Global Smart Plug Market Insights Forecasts to 2033

• The Global Smart Plug Market Size was Valued at USD 2.30 Billion in 2023
• The Market Size is Growing at a CAGR of 26.07% from 2023 to 2033
• The Worldwide Smart Plug Market Size is Expected to Reach USD 23.32 Billion by 2033
• Asia Pacific is expected to grow the fastest during the forecast period.

The Global Smart Plug Market Size is anticipated to exceed USD 23.32 billion by 2033, growing at a CAGR of 26.07% from 2023 to 2033.  Industry growth is anticipated to be supported by growing trends in environmentally friendly electrical gadgets and the growing use of the Internet of Things (IoT) in contemporary smart and connected home systems.  

Market Overview

Electrical control systems that are smartly connected are another term for smart plugs. IoT-enabled smart plugs are frequently utilized to transform commonplace devices into smart ones. Plugging into an electrical socket allows the usage of a variety of electronic control modules. Smart plugs are thought to help save energy by limiting electricity when the item they are attached to is not in use. Smart plugs can be placed into a regular electric plug or fastened straight into the walls during electrical connections in a smart house. The increasing rate of technology adoption, the increased use of smart devices in both home and business settings, and people's improved quality of life all contribute to the market's expansion. The adoption of intelligent home systems and technologies that lean toward home automation applications, as well as shifting consumer tastes, are the main reasons for the anticipated increase in the growth of the smart plug market. The growing customer desire for better energy-saving technologies, Internet of Things frameworks, and easy lifestyles is expected to drive market expansion.    

Report Coverage

This research report categorizes the smart plug market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the smart plug market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the smart plug market.

Driving Factors

The expanding consumer focus on adopting smart gadgets as well as the growing penetration of Internet of Things (IoT) devices and smartphones are all contributing to the industry's increasing market share. The growing number of commercial buildings implementing building management systems is expected to boost the growth of the smart plug market. The increasing need for smart plugs is the main factor propelling advancements and developments. Some of the most recent advancements in the sector include technologies like Bluetooth, Wi-Fi, 5G, the Internet of Things (IoT), and intelligent devices that are driving the market growth.   

Restraining Factors

The smart connected plugs require a high-speed Wi-Fi or Bluetooth connection and minimal latency, their operational cost is likewise significant, which is anticipated to hamper the global market.

Market Segmentation

The smart plug market share is classified into product support and application.  

• The Wi-Fi segment is estimated to hold the largest market revenue share through the projected period.  

Based on the product support, the smart plug market is classified into Wi-Fi and bluetooth. Among these, the Wi-Fi segment is estimated to hold the largest market revenue share through the projected period. The increase is being ascribed to the growing combination of intelligent gadgets with Wi-Fi capabilities and voice assistants like Siri, Alexa, and Google Assistant.

• The household segment is anticipated to hold the largest market share through the forecast period.

Based on the application, the smart plug market is divided into commercial, household, and industrial.  Among these, the household segment is anticipated to hold the largest market share through the forecast period. The need for smart plugs in homes is being driven by government energy efficiency mandates for specific household equipment.

Regional Segment Analysis of the Smart Plug Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the smart plug market over the predicted timeframe.

North America is anticipated to hold the largest share of the smart plug market over the predicted timeframe. The main factors propelling the market expansion in North America are the growing popularity of home automation, rising consumer preferences for energy-efficient smart appliances, and the establishment of smart cities as a result of government programs aimed at raising living standards. Due to the existence of major, well-established market participants and the rapid uptake of new home automation technology, the U.S. is expected to have the largest smart plug market in North America.

Asia Pacific is expected to grow at the fastest CAGR growth of the smart plug market during the forecast period. The increasing demand for digital services and solutions, the growing middle class population, and shifting consumer preferences are the primary factors driving the market for smart plugs in Asia Pacific. The government's aggressive efforts to create smart infrastructure projects, such as smart houses and smart buildings, are also responsible for driving market expansion. 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the smart plug market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Arduino
• Aqara
• D-Link Corporation
• Xiaomi Inc.
• Insteon
• Panasonic Corporation
• TP-Link Technologies Co., Ltd.
• Etekcity Corporation
• Leviton Manufacturing Co., Inc.
• SDI Technologies, Inc.
• Ankuoo Electronics Inc.
• EDIMAX Technology Co. Ltd.
• Belkin International, Inc.
• Others  

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In January 2024, Aqara, a prominent supplier of smart home devices, announced that it would be attending CES 2024. Aqara would display its most recent inventions during the exhibition, such as the Smart Lock U300 and the new Border Router Plug, along with other cutting-edge smart home solutions and prototypes at its stand at the Venetian Expo (#53513)    

• In January 2023, the top global supplier of networking and smart home products, TP-Link, today launched its robot vacuum range, Matter-compatible appliances, video doorbells, smart door locks, and next-generation smart home security cameras at CES.   

Market Segment

• This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the smart plug market based on the below-mentioned segments: 

Global Smart Plug Market, By Product Support

• Wi-Fi
• Bluetooth

Global Smart Plug Market, By Application

• Commercial
• Household
• Industrial

Global Smart Plug Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa