A plug or switch is a device which is used to turn on and off devices connected to it in a circuit. The application of IoT and smart networks has converted operation of conventional switches to remote controlled. These smart switches can be operated through the smart devices using platform of various applications. Whereas, smart plugs are wireless socket to which appliances can be plugged and then can be switched through remote control. The smart switches offer user experience of various features for personal lighting experience. The smart plugs are the building blocks of smart homes and offices. These have very versatile uses when applied in smart homes. Therefore, the market of smart plus and switches is expected to grow during the projected period.
The factors which drive the growth of the smart plugs and switches market are rise in development of smart cities, emergence of IoT in consumer electronics, and increase in technological advancements in industrial devices. In addition, the easy conversion of conventional plugs into smart plugs have impacted the smart plugs and switches market. However, high cost of smart plugs and switches in comparison to conventional plugs and switches hamper the smart plugs and switches market growth globally. Furthermore, growing penetration of smart buildings & infrastructure and emergence of AI in industrial applications offer lucrative opportunities for the smart plugs and switches market.
The rapid conversion of metropolitan cities into smart ones with advanced infrastructure which controls the lighting devices, and various electronic devices through smart switches and smart plugs operated by remote control devices, and smart sensors usage. For instance, smart switches can improve the efficiency of power consumption and eliminate redundancies caused by manual switching which saves money and energy. In addition, smart switches provide ease of control for operation of appliances connected to the smart plugs. Applications installed on the smart devices such as display panels and smart phones can do switching on a single touch. Smart plugs also act as a building block for smart homes, through which we can turn on/off the appliances via remote devices.
Further, the advancement of IoT and its increased usage for industrial and domestic purposes which connects smart devices through smart networks has impacted the smart plugs and switches market. For instance, programmable timer smart light switches connected through Wi-Fi connections can be programmed according to the need of the user for switching of lights. The latest advancements in smart switching uses artificial intelligence such as Alexa which provides personal lighting experience to the consumer. Therefore, the incorporation of AI in the smart switching and plugs also opens a wide future scope for application. Hence, it is expected to spike the global smart plugs and switch market in the projected period.
The market of smart plugs and switches is segmented on the basis of connection type, application, end use, and region. On the basis of connection type, it is bifurcated into Bluetooth and Wi-Fi. On the basis of application, it is classified into indoors and outdoors. On the basis of end use, it is categorized into domestic, commercial, and industrial. On the basis of region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The key players covered in the global smart plugs and switches industry are Honeywell International, Belkin International, Azpen Innovation, D-Link Systems, Aeon Labs, SAFEMORE, Adesso, Leviton Manufacturing, ITEAD Intelligent Systems, BroadLink, SMARTPLUG SYSTEMS, Orange, and ZigBee.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes the analytical depiction of the global smart plugs and switches market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Smart Plugs and Switches Market Report Highlights
By Connection Type
By End Use
Key Market Players
BroadLink, D-Link Systems, Aeon Labs, Leviton Manufacturing, Azpen Innovation, SMARTPLUG SYSTEMS, Orange, SAFEMORE, ITEAD Intelligent Systems, Belkin International, ZigBee., Adesso, Honeywell International