Report Code: A09514
A smart wiring device is an enhanced electronics solution such as electrical switches, outlets, and other devices that are equipped with wireless connectivity and can be controlled remotely through a smartphone app, voice commands, or other network-enabled devices. These devices offer increased convenience, energy efficiency, and security for residential, commercial, and industrial sectors. Further, smart wiring devices are designed to allow users to optimize their energy usage, which can help reduce energy costs and contribute to a more sustainable future. Smart thermostats, for example, may learn about their users' habits and adjust the temperature automatically to save energy. Smart outlets and switches, on the other hand, can be set to turn off appliances and lights when they are not in use, saving wasted energy and lowering electricity bills.
The research provides a complete analysis of the global smart wiring device market, including market dynamics, essential segments, major regions, key players, and competitive landscape. Based on the influence of numerous industry dynamics and important variables driving the market, the research gives a detailed picture of the present market condition and future trends of the global smart wiring device market. The market dynamics identify the market drivers and opportunities that contribute to market growth. Furthermore, difficulties and barriers that have the potential to stymie market progress are planned in the global smart wiring device market. Porter's five forces analysis is delivered through the report which precisely highlights the effects of key forces on the global smart wiring device market. The report offers market size and estimations analyzing the market through various segments.
The emergence of the COVID-19 pandemic significantly impacted the growth of the smart wiring devices market, owing to a lack of skilled workforce availability and delay or cancelation of projects owing to partial or complete lockdowns globally.
The global smart wiring devices market is expected to witness notable growth during the forecast period, owing to the growing demand for energy efficiency. Moreover, the increasing adoption of smart homes and buildings is majorly driving the smart wiring devices market outlook. Furthermore, the rising adoption of IoT technology is projected to shape the future of manufacturing industries by standardizing the processes.
However, the high initial costs paired with the security concerns and lack of standardization are acting as prime factors that restrain the smart wiring devices market growth. Further, the growing demand for smart cities in emerging economies is projected to provide a lucrative opportunity to expand the smart wiring devices market opportunity during the forecast period.
The smart wiring devices market is segmented into Product Types, Applications, and Regions.
According to the smart wiring devices market forecast, product type is segmented into smart switches, smart dimmers, smart thermostats, smart outlets, and others. In 2021, the smart switches segment dominated the market in terms of revenue and is expected to follow the same trend during the forecast period. However, the smart outlets segment is expected to emerge as the market's fastest-growing segment during the forecast period 2022-2031.
By application, the market is classified into residential, commercial, and industrial. The residential segment dominated the smart wiring devices market share in 2021 in terms of revenue and is expected to dominate the market during the forecast period.
Region-wise, the smart wiring devices market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). North America, Specifically U.S., remains a significant participant in the smart wiring devices market. Major organizations and government institutions in the North American region has significantly put resources into action to develop enhanced wiring solution for smart devices in residential and commercial sectors is driving the growth of the smart wiring devices industry.
Competitive analysis and profiles of the major global smart wiring devices market players that have been provided in the report include Schneider Electric, Siemens AG, ABB Ltd., Leviton Manufacturing Co Inc., Lutron Electronics Co., Inc., Crestron Electronics, Control4 Corp., Eaton Corporation, Legrand S.A., and Honeywell International Inc.
Country-wise, The U.S. has a dominant position in the North American smart wiring devices market, which is predicted to develop at a high CAGR of 11.0% during the forecast period of 2022-2031. The U.S. holds a dominating position in the smart wiring devices market, owing to the presence of key players in this area investing in next-generation Internet of Things solutions.
In Europe, Germany dominated the smart wiring devices market in terms of revenue in 2021 and is expected to follow the same trend during the forecast period. Furthermore, the UK is expected to emerge as one of the fastest-growing countries in Europe's smart wiring devices with a CAGR of 11.7%, owing to a significant development in the Internet of Things and consumer electronics solutions.
In Asia-Pacific, China holds a dominant market share in the Asia-Pacific region and is expected to follow the same trend during the forecast period, owing to a significant rise in investment by prime players in next-generation smart home automation solutions, which is expected to drive the market in China during the forecast period. However, South Korea is expected to emerge as a dominant country in the smart wiring devices market in the Asia-Pacific region.
In LAMEA, Latin America garnered a significant market share in 2021 owing to the presence of prime vendors such as Parker Hannifin Corp, IoT Plus, and Others. Moreover, Latin America is expected to emerge as the fastest-growing region of the LAMEA region, which a high CAGR of 13.1% from 2022 to 2031.
TOP IMPACTING FACTORS
Significant factors that impact the growth of the global smart wiring devices industry include the increasing adoption of smart homes and buildings paired with the growing demand for energy efficiency. Moreover, the rising adoption of IoT technology is expected to drive the market opportunity. However, the high initial costs coupled with security concerns and lack of standardization are acting as a prime barrier to early adoption, which hampers the growth of the market. On the contrary, the growing demand for smart cities is expected to offer potential growth opportunities for the smart wiring devices market during the forecast period.
HISTORICAL DATA & INFORMATION
The smart wiring devices market is highly competitive, owing to the strong presence of existing vendors. Vendors of smart wiring device machines with extensive technical and financial resources are expected to gain a competitive advantage over their competitors because they can cater to market demands. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies adopted by key vendors increase.
