Smart Plug Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The smart plug market was valued at USD 5.1 billion in 2020 at a CAGR of 42.2% over the forecast period 2021 - 2026. The use of and credence on devices that can be managed remotely through a wireless connection is growing globally, which is a fundamental factor that is driving the smart plug market.

• The Smart Plug market, owing to the rapid adoption of home automation technologies, changing consumer preferences inclining towards smart home applications, growing need for a convenient lifestyle, improved energy savings, advancement in IoT framework, high acceptance of technologically advanced products among customers and the average disposable income of the population is expected to grow at a greater pace.
• A number of other factors are slated to have an assertive impact on the demand for smart plugs in the near future. Among them, the growing demand for energy-efficient household appliances will possibly have the highest effect on stoking demand. Besides, smart plugs are also economical than built-in smart appliances. This is also forcing up their swift adoption. Besides, the regulations released by regulatory agencies such as BEE, ASHRAE, and DOE will drive the demand for smart plugs during the projection period.
• The smart-home ecosystem is continuing its accelerated expansion, but market growth rates are directly connected to the speed of 5G implementation. Recent IoT investments by Apple, Amazon, Google, or Alibaba have transformed the landscape noticeably, giving opportunities for all sorts of companies, but have also forced market strengthening. Acknowledging the contemporary moderate user penetration, long product replacement cycles and rising device connectivity, the adoption of smart plugs will improve in the future.
• Advances in wireless technology have also empowered our ability to respond to the COVID-19 pandemic. Countries are using innovative Internet of Things (IoT) solutions, such as contact tracing applications, to mitigate the impact of the virus. These utilize a variety of technologies, including Bluetooth Low Energy (BLE), WiFi and Sigfox, incorporated into bands, bracelets, and other consumer wireless devices.

Scope of the Report

The Smart Plug is a multi-purpose, compact and easy-to-use smart home device that allows to monitor and control home’s electronic appliances from anywhere. With the Smart Plug, appliances can be turned on or off, control energy usage of connected devices, create on or off schedules and set up alarms. The plug can work with home smart devices enabling to create a smart home without complicated setup, installation cost or monthly subscription charges.
 

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Key Market Trends

House Hold Use to have a Significant Control on the Smart Plug Market

• The most fundamental application of the smart plug is energy monitoring and Control in household use, for example in Smart HVAC Systems. Apart from that, smart plugs give real-time insights with more exceptional accuracy at equipment level whereas most of the smart meters employ disaggregation algorithms to examine the smart meter reading for measuring equipment level consumption. While smart plugs may have added features to control energy consumption on a regular basis, the insights given by smart meters are principally passive and need a greater cycle of observation and analysis.
• Electricity theft incites huge losses for utilities globally. With the growing installation of smart meters, these conflicts are growing more and more discrete and challenging to identify. With the implementation of smart plugs, the specific energy reading from any machine can easily be matched with the smart meter data to conclude whether electricity theft is taking place or not. Thus, smart plugs can give important insights and an answer to the problem of electricity theft.
• A particular feature of smart plugs such as standby power-saving and occupancy detection will assist to save energy without yearly intervention by the user. The interpretation of the energy savings tendered over a month or a year can then be included in the electricity bill to intensify energy awareness in the public domain. Also, the detection of defective devices using excessive energy proves to be an advantage to both the user as well as utility.

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