Growing adoption of smart devices in households, rapid technological advancements, and improved standard of living of individuals across

VANCOUVER, BC, CANADA, July 14, 2022 /EINPresswire.com/ -- The global smart plug market size reached USD 4.92 Billion in 2020, and is expected to register a CAGR of 40.1% during the forecast period. Market revenue growth is primarily driven by shift in consumer preference towards smart home applications. Improving standard of living among consumers owing to increasing disposable income is expected to boost demand for smart plugs for household use.

 Rise in adoption of home automation technologies is projected to drive revenue growth of the market during the forecast period. Smart plug is a small adaptor that can be plugged into a regular electrical wall outlet and can be connected to a Wi-Fi network. The ability of smart plugs to convert ordinary devices and appliances in homes into smart ones is contributing to growing demand. Smart plugs allow consumers to control the power supply to the appliance through an app on a smartphone. Rising energy bills and need to minimize energy consumption are other key factors expected to drive growth of the smart plug market during the forecast period.

Growing adoption of smart devices in households, rapid technological advancements, and improved standard of living of individuals across the globe are some key factors expected to drive market growth

A smart plug can monitor energy consumption of appliances and help consumers to become aware of and reduce power consumption. The consumers can easily turn off appliances with the help of smart plugs and avoid standby consumption. Consumption can be minimized with the use of smart appliances or switching on conventional schedulable appliances through smart plugs. Smart plug applications also include HVAC control, light control, sprinkle control, and control of other home appliances.

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The SWOT analysis carried out during the study sheds light on the strengths, weaknesses, opportunities and threats encountered by the prominent vendors. Expert insights on past, present and future trends covered by the study further aims to provide clarity on the future prospects of the industry.

Major Companies in the Market Include:

Belkin International Inc.

Panasonic Corporation

iHome, Inc.

Edimax Technology, Co. Ltd.

Etekcity Corporation

Xiaomi Corporation

Lenovo Group Limited

Leviton Manufacturing Company

TP-Link Technologies Co., Ltd.

Segments Covered in this report are:

Technology Outlook (Revenue, USD Billion; 2018–2028)

Wi-Fi

Bluetooth

Others

Application Outlook (Revenue, USD Billion; 2018–2028)

Commercial Use

Industrial Use

Household Use

Regional Outlook (Revenue, USD Billion; 2018–2028)

North America

U.S.

Canada

Mexico

Europe

Germany

France

U.K.

BENELUX

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

South Korea

India

Rest of APAC

Latin America

Brazil

Rest of LATAM

Middle East & Africa

Saudi Arabia

UAE

South Africa

Rest of MEA

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The key regions included here contribute significantly to the worldwide market share. The report also gives a competitive analysis of the Smart Plug market. The study categorizes the global market to project the total revenue and examine the past, present as well as emerging trends in sub segments such as types, size, vertical, consumers and geography.

Geographically, this report studies the key regions, focuses on product sales, value, market share and growth opportunity in these regions, covering:

United States

Europe

China

Japan

Southeast Asia

India

Scope Of The Report:

This extensive analysis sheds light on an array of intangible aspects connected with the business such as important definitions, end use and total revenue garnered across different regions. The researcher has taken a conscious effort to get a closer look at some of the top performers of the Smart Plug industry. Other essential aspects evaluated during research include import and export, demand and supply, distribution channel, gross margin and supply chain management.

To add more credibility to the research the study examines the winning strategies adopted by the prominent vendors to maintain competitive edge worldwide. Vital statistics on the business performance is projected using self-explanatory resources charts, tables and graphic images.

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This report strategically examines the micro-markets and brings to light the impact of technology upgrades on the performance of the Smart Plug market. Researchers conducting the research also carry out a comprehensive analysis of the recent amendments in the government regulation and their impact on the competitive landscape of the industry.

Table of Contents:

Report Overview: It includes the objectives and scope of the study and gives highlights of key market segments and players covered. It also includes years considered for the research study.

Executive Summary: It covers industry trends with high focus on market use cases and top market trends, market size by regions, and global market size. It also covers market share and growth rate by regions.

Key Players: Here, the report concentrates on mergers and acquisitions, expansions, analysis of key players, establishment date of companies, and areas served, manufacturing base, and revenue of key players.

Breakdown by Product and Application: This section provides details about market size by product and application.

Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of market size by product and application, key players, and market forecast.

Profiles of International Players: Here, players are evaluated on the basis of their gross margin, price, sales, revenue, business, products, and other company details.

Market Dynamics: It includes supply chain analysis, analysis of regional marketing, challenges, opportunities, and drivers analyzed in the report.

Appendix: It includes details about research and methodology approach, research methodology, data sources, authors of the study, and a disclaimer.

On a concluding note, the report offers a panoramic view of the Spherical Graphite market on both the global and regional levels. It is inclusive of key statistical data and industry-verified facts and thoroughly evaluate the size, share, and market volume of the Spherical Graphite industry to forecast the same over 2020-2028.

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The professional intelligence study on the Smart plug market addresses some of the most critical questions:

What are the key trends in the Market?

What are the driving forces behind the Smart plug market?

What are the obstacles to market growth?

Which are the top vendors in this space?

What are the threats and opportunities in the market for key vendors?

What are the strengths or weaknesses of critical vendors?

What are the future opportunities for the players in the Smart plug market?

What are the main issues facing the global Smart plug market?

How does the competitive landscape look?

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Smart Plug Market size reached USD 4.92 Billion in 2020, and is expected to register a CAGR of 40.1% during the forecast period.

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