KEY DEVELOPMENTS/ STRATEGIES
Schneider Electric, Siemens AG, Honeywell International Inc., Lutron Electronics Co., Inc, and ABB Ltd. are the top 5 companies holding a prime share in the smart wiring devices market. Top market players have adopted various strategies, such as product launches, partnerships, acquisitions, product upgrades, and product development, to expand their foothold in the smart wiring devices market.
In February 2022, ABB offered a wide range of basic to advanced-level smart metering solutions for efficient energy management. The range covers all requirements of low to medium-voltage applications across industrial, commercial, and residential segments. The meters are designed to cover all needs, from the measurement of basic electrical parameters to advanced power quality parameters.
In September 2022, Lutron Electronics introduced the Diva smart dimmer and the Claro smart switch to its portfolio. The Diva smart dimmer combines the distinctive look and simple user experience of the DIVA design with the Caséta portfolio, the industry's most connected smart lighting control system.
In September 2021, Schneider Electric, the leader in the digital transformation of energy management and automation, today unveiled the Square Dtm X and XD Series connected wiring devices to the public for the first time at the 2021 CEDIA Expo. As the best value in wiring devices, the X Series is feature-rich, including easy installation, refreshed modern design, and smart home compatibility.
In February 2021, Honeywell launched the Honeywell E-Mon Class 6000 product, a multi-protocol-capable energy meter to provide fast, accurate tenant billing or to optimize a building’s energy use.
In November 2020, Schneider Electric launched a range of LED-compatible dimmer switches to support the -increasing demand for LED lamps technology. The use of these LED dimmers further enhanced the performance of energy-efficient LED lamps through improved lamp endurance and additional energy savings.
In January 2023, Lutron Electronics announced the availability of the Diva smart dimmer. This product gave homeowners and installers more style and control options. Smart lighting controls offer multi-location control using the Pico smart remote, the Claro smart accessory switch provides a wired option for multi-location control with the Diva smart dimmer and Claro smart switch.
In September 2022, Lutron announced DALI-2 in its flagship Athena and HomeWorks lighting control systems, offering lighting designers and engineers greater fixture compatibility, openness, and freedom to select the fixtures of their choice. DALI-2 technology provides a digital complement to traditional 0-10V and phase control solutions, giving designers another tool in their toolbox.
Smart Wiring Devices Market Report Highlights
|Market Size By 2031||USD 21.9 billion|
|Growth Rate||CAGR of 11.6%|
|Forecast period||2021 - 2031|
|By Product Type|| |
|By Applications|| |
|By Region|| |
|Key Market Players||Lutron Electronics Co., Inc, Siemens AG, Control4 Corp, ABB Ltd., Legrand S.A., Leviton Manufacturing Co., Inc., Schneider Electric, Johnson Controls International plc., Honeywell International Inc., Crestron Electronics, Inc.|
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The smart wiring devices market has witnessed significant growth across industrial and residential sectors, owing to the growing popularity of smart homes, which are homes equipped with various digital equipment that can be operated remotely via the internet. Further, Switches are the most often utilized smart wiring equipment, with the residential sector being the largest deployer of smart switches. Although the Asia Pacific area is likely to be the fastest-growing market for smart wiring devices, North America and Europe are expected to emerge as dominant players in the coming years.
The global smart wiring devices market is highly competitive, owing to the strong presence of existing vendors. smart wiring device vendors, who have access to extensive technical and financial resources, are anticipated to gain a competitive edge over their rivals, as they have the capacity to cater to the market requirements. The competitive environment in this market is expected to further intensify with an increase in technological innovations, product extensions, and different strategies adopted by key vendors.
The rise in demand for smart wiring devices solution in home and industrial automation applications has witnessed significant growth, owing to the rise in demand for Internet of Things solutions in emerging economies. Moreover, prime economics, such as the U.S., China, Germany, and Japan, plan to develop and deploy next-generation wireless sensors-based electronics solutions across various industrial sector applications, which is anticipated to provide lucrative opportunities for market growth.
Among the analyzed geographical regions, North America exhibits the highest adoption of wireless sensors and has been experiencing a massive expansion of the market. On the other hand, Asia-Pacific is expected to grow at a faster pace, predicting lucrative growth due to emerging countries such as China, Japan, and India investing in these technologies. Regions such as the Middle East and Africa are expected to offer new opportunities for the growth of the smart wiring devices market in the future.
A. North America is the largest region in the smart wiring devices market.
A. Significant factors that impact the growth of the global smart wiring devices industry include the increasing adoption of smart homes and buildings paired with the growing demand for energy efficiency. Moreover, the rising adoption of IoT technology is expected to drive the market opportunity.
A. Schneider Electric, Siemens AG, Honeywell International Inc., Lutron Electronics Co., Inc, and ABB Ltd. are the top 5 companies holding a prime share in the smart wiring devices market.
A. The residential segment accounted major share of the smart wiring devices market.
A. The global smart wiring devices market was valued at $7.3 billion in 2021 and is projected to reach $21.8 billion by 2031, registering a CAGR of 11.6% from 2022 to 2031.
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