Key Market Overview:
Smart Plug Market size was worth over USD 1.65 Billion in 2022 and is anticipated to reach over USD 12.69 Billion by 2030, registering a CAGR of 26.40% during the forecast period (2023-2030).
A smart plug is a simple device used to automate wired devices in our home. Smart plugs are adaptors that plug into the traditional electrical outlet and connect to the appliance we wish to plug in. Smart plugs are IoT-based devices that run with the help of Bluetooth and Wi-Fi and are operated by voice commands using Alexa, Siri, and others. The device reduces human effort by controlling a wide range of devices including fridges, air-conditioners, TV, and washing machines through mobile phones.
The rapid adoption of home automation technologies and inclination towards smart home appliances is growing the demand for smart plugs across the globe. An increasing number of smart devices across household and commercial applications is driving the growth of the smart plugs market. As a result, smart plugs have gained popularity owing to the numerous benefits offered by smart plugs including remote monitoring, time-saving, and allowing convenience to consumers. Further, the manufacturers are focusing on improving the product lines by launching new products in the market. For instance, in November 2022, Smarteefi launched a 16A WiFi Smart Plug capable of handling a maximum current of 16A and has a power rating of 3500W, making it suitable for most home appliances lamps, fans, and air conditioners. Therefore, the growing need for a convenient lifestyle is expected to complement the smart plug market.
Smart Plug Market Coverage
|Market Size in 2030 (USD Billion)
|USD 12.69 Billion
|Wi-Fi ,Bluetooth, Zigbee, and Z-Wave
|By Operating System
|Android and iOS
|By Power Source
|Electric and Battery-powered smart plugs
|Voice-Control, Energy-Monitoring, Remote Control, and others
|By End Use
|Residential, Commercial, and Industrial
|Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey]
North America [United States, Canada, Mexico]
Middle East & Africa [GCC, North Africa, South Africa]
South America [Brazil, Argentina, Columbia, Chile, Peru]
|Belkin International, Inc., D-Link Corporation, Panasonic Corporation, EDIMAX Technology Co. Ltd., Etekcity Corporation, Insteon, Leviton Manufacturing Co., Inc., SDI Technologies, Inc., TP-Link Technologies Co., Ltd., Xiaomi Inc.
The adoption of new technologies such as the Internet of Things (IoT) has paved the way for the global smart plug market. Smart plugs are a simple and cost-effective way to automate home appliances and offer a convenient and energy-efficient solution for device control. Smart plugs enable users to monitor and control their energy usage, reducing waste and saving money on their energy bills. Moreover, the integration of smart plugs with popular voice assistants like Amazon Alexa and Google Assistant has made the devices even more accessible and convenient for users. Voice control has become a popular feature, making it easy to turn on/off appliances and set schedules without having to use a smartphone app. The aforementioned factors are driving the growth of the global market.
Smart plugs are designed to work with different platforms, protocols, and standards creating compatibility issues which make it difficult for users to set up and use their smart plugs. Moreover, smart plugs are connected to the internet, making them vulnerable to cybersecurity threats that compromise the user\'s privacy and security. Therefore, security and privacy concerns among consumers are restraining the growth of the global market.
The expansion of 5G network infrastructure presents a significant opportunity for the smart plug market. 5G technology promises faster speeds, lower latency, and more reliable connectivity, making it an ideal technology for powering the smart home ecosystem. Furthermore, 5G technology is anticipated to provide enhanced security features, such as encryption and authentication helping to protect smart plugs and other smart home devices from cyber threats. The above-mentioned factors are anticipated to present significant growth opportunities during the forecast period.
Smart Plug Market Segmentation:
Based on the Connectivity, the market is segmented into Bluetooth, Wi-Fi, Zigbee, and Z-Wave. The Wi-Fi segment dominates the global market due to increasing demand for home automation. The growth of this segment is attributed to the increasing adoption of smart devices integrated with Wi-Fi and voice recognition devices like Alexa, Google Assistant, and Siri. Wi-Fi-based smart plugs offer a high level of compatibility with other smart home devices, making them easy to integrate into existing smart home systems. Furthermore, the Wi-Fi segment is anticipated to witness significant growth during the forecast period as Wi-Fi has become a popular connectivity option for smart home devices. Wi-Fi is widely available and accessible in most households, and users easily connect smart plugs to the existing Wi-Fi networks without the need for additional hardware or hubs. For instance, in June 2022, Leviton launched a new Decora Smart Wi-Fi Scene Controller Switch that allows users to control multiple smart home devices with a single tap. The switch features four programmable buttons that are customized to control a range of smart home devices, including lights, fans, and other connected devices.
By Operating system
Based on the operating system, the market is bifurcated into Android and iOS operating systems. The android segment accounted for the largest revenue share in 2022. Android devices are available at a wide range of price points, making the operating system accessible to a wider range of users. The affordability of android smart plugs is attracting a large number of potential users which is driving the growth of this segment. For instance, in January 2020, Syska launched a range of Wi-Fi enabled android smart plugs that allow users to control the connected devices remotely through the Syska Smart Home app. The Syska smart plugs are available in two variants: the 10A Smart Plug and the 16A Smart Plug and are compatible with Amazon Alexa and Google Assistant.
