The global Smart Plug Market was valued at US$ 1.83 Billion in 2022 and is projected to reach USD 9.24 Billion by 2030, growing at a CAGR of 26.1% from 2023 to 2030.

Smart Plug Market Overview:

Smart plugs are Internet of Things plugs that work with Wi-Fi and Bluetooth. A smart connected plug is the easiest way to make wired devices in a smart home work better and more efficiently and to automate how they work. In the smart home system, these plugs create a network of smart electrical devices. This helps control how the plugs work and set up a communication protocol between lights and switches in a certain area. In a smart home, these plugs are either directly wired into the walls or plugged into a regular electric plug. Software and apps that work with IoT are used to control how these plugs work. With the help of Amazon Alexa, Google Home, Siri, and other virtual assistants, these plugs can be controlled by voice commands and hand gestures. When a smartphone, tablet, or laptop is plugged into a smart plug, it can be used to control any wired or wireless electrical appliance, such as a fan, light, lamp, or other device.
Since the beginning of the last decade, the market for smart and connected plugs has been growing quickly, and this is likely to continue during the forecast period. But the market's growth slowed a bit in 2020 because of a rise in COVID-19 cases and the strict implementation of global lockdown, which makes it hard for people to move around and disrupts the supply chain of companies that make smart home equipment in different countries. During the forecast period, the market is expected to grow because more everyday tasks are moving to digital platforms and more cutting-edge technologies, like the Internet of Things, are coming out.
The recent spread of the coronavirus has put the world economy and people's lives in danger. In an effort to stop the COVID-19 pandemic, governments all over the world have put a strict lockdown on their entire countries. Even though the lockdown might help stop the coronavirus from spreading. But it has hurt the world economy in a big way. It messed up the way that big new businesses and industries got their supplies. Also, many skilled workers moved back to their home countries because factories closed and people were afraid of getting COVID-19. Disruptions in the supply chain and the loss of skilled workers hurt manufacturing units and make it harder to make the final product. This slows the growth of the market.

Smart Plug Market Dynamic

Driver

Most emerging economies are shifting their focus to digital awareness and digitization. As part of this plan for digitization, most countries are working on large-scale smart city projects. One of the most important parts of smart city projects is the smart and connected plug, which uses the connected plug system, which smart devices can easily control. In the last 10 years, connected plug systems have been a big part of how smart and digital buildings and cities have become. This trend is likely to continue over the next few years because smart city programmes around the world are using the internet of things and connected devices more and more. Smart city projects that use smart connected plugs and control systems are expected to cut maintenance and energy costs for the plug system by 40% in a single year. This factor will also help to make a positive change for the environment. With the help of Internet of Things sensors, most smart cities are now installing connected plugs and control systems or upgrading their old retrofit systems. The growth of the market around the world is expected to be driven by the use of connected plug systems in smart city projects.

Restraint

After the Internet of Things was successfully used in a number of emerging countries, more smart and connected plugs are being used. Connected plugs are being used more and more in smart home projects. But the basic retail price of smart plugs is much higher than the price of regular plugs that are already on the market. The most expensive parts, like voice recognition sensors and transmitters and receivers in connected plugs, are the main cause of the high price per unit. The retail price of the smart connected plug is directly affected by these expensive parts. Also, these smart plugs are expensive to run because they need a high-speed Wi-Fi or Bluetooth connection with low latency. This is expected to slow down the global market.

Smart Plug Market Segmentation Analysis

Type Insights:

Because more people are using internet-controlled plugs, the Wi-Fi segment made the most money in 2021 and is expected to keep doing so during the forecast period. Due to more people using connected devices and the Internet of Things, the Bluetooth segment will continue to move in the same direction over the next few years. But the Wi-Fi segment has the best growth prospects, with the highest CAGR over the period of the forecast.

