The global smart plug market is anticipated to witness growth primarily owing to the rapid adoption of home automation technologies and changing consumer preferences inclining towards smart home applications. The growing need of consumers for a convenient lifestyle, improved energy savings, and advancements in the IoT framework will boost the smart plug market.
Smart devices are becoming increasingly popular offer numerous benefits such as remote monitoring, remote control, and other features enabling cost savings and convenience for the consumer. Smart plugs are a cost-efficient way to convert any ordinary home appliances such as air conditioners, television, cable box, lamp, a coffee machine, fan, and others into a smart appliance enabling smart features accessible from mobile devices.
Implementation of smart homes is largely undertaken due to government initiatives to improve the standard of living. Smart homes bring about a change in the living experience by mitigating manual intervention whilst operating home appliances. Moreover, Internet of Things (IoT) has enabled control of majority of the electronic devices over the internet remotely, which is also one of the reasons to fuel the demand of smart homes and eventually the demand for smart plugs.
Smart plugs can turn on and turn off the power supply to the devices remotely through mobile phone applications. It can enable scheduling for devices that ensure the power consumption by devices only during the predefined time intervals. These aforementioned features help in improving the energy rating of the devices and effectively conserve energy.
Smart plugs track energy usage and can represent the data on a mobile device. The desire to reduce efforts to manually control devices and achieving synchronization with a variety of devices such as smart energy meters, smart lightings and security systems installed in the home at affordable prices, is expected to drive the demand for smart plugs over the forecast period.
The North American smart plugs market is expected to hold the largest market share in 2017, owing to the presence of key established market players and the fast-paced adoption of emerging home automation technologies. However, emerging economies in Asia Pacific such as India, Japan, and China are likely to experience tremendous growth over the forecast period. This can be attributed to the widening base of the middle-class population, changing consumer preferences, and surging demand digital solutions and services. The global smart plug market is highly competitive and diversified owing to the numerous vendors investing in R&D activities to develop advanced home automation solutions, and offering a myriad of products fostering the market growth.
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.