Press release
What are Competitive Forces Driving Smart Plugs and Switches Market Revenue Growth? Major Players are: Honeywell, Belkin, Azpen Innovation, D-Link Systems, Aeon Labs, SAFEMORE, Adesso, Leviton Manufacturing, ITEAD Intelligent Systems, BroadLink
Smart Plugs and Switches Market
A plug or switch is a device which is used to turn on and off devices connected to it in a circuit. The application of IoT and smart networks has converted operation of conventional switches to remote controlled.
Difference between Smart Plugs and Switches
The smart switches can be operated through the smart devices using platform of various applications. Whereas, smart plugs are wireless socket to which appliances can be plugged and then can be switched through remote control.
The smart switches offer user experience of various features for personal lighting experience. The smart plugs are the building blocks of smart homes and offices. These have very versatile uses when applied in smart homes. Therefore, the market of smart plus and switches is expected to grow during the projected period.
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Growth Drivers, Opportunities and Challenges
The factors which drive the growth of the smart plugs and switches market are rise in development of smart cities, emergence of IoT in consumer electronics, and increase in technological advancements in industrial devices.
In addition, the easy conversion of conventional plugs into smart plugs have impacted the smart plugs and switches market. However, high cost of smart plugs and switches in comparison to conventional plugs and switches hamper the smart plugs and switches market growth globally.
Furthermore, growing penetration of smart buildings & infrastructure and emergence of AI in industrial applications offer lucrative opportunities for the smart plugs and switches market.
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New Trend in the Global Market
The latest advancements in smart switching uses artificial intelligence such as Alexa which provides personal lighting experience to the consumer. Therefore, the incorporation of AI in the smart switching and plugs also opens a wide future scope for application. Hence, it is expected to spike the global smart plugs and switch market in the projected period.
Market Segmentation
The market of smart plugs and switches is segmented on the basis of connection type, application, end use, and region.
On the basis of connection type, it is bifurcated into Bluetooth and Wi-Fi. On the basis of application, it is classified into indoors and outdoors. On the basis of end use, it is categorized into domestic, commercial, and industrial. On the basis of region, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major Industry Players
The key players covered in the global smart plugs and switches industry are Honeywell International, Belkin International, Azpen Innovation, D-Link Systems, Aeon Labs, SAFEMORE, Adesso, Leviton Manufacturing, ITEAD Intelligent Systems, BroadLink, SMARTPLUG SYSTEMS, Orange, and ZigBee.
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