End-user Insights

The residential segment made the most money in 2021 because there are many uses for connected plug systems in the home and more people are using home automation technologies. People are choosing smart and advanced plug systems in large numbers, which is expected to drive the market around the world. The industrial segment is also expected to follow the same trends, and it is expected to have the highest CAGR during the forecast period. Also, because smart devices are used so often, the number of unit sales for connected plugs devices in residential and industrial segments brings in a lot of money. On the other hand, the commercial segment is also expected to grow slowly over the next few years. Because of things like limited budgets and problems with connectivity, businesses don't use advanced plug systems as much as they could, which hurts the global market.

Smart Plug Market Regional Insights

During the Forecast period, Asia-Pacific is anticipated to be the largest market by region.

In 2021, the Asia-Pacific market was worth USD 798.9 Million, and it is expected to become the largest market in the world. Market growth in the region is likely to be driven by the growing use of the Internet of Things and connected devices in smart homes and smart cities. Also, the big players use a variety of business plans to grow their market share in the region.
China has the most money coming in because it has the most advanced manufacturing facilities. Also, the rapid use of the Internet of Things and automation in both industrial and home settings may help the market move forward. According to an analysis by Fortune Business Insights, it is also expected to be the fastest-growing country over the next few years.
Due to the presence of major players in India and China, Asia-Pacific is expected to grow the most over the next few years. Also, the growing number of small and medium-sized system manufacturers in developing countries could help the market move forward. Also, when it comes to developing economies, the government takes action. For example, the Indian government started a programme called "Make in India" to help the country's manufacturing industry.
During the time frame predicted, the U.S. market in North America may grow quickly. The U.S. market may grow faster if more advanced technology is used in both business and homes. In 2021, Germany was the leader of the market in Europe as a whole, and this may continue during the forecast period. This is mostly because of how quickly IoT technology is being used and how the industry 4.0 revolution is growing. The National Academy of Science and Engineering says that by 2025, USD 425 Billion will be spent on Industry 4.0 in Germany. The Industrial 4.0 Strategy is something that the German government wants to use by 2030. Also, Germany may have the highest CAGR during the period of the forecast because it has a lot of big factories that make smart home equipment.

Scope Analysis

Recent Development

• In January 2022 - TP-Link is a global provider of smart home products and connected devices. Launched Tapo Smart Home Line, a new smart home connected device in the US. The product family includes a variety of smart home products such as lighting control systems, smart plug systems, and IoT framework-based monitoring devices. This product helps customers simplify their daily smart home operations.
• In June 2022 - TP-Link, a provider of smart home and connected devices, has launched the Kasa Smart WiFi Plug Mini, a smart home kit and energy monitoring device. These new devices help monitor energy consumption and manage the operation of smart home products.
• In January 2020 - Consumer electronics company Belkin introduces the WeMo Wi-Fi smart plug. This Wemo plug helps Belkin's home kit consumers easily connect all their smart devices.
• In November 2017 - iHome, a smart home solution provider, has launched a smart plug product, the iSP100. With a power of up to 1,800 watts, it is compatible with outdoor lighting, decoration, and operational management of smart devices.
• In December 2019 - ConnectSense develops and delivers smart home products to commercial and residential customers. ConnectSense has launched a new Smart in-Wall outlet plug-in. It's compatible with the ConnectSense home kit and lets you control connected accessories with Siri voice commands and the Home app.

The Global Smart Plug Market has been segmented into:

By Type

• Wi-Fi
• Bluetooth

By End Use

• Residential
• Commercial
• Industrial

By Companies

• Lenovo Group Limited (Hong Kong)
• Panasonic Corporation (Japan)
• TP-Link Technologies Co., Ltd. (China)
• Xiaomi Inc. (China)
• D-Link Corporation (Taiwan)
• Ankuoo Electronics Inc. (U.S.)
• EDIMAX Technology Co. Ltd. (Taiwan)
• Leviton Manufacturing Co., Inc. (U.S.)
• SDI Technologies, Inc. (U.S.)
• Broad-link Technology Inc. (China)