San Francisco, California, June 27, 2017: TMR Research announces a new report on the global smart plug market. The report presents a complete overview of the growth trajectory exhibited by the smart plug market, including detailed figures illustrating the historical growth trajectory of the market and reliable projections regarding the future growth of the smart plus market. The report examines the segmentation of the global smart plug market in order to provide readers with a clear idea of the market’s hierarchy. The competitive dynamics of the global smart plug market are also assessed in the report, titled ‘Smart Plug Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 – 2025.’
The global smart plug market is an essential ancillary of the smart electronics sector and has thus enjoyed rapid growth in the last few decades. Smart plugs are an outlet extension containing a smart plug with dedicated connectivity equipment to outfit it for use in smart applications. The global smart plugs market is likely to benefit majorly from its wide-ranging demand avenues, while the rising demand for smartphone integration of smart home technology is also likely to drive demand from the smart plugs market in the coming years.
The growing demand for smartphones from a variety of demographics has been vital for the global smart plug market, as it has allowed for smooth expansion of the smart homes sector. The convenience of smart plugs lies in the fact that they can be used with any electrical appliance rather than only appliances with built-in smart home capabilities. This represents a significant advance in terms of cost efficiency, as built-in devices are often priced out of the reach of the average consumer, particularly in developing economies. Growth of the smart plugs market could therefore be an important bridge for the smart homes sector.
The steady growth of the smart homes sector has presented the smart plugs with fertile territory in several regions. The development of technologies such as Google’s Assistant and Amazon’s Alexa has made it viable for numerous consumers to install smart plugs in their households. The easy operability of such preexisting platforms is likely to remain a key driver for the global smart plug market in the coming years, as the use of smart home systems centered on the user’s smartphone is likely to rise spectacularly in the coming years.
Regionally, the Americas and Europe are the key contributors to the global smart plug market due to the widespread incorporation of smart home technology in the residential sector. The consistent demand for technological updation among residential consumers in these advanced regions is likely to remain a key driver for the global smart plug market in the coming years.
Key players in the global smart plug market include Etekcity, Belkin International, Insteon, and EDIMAX Technology.