The iOS segment is anticipated to register the highest CAGR during the forecast period due to the increasing preference of people for iOS products. The growing interest of youth in iOS products because of the special features offered by Apple is driving the growth of this segment. For instance, Apple\'s HomeKit platform is used for managing smart home devices, including smart plugs, with iOS devices. Smart plugs that are designed for iOS devices offer a more seamless and intuitive user experience, which is quite appealing to iOS users who value ease of use.
By Power Source
Based on the power source, the market is bifurcated into Electric and battery-powered smart plugs. The electric smart plug segment dominated the market owing to its wide application in the household sector. Electric smart plugs are used to operate other electrical devices which require high power such as fridges and washing machines. Moreover, electric smart plugs are particularly useful for controlling appliances like lamps, fans, and other small appliances, which are turned on or off remotely or set to operate on a schedule.
Battery-powered smart plugs are anticipated to show significant growth during the forecast period. Battery-powered smart plugs are portable and are used to control devices in locations where there is no electrical outlet, making the device useful for outdoor applications. Moreover, battery-powered smart plugs are more energy-efficient than electric smart plugs, as the device is designed to consume less power.
Based on application, the market is classified into voice control, energy monitoring, remote control, and others. The remote control segment dominates the global market as it offers a range of benefits and conveniences to consumers, including energy savings, security, and convenience. Users are able to turn devices on or off from anywhere using a smartphone app, without having to be physically present at the location of the device. Therefore, the ability to control devices using smartphones is resulting in reduced energy consumption and lower energy costs.
The voice control segment is anticipated to show significant growth during the forecast period as it offers a convenient and hands-free way to control smart home devices. The growth of this segment is attributed to the widespread adoption of smart speakers and voice assistants like Amazon Alexa and Google Assistant. For instance, in August 2022, Amazon launched Alexa-enabled smart plugs in India which are designed to work with Amazons voice assistant, Alexa, allowing users to control the devices using voice commands.
Based on the end-user, the market is segmented into residential, commercial, and industrial. The residential segment accounted for the largest revenue share in 2022 due to the increasing consumer preferences towards smart homes and smart home devices. Smart plugs allow homeowners to automate and control home appliances and electronics such as lights, TVs, and other devices to create more convenient and energy-efficient living spaces. Moreover, growing awareness among consumers regarding energy consumption and reducing electricity bills are driving the growth of this segment. Smart plugs monitor and manage the energy use of appliances and electronics thereby helping homeowners to reduce energy bills and environmental impact.
The commercial sector is anticipated to grow during the forecast period due to the increasing demand for energy efficiency and sustainability. Smart plugs are also increasingly being used in the commercial sector including office spaces and education institutions as the plug provides correct information about the energy-consumption capacities of a device resulting in energy savings and cost reductions.
North America dominates the global market due to the high adoption rate of smart home devices in the region. North America has a large and well-established technology industry, with several major players such as Leviton Manufacturing Co. Inc., and SDI Technologies Inc. in the smart home automation market. Companies are developing and promoting smart plug technology, making it more widely available and accessible to consumers. Furthermore, governments across the region are taking significant steps to promote the adoption of energy-efficient products. For instance, in the United States, the Environmental Protection Agency (EPA) has an ENERGY STAR program that encourages the use of smart plugs that meet the ENERGY STAR criteria.
Asia-Pacific is expected to register the highest CAGR during the forecast period due to the increasing government initiatives for smart infrastructural projects in the region. For instance, the Australian government has launched several initiatives aimed at promoting energy efficiency in homes and businesses, including the use of smart plugs to manage energy consumption. For example, the Smart Grid, Smart City initiative in New South Wales is using smart plugs to help households reduce their energy consumption and costs. Furthermore, the rising number of small and medium-scale manufacturers in countries including China, Japan, and India is expected to foster market growth. For instance, the government of India launched \"Make in India\" program to boost local manufacturing in the country. The program aims to increase domestic manufacturing in India leading to the development of a robust manufacturing ecosystem for smart plugs and other electronic products resulting in the production of high-quality smart plugs at lower costs.
Smart Plug Market Competitive Landscape:
The nature of competition in terms of the global market is primarily competitive due to the presence of extensive numbers of market players. These industry players have adopted multiple business strategies through product innovations to attract more profits to the market. As a result, other players are also engaging to form collaborative efforts and joint ventures for the creation of revenue generation opportunities in the coming years. Mentioned are the prominent market players that consist of the latest market concentration–
• Belkin International, Inc.
• D-Link Corporation
• Panasonic Corporation
• EDIMAX Technology Co. Ltd.
• Etekcity Corporation
• Leviton Manufacturing Co., Inc.
• SDI Technologies, Inc.
• TP-Link Technologies Co., Ltd.
• Xiaomi Inc.
• In June 2022, TP-Link launched Kasa Smart Wi-Fi Plug Mini, an energy monitoring device to manage the operation of smart home products.
• In January 2020, Belkin, an electronic device company launched WeMo Wi-Fi smart plug which helps consumers easily plug in smart devices.