LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global smart plug market size to reach USD 2.59 billion by 2021, growing at a CAGR of close to 38% over the forecast period, according to their latest report.
The research study by Technavio on the global smart plug market for 2017-2021 provides detailed industry analysis based on end-users (residential and commercial), technology adopters (innovators, early adopters, and early majority), and geography (the Americas, EMEA, and APAC).
Smart plugs are used to convert ordinary household appliances into smart appliances. Residential consumers are the key end-users for the market, who use smart plugs as an affordable alternative to purchasing built-in smart appliances. Additionally, the rise in the number of smart homes is also driving the growth of the market segment.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global smart plug market:
- High demand for remote access to appliances
- Use of connectivity as a differentiating feature by manufacturers
- Growing demand for energy-efficient appliances
High demand for remote access to appliances
“Consumers are increasingly depending on new technologies to manage their fast-changing lifestyles and need for convenience. The improvement in network infrastructure has enabled the wide scale adoption of wireless and technologically advanced products,” says Ujjwal Doshi, one of the lead analysts at Technavio for consumer electronics research.
The concept of controlling all the electronic components of a home is gaining increasing attention, and vendors are developing smart plugs to cater to this demand. Smart plugs allow homeowners to operate and monitor all connected appliances via a smartphone.
Use of connectivity as a differentiating feature by manufacturers
Connectivity can be achieved through various wireless technologies such as Wi-Fi, Bluetooth, or ZigBee. The option to connect devices to any of these technologies via a smart plug is highly desirable and is drawing the attention of many tech savvy consumers. Connectivity with these solutions allows for interoperability and cloud integration, pushing for increased adoption. The major advantages of adopting smart plugs to achieve wireless connectivity include new functionalities, higher product utilization, and capabilities that transcend traditional product boundaries.
Growing demand for energy-efficient appliances
“The concept of smart homes is quickly becoming popular, and homeowners are looking for affordable smart appliances, which fall within their budget. This need is a major driver behind the popularity of smart plugs,” says Ujjwal.
Smart homes make efficient use of energy and save on bills and utilities. The growing demand for energy-efficient homes to meet the regulations set by agencies such as American Society of Heating, Refrigerating, and Air-Conditioning Engineers (ASHRAE), Bureau of Energy Efficiency (BEE), and Department of Energy (DOE) will drive the demand for smart plugs during the forecast period.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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