Smart Plug Market to Reach USD 99.84 Billion by 2030; Growing Deployment of Home Automation Devices Accelerates the Market Growth Rapidly: The Brainy Insights – Yahoo Finance
The Brainy Insights
The increasing consumer choice for smart homes is one of the vital driving factors influencing the expansion of the global smart plugs market. Growing customer awareness about energy savings and minimizing power bills contribute to the increased use of smart plugs in emerging economies
Newark, Aug. 29, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global smart plug market is expected to grow from USD 5.29 billion in 2021 to USD 99.84 billion by 2030, at a CAGR of 38.60% during the forecast period 2022-2030.
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The global smart plug market is expected to witness expansion due to the transforming consumer preferences. Consumers’ rising need for improved energy savings, IoT frameworks, and suitable lifestyles will expand the market’s development. The constant technical invention distinguishes the market to keep pace with the customers’ varying requirements. Technologies such as the Internet of Things (IoT), 5G, intelligent devices, Wi-Fi, and Bluetooth are some of the recent innovations in the industry. The rising need mainly pushes the improvements and innovations for smart plugs across the United States. Additionally, regulations regarding the selling and manufacturing of smart plugs differ at country or regional levels. For example, the smart plugs must comply with the FCC Rules & regulations that are subject to specific requirements. The FCC regulations are there to safeguard against destructive interference with residential installation.
To enhance their market position in the global smart plug market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In January 2021, TP-Link Technologies Co., Ltd. declared the launch of the Kasa Smart Wi-Fi Outdoor Plug, which features a built-in amplifier and extended Wi-Fi range. The smart plug can be managed through a tablet or smartphone and turn off the devices automatically when not needed.
For more information in the analysis of this report, visit: https://www.thebrainyinsights.com/report/smart-plug-market-12883
Market Growth & Trends
The Innovative products incorporating Wi-Fi smart plugs are expected to uphold market expansion. Smart devices like Amazon Alexa, an intelligent personal assistant manufactured by Amazon, permit smartphone-enabled smart home device control. Also, the Amazon product named Amazon Echo manages all duties of an intelligent home device. Further, the smart city concept is achieving traction with global businesses, like IBM, Microsoft & Alphabet, helping to develop creative initiatives and solutions. Compared to other built-in smart appliances, the lower cost of smart plugs is expected to be a significant factor boosting the market’s growth in the upcoming years. Further, there has been an increased need for creative household devices and energy-saving, which is anticipated to speed up market development. Technical advancements and increasing investments by the primary players will contribute to the development of the smart plug market globally.
• In 2021, the Wi-Fi segment dominated the market with the largest market share of 56% and market revenue of 2.96 billion.
The technology segment is divided into Bluetooth, and Wi-Fi. In 2021, the Wi-Fi segment dominated the market with the largest market share of 56% and market revenue of 2.96 billion. The development can be due to the rising …….