Smart Plug Market Size, Share & Trends Analysis By Product Support (Wi-Fi, Bluetooth), By Application (Commercial, Household, Industrial), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global smart plug market size was valued at USD 217.8 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 32.0% from 2022 to 2030. Globally, 8.5 million units of smart plugs were shipped in 2021 and the shipments are expected to reach 104 million units by 2030. The rising adoption of smart devices across commercial and household applications, the growing pace of technological adoption, and the higher standard of living of individuals contribute to the market growth.

The industry is gaining prominence in market share because of the growing customer focus on smart device adoption, increasing penetration of Internet of Things (IoT) devices, and rising penetration of smartphones. Smart plugs are estimated to be useful for energy-saving by cutting power when the device connected to the smart plug is not in use.

The global smart plug market is projected to witness growth essentially owing to the changing consumer preferences and adoption of intelligent home systems/ technologies inclining towards home automation applications. The emerging demand of consumers for advancements in improved energy savings, IoT frameworks, and convenient lifestyles will boost the growth of the market.

The market is characterized by persistent technological innovation to keep pace with the customers' changing needs. Technologies such as intelligent devices, the Internet of Things (IoT), 5G, Wi-Fi, and Bluetooth are some of the latest innovations in the industry. Advancements and innovations are primarily driven by the growing demand for smart plugs across the U.S.

Regulations about the manufacturing and selling of smart plugs vary at regional or country levels. For instance, the smart plugs must comply with the FCC Rules that are subject to certain conditions. The FCC rules are there to protect against harmful interference with residential installation.

Product Source Insights

The Wi-Fi segment accounted for a major revenue market share of around 85% in 2021 and is expected to dominate the market over the forecast period. The growth can be attributed to the increasing integration of Wi-Fi-enabled intelligent devices with the voice assistant devices such as Google Assistant, Alexa, and Siri. The Wi-Fi smart plug provides numerous advantages, such as easy access to devices from smartphones, and outdoor access. However, the Wi-Fi chipset is a bit expensive compared to Bluetooth, which is expected to hinder the market growth during the forecast period.

The Wi-Fi smart plug providers are making continuous developments in the product features to enhance the capabilities of the Wi-Fi smart plugs, making them a more accessible, better, and more reliable product. For instance, in January 2020, Syska launched a Wi-Fi Smart Plug, which is compatible with the voice assistants such as Google Assistant, and Alexa. These plugs are best suited for large and mid-range home appliances and can be easily controlled remotely with the help of the company’s Syska Smart Home App.

The Bluetooth smart plug is expected to have around 15% of the market share in 2021. The Bluetooth plug provides a secure gateway connection with the smart plug as it uses government-grade encryption and frequency hopping to help the continuous connectivity of the smart plug device. The low market share of the segment is due to its requirement of the proximity of the operating personnel with the smart plug device, which is responsible for its lower rate of adoption compared to the Wi-Fi smart plugs.

Furthermore, the increasing use of Bluetooth LE (Low Energy) technology in the smart plug is expected to make significant technological developments in the power consumption of the smart plug as compared to Wi-Fi smart plugs are expected to increase their adoption during the forecast period.

Application Insights

The household application segment led the entire market in 2021, accounting for around 76% of the total market revenue, and is expected to witness substantial growth over the forecast period. The rising adoption of energy-efficient intelligent home appliances drives the smart plugs market growth. Additionally, energy efficiency standards set by governments on certain home appliances are driving the demand for smart plugs for household usage.

The increasing awareness of numerous benefits accessible by smart plugs, such as remote monitoring, controlling energy consumption, scheduling, cost savings, and mitigation of manual intervention, contributes to the aggregating usage of smart plugs. Smart plugs are a vital component in the expanding household market for smart energy management systems.

The commercial application segment is expected to register the highest CAGR of 33.2% over the forecast period. Smart plugs demand in this segment is boosted, as it notifies if the device is unexpectedly consuming large quantities of electricity, stipulates accurate energy consumption information, remote controlling, and a programmable timer function. These benefits have resulted in increased security measures, energy savings, cost reduction, and better services.

Regional Insights

North America led the market, with a revenue share of approximately 33% in 2021. The increasing adoption of smart home technology has positively impacted the market growth. The increasing proliferation of home automation, increasing consumer preferences for energy-efficient smart appliances, and implementation of smart cities attributable to government initiatives to improve the standard of living are the key driving factors responsible for market growth.

The U.S. is estimated to be the largest market for smart plugs in North America, generating a high demand owing to the presence of key established market players and the accelerating adoption of emerging home automation technologies. Furthermore, changing consumer preferences and increasing disposable income will likely boost the market growth.

Asia Pacific is expected to witness the fastest growth over the forecast period. Demand for smart plugs in the region is mainly driven by the surging demand for digital solutions and services, the widening base of the middle-class population, and changing consumer preferences. Moreover, the government's active initiative to develop smart infrastructure projects, namely, smart buildings and smart homes, is responsible for the region's rampant market growth.

Key Companies & Market Share Insights

Key manufacturers are strategically focused on product developments to enhance the capabilities of the smart plugs. In January 2021, TP-Link Technologies Co., Ltd. announced the launch of the Kasa Smart Wi-Fi Outdoor Plug, which features a built-in amplifier and long Wi-Fi range. The smart plug can be controlled via smartphone or tablet, and it can turn off the appliances automatically when not required.

In September 2020, Amazon.com launched the Smart Plug of its smart device lineup, particularly designed for the Indian market. The smart plug provides a three-pin socket design, supports a power rating of 6 amperes, and a state-retention features to switch on/off devices during power outages. Some prominent players in the global smart plug market include:

• Belkin International, Inc.

• D-Link Corporation

• Panasonic Corporation

• EDIMAX Technology Co. Ltd.

• Etekcity Corporation

• Insteon

• Leviton Manufacturing Co., Inc.

• SDI Technologies, Inc.

• TP-Link Technologies Co., Ltd.

• Xiaomi Inc.

• Ankuoo Electronics inc.

• Satechi

• ConnectSense

• Lenovo Group Limited.

Smart Plug Market Report Scope

Segments Covered in the Report

This report forecasts revenue growths at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global smart plug market report based on product support, application, and region:

• Product Support (Volume, Thousand Units; Revenue, USD Million, 2017 - 2030)

  • Wi-Fi

  • Bluetooth

• Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2017 - 2030)

  • Commercial

  • Household

  • Industrial

• Regional Outlook (Volume, Thousand Units; Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • Japan

    • India

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa