEA (Middle East & Africa)

Market Share Insights:

September 2019: SES SA and Dataset, which provides gateway internet services, entered into a partnership agreement to provide end-to-end connectivity in the Mediterranean Sea, servicing cargo and passengers across destinations including Italy, Spain, Greece, and Morocco.

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