| Report Code: A13714 | Pages: 212 | Sep 2021 | 1963 Views | ||
| Author(s) : Ruchal H , Vineet K | Tables: 118 | Charts: 73 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Bluetooth Smart Plugs Market
Request Now !The global Bluetooth smart plugs market size was valued at $0.69 billion in 2020, and is projected to reach $5.38 billion by 2030, growing at a CAGR of 24.3% from 2021 to 2030. A Bluetooth smart plug enables to power an outlet on or off from smartphone or voice assistant devices. It is very simple to connect, however, cannot be controlled when the user is away from home. This is attributed to the fact that it requires a hub, also called a bridge, which relays commands from user’s smartphone to the cloud and back to the smart plug. Besides allowing users to switch the socket, Bluetooth smart plugs also let users set schedules for when the outlet can power on or off automatically.
Moreover, Bluetooth smart plug monitors energy usage of connected appliances and prevents extra consumption of energy, when the appliances are not in use. According to manufacturers, Bluetooth smart plugs can reduce energy consumption of a home in between 1.00% and 4.58%. It also improves home network connectivity. Some of the applications of Bluetooth smart plugs are controlling lighting of a house, air conditioner, coffee maker, smartphone charging stations, TV, fan, heater, and tricking burglars through alarms.
Rise in demand for convenient user experience is the prime reason that drives growth of the Bluetooth smart plugs industry during the forecast period. Further, growing deployment of home automation devices accelerates the market growth rapidly. Moreover, high adoption of wireless technologies, which is opportunistic for the market growth. Considering these factors, the market is estimated to experience exponential growth in the future.
Some of the other drivers for the Bluetooth smart plugs market are increased disposable income and rise in demand for enhanced security. Rise in urbanization in Asia-Pacific countries offer a lucrative growth opportunity for the market. However, incompatibility with some intelligent devices act as major restrain for the Bluetooth smart plugs market growth.
COVID-19 Impact Analysis
The COVID-19 outbreak has brought significant changes around the world. People were obliged to stay indoor during early months, especially when several countries across the world imposed either partial or complete lockdowns to contain spread of the virus. The lockdown has disrupted the global supply chain for many industries, which, in turn, delayed supply of Bluetooth smart plugs in the market. Hence, the Bluetooth smart plugs industry witnessed slow growth during the pandemic.
Furthermore, the ongoing U.S.-China trade war is restricting expansion of the market. However, the COVID-19 pandemic led the world to operate or function digitally and Bluetooth smart plug is considered to be energy efficient as it saves the time of consumers by digitally automated tasks. Consequently, the Bluetooth smart plugs market is projected to grow rapidly in the future.
The Bluetooth smart plugs market is segmented on the basis of type, price, end use, and region. On the basis of type, it is fragmented into two-hole plug, three-hole plug, and porous plug. The three-hole segment dominated the market, in terms of revenue in 2020, and is expected to follow the same trend during the forecast period. On the basis of price, the market is segregated into low, medium, and high. The low segment dominated the market, in terms of revenue in 2020, and is anticipated to witness significant market share during the forecast period. By end use, the market is divided into residential, commercial, and industrial. The market share for the residential segment was highest in 2020, and the commercial segment is expected to grow at a high CAGR from 2021 to 2030.
Region wise, the market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). The Asia-Pacific Bluetooth smart plugs market is expected to grow at the highest rate during the forecast period.
Significant factors that impact growth of the Bluetooth smart plugs market include growing deployment of home automation devices, rise in demand for convenient user experience, and high adoption of wireless technologies. However, incompatibility with some intelligent devices hampers the market growth. On the contrary, rise in urbanization in Asia-Pacific countries poses lucrative opportunities for Bluetooth smart plugs during the forecast period.
Competitive analysis and profiles of the major Bluetooth smart plugs market players, such as D-Link Corp., Belkin International Inc., Etekcity Corporation, EDIMAX Technology Co. Ltd., iSmart Alarm Inc., Insteon, Panasonic Corporation, Leviton Manufacturing Co. Inc., TP-Link Technologies Co. Ltd., and SDI Technologies Inc., are provided in this report.
Key Benefits For Stakeholders
Key Market Segments
By Type
By Price
By End Use
Key Players
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Smart home gadgets are expanding altogether lately. This innovation is planned to work with day-by-day undertakings at home so it is an incredible advance toward complete home mechanization. One such device is Bluetooth smart plugs that permits numerous potential outcomes, for instance, arranging plugs to have the option to monitor the on or off at a specific time until controlling the gadgets remotely. As Bluetooth smart plugs offer immense user convenience, it is gaining popularity among users.
The market players have considerably invested in R&D activities to launch new products. The key focus of R&D activities is to eliminate various challenges offered by Bluetooth smart plugs such as design flaws and critical security issues. Manufacturers have increased production capabilities to meet the supply demand gap created during the COVID-19 pandemic.
In addition, the market is estimated to flourish with some government legislations to tackle unsecure products currently available in the market. Furthermore, online marketplaces are estimated to possess legal responsibilities to prevent unsafe products from being sold on their sites. These measures are anticipated to resolve major hurdles in the Bluetooth smart plugs market and propel with an unprecedented rate during the forecast period.
The key players profiled in the report include D-Link Corp., Belkin International Inc., Etekcity Corporation, EDIMAX Technology Co. Ltd., iSmart Alarm Inc., Insteon, Panasonic Corporation, Leviton Manufacturing Co. Inc., TP-Link Technologies Co. Ltd., and SDI Technologies Inc.
A. The Bluetooth Smart Plugs Market Market is estimated to grow at a CAGR of 24.3% from 2021 to 2030.
A. The Bluetooth Smart Plugs Market Market is projected to reach $5.38 billion by 2030.
A. To get the latest version of sample report
A. Factors such as rise in demand for convenient user experience, growing deployment of home automation devices accelerates drives the growth of the Bluetooth Smart Plugs Market market
A. The key players profiled in the report include D-Link Corp., Belkin International Inc., Etekcity Corporation, EDIMAX Technology Co. Ltd., iSmart Alarm Inc., Insteon, Panasonic Corporation, Leviton Manufacturing Co. Inc., TP-Link Technologies Co. Ltd., and SDI Technologies Inc, and many more.
A. On the basis of top growing big corporations, we select top 10 players.
A. The Bluetooth Smart Plugs Market Market is segmented on the basis of type, price, end use, and region.
A. The key growth strategies of Bluetooth Smart Plugs Market market players include product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations.
A. subsegments of end use are residential, commercial, and industrial.
A. Three-hole Plug segment will grow at a highest CAGR of 25.7% during 2021 - 2030.
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