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According to Emergen Research, the global smart plug market size was USD 4.92 billion in 2020 and is expected to reach USD 72.62 billion in 2028

VANCOUVER, BC, CANADA, March 13, 2022 /EINPresswire.com/ -- Growing adoption of smart devices in households, rapid technological advancements, and improved standard of living of individuals across the globe are some key factors expected to drive market growth

Smart plugs turn any device into smart device and are easy-to-use with seamless integration into home monitoring systems. Smart plugs connect to an app on the smartphones through Wi-Fi or Bluetooth connection and enables users to control appliances or devices that are connected to the plus while simultaneously reducing the need for separate smart hub. Smart plugs allows users to create scenes which are programs that can adjust lighting, coffee maker, washing machine, and other appliances based on the time of the day. Growing trend of home automation, increasing penetration of smart devices, and availability of technologically advanced devices at affordable prices are some key factors expected to drive market revenue growth over the forecast period. Smart plugs can control almost any device that works on electricity and this allows them to offer hundreds of possible innovative solutions for homeowners and this has further boosted their adoption and is expected to further fuel revenue growth of the market over the forecast period.

The report sheds light on the current as well as upcoming market trends. The report offers precise information about pricing, capacity, value, gross revenue, and profit of the market. The primary aim of the report is to offer in depth details about market size, revenue growth and overall market dynamics to readers, stakeholders, companies to strengthen their share in the global Smart Plug market. It also provides in depth information about key factors, restraints, limitations, challenges along with various market segmentations such as product type, application and regional bifurcation.

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Wi-Fi Segment to Register Rapid Revenue Growth Rate:

Wi-Fi segment is expected to register rapid revenue CAGR over the forecast period attributable to increasing adoption of connected devices, growing popularity of smart homes, availability of high-speed Internet connectivity, and increasing utilization due to numerous advantages of Wi-Fi enabled smart plug such as energy monitoring, battery energy management, and improved user convenience.

Report Objective:

Furthermore, the report includes an in-depth analysis of the competitive landscape. The segment covers a comprehensive overview of the company profiles along with product profiles, production capacities, products/services, pricing analysis, profit margins, and manufacturing process developments. The report also covers strategic business measures undertaken by the companies to gain substantial market share. The report provides insightful information about recent mergers and acquisitions, product launches, collaborations, joint ventures, partnerships, agreements, and government deals.

Key Companies Profiled in the Report:

Belkin International Inc.

Panasonic Corporation

iHome, Inc.

Edimax Technology, Co. Ltd.

Etekcity Corporation

Xiaomi Corporation

Lenovo Group Limited

Leviton Manufacturing Company

TP-Link Technologies Co., Ltd.

The all-inclusive report on the Global Smart Plug Market demonstrates that the global Smart Plug market is presumed to grow at a steady CAGR throughout the forecast timeline. The report analyzed the key market drivers, restraints, growth opportunities, investment opportunities, threats, and limitations of the Smart Plug market. The report also offers accurate forecast estimation at a global and regional level to impart a better understanding of the scope of the market.

For the purpose of this report, Emergen Research has segmented the global smart plug market on the basis of technology, application, and region:  

Technology Outlook (Revenue, USD Billion; 2018-2028)

Wi-Fi

Bluetooth

Others

Application Outlook (Revenue, USD Billion; 2018-2028)

Commercial Use

Residential Use

Industrial Use

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The report also offers regional level analysis and market estimation for the regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Regional Segmentation;

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Key point summary of the report:

The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.

It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.

The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.

It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.

The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.

The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.

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Thank you for reading the research report. We also offer report customization as per client requirement. Kindly connect with us to know more about the customization feature and our team will offer you the best suited report. 

About Us:

At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

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Emergen Research
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