LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global socket converter market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global socket converter market is expected to grow during the forecast period. The growth of the socket converter market is fueled by the growth in residential construction activities in APAC, which is expected to be the single largest market for home electrical consumables, including socket converters, during the forecast period. With the increase in socket installations in the residential sector, there is a significant potential for the demand for socket converters.
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- Increasing electrification through hybrid decentralized power systems
- Growing demand for smart homes and development of smart cities
- Technological innovations
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Increasing electrification through hybrid decentralized power systems
Electricity consumption is related to the economic development of a country. Though it is a complex relationship, electricity is a pre-requisite for economic growth, which includes infrastructure and social development.
“A majority of the population in developing countries, particularly in rural areas, lack access to grid power, which indirectly affects economic growth. There are more than a billion-people living without the access to electricity, and the majority of the population are residing in the rural areas,” says Sunil Kumar Singh, a lead analyst at Technavio for research on embedded systems.
Growing demand for smart homes and development of smart cities
The smart home concept is gaining traction significantly as consumers focus on improving domestic convenience via electronic devices. This is an evolutionary development in the residential real-estate sector with the prime focus to make living more convenient, comfortable, entertaining, sustainable, and secure.
“Currently, smart home technologies using advanced sensors are inexpensive and can be utilized by any average household to connect appliances such as heating modules, lighting systems, air conditioning units, computers, television sets, entertainment systems, security devices, and camera systems. Using smartphones and tablets, the home owner can control and monitor these devices,” adds Sunil.
The international emphasis on saving energy has resulted in many vendors across the globe introducing plugs and smart switches that help users to monitor their energy use and can help them in optimizing it. For instance, Quirky, a startup, launched Outlink, which can be plugged into any 15 Ampere duplex outlets. The Outlink has two plugs, one at the top and the other at the bottom. The bottom plug offers the standard option, while the top plug offers connectivity with smartphones. The top plug enables control of power remotely; for instance, if a television is plugged in the top plug, the users can switch it on and off from a remote location, thus helping users to save electricity.
Another example of smart switches is the Lutron Smart Bridge. It converts wireless plug-in lamp dimmers and Serena battery-powered window shades into home automation products that are Wi-Fi enabled. This adds automation to the appliances and offers remote operability. Also, Oakter's smart plug enables the user to operate and control the appliances that are connected to the smart plug using a smartphone or a tablet.
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