From GlobeNewswire: 2024-11-07 09:27:00

The smart plug market is set for exponential growth, with a value of USD 1.46 billion in 2023 projected to reach USD 14.52 billion by 2032, growing at a CAGR of 29.03%. The rising adoption of smart home technologies and energy-efficient solutions is driving this growth. The convenience of remote operation via mobile apps is a key factor in the increasing demand for smart plugs, with 46% of U.S. broadband households already owning at least one smart home device.

Technological advancements in wireless communication, such as Wi-Fi, Zigbee, and Bluetooth, are vital for the smart plug market’s success. These innovations enable seamless integration with other devices, enhancing functionality and user experience. The COVID-19 pandemic has accelerated the adoption of smart home technologies, with more individuals prioritizing convenience, control, and energy savings. However, challenges such as high initial costs and compatibility issues with IoT devices remain.

The Wi-Fi segment dominates the smart plug market, capturing a revenue market share of around 61% in 2023. This growth is driven by the integration of Wi-Fi-enabled devices with voice assistants, offering remote control capabilities. Bluetooth smart plugs, with their secure connection features, are expected to grow at the highest CAGR. However, limited market share due to proximity requirements may hinder their adoption compared to Wi-Fi smart plugs.

North America led the smart plug market in 2023, accounting for approximately 47% of the revenue share. The region’s growth is fueled by the increasing adoption of smart home technology and energy-efficient appliances. The Asia Pacific region is expected to witness the fastest growth, driven by the rising demand for digital solutions and smart infrastructure projects. Recent developments include partnerships between companies like Lutron and Control4 to enhance smart plug integration in automated home systems, unveiling of new smart plug versions by Samsung and Amazon with improved features. The Smart Plug Market Report is now available for purchase with a 40% discount. The report includes key points analysis, market dynamics impact analysis, statistical insights, competitive landscape, market segmentation by product type and application, regional analysis, company profiles, and more. Access the complete report for insights on market growth and outlook until 2032.

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