Smart Plug Market 2021 Latest Advancement and Precise Outlook – 2026 | Belkin International Inc, BroadLink Technology Co. Ltd, Panasonic Corporation, iHome Inc

Smart Plug
Smart Plug

The Smart Plug Market research report 2021 provides a basic overview of the industry including definitions, classifications, applications, and industry chain structure. The Smart Plug market report provides information regarding market size, share, trends, growth, cost structure, Smart Plug market competition landscape, market drivers, challenges and opportunity, capacity, revenue, and forecast 2026.

The report delivers a comprehensive overview of the crucial elements of the market and elements such as drivers, current trends of the past and present times, supervisory scenario & technological growth. This report also includes the overall and comprehensive study of the Smart Plug market with all its aspects influencing the growth of the market. This report is an exhaustive quantitative analysis of the Smart Plug industry and provides data for making strategies to increase market growth and effectiveness. The report covers the post-COVID-19 (Corona Virus) impact on various regions and major countries and on the future development of the industry is pointed out.

The Smart Plug Market was valued at USD 5.1 billion in 2020 at a CAGR of 42.2% over the forecast period 2021 – 2026.

The report presents the market competitive landscape and a corresponding detailed analysis of the major vendors/key players in the market. Top Companies in the Global Smart Plug Market: Belkin International Inc, BroadLink Technology Co. Ltd, Panasonic Corporation, iHome Inc, Ankuoo Electronics Inc., EDIMAX Technology Co. Ltd, Etekcity Corporation, Xiaomi Corporation, Satechi Inc., Blackloud Inc., Revogi Innovation Co. Ltd, Lenovo Group Limited, Leviton Manufacturing Company Inc., TP-Link Technologies Co. Ltd, Insteon Inc., and others.

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Key Market Trends

House Hold Use to have a Significant Control on the Smart Plug Market

– The most fundamental application of the smart plug is energy monitoring and Control in household use, for example in Smart HVAC Systems. Apart from that, smart plugs give real-time insights with more exceptional accuracy at equipment level whereas most of the smart meters employ disaggregation algorithms to examine the smart meter reading for measuring equipment level consumption. While smart plugs may have added features to control energy consumption on a regular basis, the insights given by smart meters are principally passive and need a greater cycle of observation and analysis.

– Electricity theft incites huge losses for utilities globally. With the growing installation of smart meters, these conflicts are growing more and more discrete and challenging to identify. With the implementation of smart plugs, the specific energy reading from any machine can easily be matched with the smart meter data to conclude whether electricity theft is taking place or not. Thus, smart plugs can give important insights and an answer to the problem of electricity theft.

North America Leads in the Smart Plug Market

– North America has been outpacing all other regions in terms of growth rate in the global market for smart plugs. Factors delivering about such progress in the sales has been the large acceptance of technologically advanced products amongst customers and the average disposable income of the population.

– Smart homes are on the surge in North America, with nearly 30 million U.S. households forecasted to add smart home technology in future. The products customers are looking to attach to their homes include video doorbells, connected cameras, connected light bulbs, smart locks and smart speakers of late, which could lead to the growth of the smart plug market.

Recent developments in the market are –

– June 2019 – Edimax Technology, announced a national distribution partnership across France with APM France, a French-based specialist in micro-computing, audio-video, multimedia products, and mobile phone accessories. Its offers are visible in many major national chain stores under its own brands and private labels.

– In September 2020, Amazon launched its Smart Plug in India in its smart-device lineup. The Smart Plug has been designed for the Indian market. It utilizes a 3-pin socket design, supports a 6A power rating, and a state retention feature that ensures that appliances go back to their last state (on/off) in case of a power outage and resumption. The Amazon Smart Plug is priced at INR 1,999 in India and can now be purchased on Amazon India and at select Croma and Reliance Digital outlets.

What are the market factors that are explained in the report?

– Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

– Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

– Analytical Tools: The Smart Plug Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. Analytical tools such as Porter’s five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.

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