A smart plug looks like a traditional wall plug but comes with a mobile application-controlled interface. We can plug any electronic device to the smart plug on a wall socket and use the app to turn it on or off. Television, lamp, cable box, air conditioner, coffee machine or any other electronic device can be controlled by plugging into the smart plugs. It also offers the facility of voice control by a virtual assistant to manage our electronic appliances connected to those plugs.
The global smart plugs market is estimated at around USD2.5 billion by 2021 at an immense compound annual growth rate higher than 38%. The demand for smart appliances with remote access among the customers, increasing need for energy conservative electronic appliances, and the growing number of smart homes are the principal factors promoting the growth of smart plugs market across the world.
The changing lifestyles of the consumers are encouraging them to used advanced technologies and smart devices that can make their lives simple. Smart plugs can instantly turn any appliance into a smart appliance with the remote access to control from any location, which will increase the safety of the home and saves electrical energy efficiently. The high prices of smart appliances are also another factor that drives the demand for smart plugs market globally.
The changes in the regulatory policies of ASHRAE, BEE, and DOE will increase the demand for smart plugs in the following years. Furthermore, the upgrade of technology and software in the smart plugs in the future due to the high scope of innovation encourages the manufacturers to invest more in promotional campaigns, digital marketing activities, and customer engagement through social media to drive the market for their smart products. The improvements in the convenience of home management and reducing electricity expenses also act as catalysts for the growth of smart plugs market.
The demand for controlling connected devices from their convenient location is increasing among the customers, and in particular, the millennials are showing more interest towards these smart plugs. Wireless technologies like ZigBee, Wi-Fi, Z-Wave, Bluetooth, and NFC, as well as the Internet of Things (IoT) and operating systems like iOS, Android, Azure, and Tizen, provide the platform for the consumers to control the smart appliances.
Independent Research Consultant
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