Smart Wiring Devices Market

Smart Wiring Devices Market Outlook – 2027 

Wiring devices are used to provide and control connection points for low voltage wiring systems. Smart wiring devices provide convenience to users and manage electrical devices present at homes, offices, industries and others. It helps in remote operation of devices, scenario management, scheduling operations and energy management of things such as fans, lights, geysers and others. 

Thus, smart wiring devices combine advanced analytics, intelligent automation and data visualization and enhance user experience. Innovations in the electronic systems industry paves the way for better and improved Smart wiring devices. The global market of smart wiring devices is experiencing a significant growth, and will grow considerably in next few years.  

The global smart wiring devices market is segmented on the basis of product, end user, and region. Based on product, the smart wiring devices market is divided into smart lamp holders, smart light dimmer, smart metal contacts, smart wire connectors, smart electric switches, and others. On the basis of end user, the market is categorized into commercial, residential, oil & gas, energy & power, automotive, construction, healthcare, and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).

Key players operating in the global smart wiring devices industry include Honeywell International Inc., Google LLC, Amazon Inc., ABB Ltd., LG Electronics Inc., Samsung, Apple, General Electric Company, Sony Corporation, Siemens Corporation, and Schneider Electric. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global market. 

Top Impacting Factors

The major driving factors for the growth in the market of smart wiring devices is the increasing demand from the construction industry for providing wiring systems in the industries, housing societies and commercial applications. In addition, the increased consumer spending and convenience for deploying smart wiring systems have fueled the market growth further. Moreover, the requirement for energy efficiency devices, investments in automation and boost in industries such as hotel, tourism, real estate and others will present new pathways in the industry.

New Product Launches to Flourish the Market 

The launch of new products that contain improved capabilities have been launched by leading market players. Logic plus a new smart wiring device was launched by MK Electric recently. It offers sophisticated look by taking into consideration today’s design and is designed to perfectly complement modern interiors. These devices are made from high grade thermoset material which enhances safety, they are easy to install and easily available. Moreover, this product provides 20-year guarantee, provides quality and reliability assurance and enhances safety as well which helped this smart wiring device flourish the global market. 

Surge in Usage in Residences

Manufacturers have been focusing on producing new products for specific applications as there are varying demands based on the utilization. Remote connectivity features and improved functionality of wiring devices is gaining momentum across the world. There are increasing investments being made for adopting automation as well. Also, as these devices provide long term benefits, have simple and intuitive displays which enhances user experience has led to the surge in the usage of smart wiring devices in residences. Moreover, the requirement for energy conservation worldwide and necessity for improving wiring device’s efficiency will further increase the demand for smart wiring devices market.

Key Benefits of the Report

• This study presents the analytical depiction of the global smart wiring devices market forecast along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global smart wiring devices market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the global Smart wiring devices market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed global smart wiring devices market analysis based on competitive intensity and how the competition will take shape in coming years. 

Market Scope and Structure Analysis

COVID-19 Scenario Analysis

• Global smart wiring devices market has been significantly impacted by the COVID-19 outbreak. New projects throughout the world have stalled, which, in turn, have led to decline in demand for analog semiconductors. 
• Global factories have struggled to integrate new smart wiring devices as workers have stayed in their homes, which disrupted the global supply chains. 
• The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled. Once the situation improves, production, supply chains, and demand for smart wiring devices are gradually going to increase.  
• This COVID-19 lockdown would help companies think about more advanced smart wiring devices to enhance efficiency.

Smart Wiring Devices Market Key Segments

Questions Answered in the Smart Wiring Devices Market Research Report

• Which are the leading market players active in the smart wiring devices market?
• What would be the detailed impact of COVID-19 on the smart wiring devices market size?
• How current smart wiring devices market trends would influence the industry in the next few years?
• What are the driving factors, restraints, and opportunities in the global market?
• What are the projections for the future that would help in taking further strategic steps?

 Smart Wiring Devices Market Report Highlights