Smart Wiring Devices Market

The global smart wiring devices market size was valued at $7.4 billion in 2021, and is projected to reach $21.9 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031

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 

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 Analysis 

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.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart wiring devices market analysis from 2021 to 2031 to identify the prevailing smart wiring devices market opportunities.
• Market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• An in-depth analysis of the smart wiring devices market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes an analysis of the regional as well as global smart wiring devices market trends, key players, market segments, application areas, and market growth strategies.

 Smart Wiring Devices Market Report Highlights