Global Smart Connected Power Plug Socket Market - Industry Size, Trends, Share, Demand & Growth Analysis, Regional Outlook and Forecast 2016-2024

Global Smart Connected Power Plug Socket Market 

Market Overview        

The fast electronic development is making the lives more and more convenient increasing the social demand for power supply capacity. On one hand the need is to save power whereas on the other hand it is a dilemma, how to meet the electricity need of the society. The power plug socket under the environment of internet of things has evolved to be intelligent socket that realizes the capacity, consumption and feedback to the user function timely. The IoT and success of smart connected power plug socket is dependent upon internet penetration and use of smart phones and devices for connectivity. As per the analysis, in 2017 China has the largest internet penetration rate followed by India and the U.S.A. having 1004.11, 331.77and 272.43 number of internet users respectively, on the back of the large number of population.

Goldstein Research analyst forecast the global smart connected power plug socket market size is set to reach USD 130.0 billion by 2024 from the USD 78.0 million in 2016, growing at a CAGR of 6.6% over the forecast years. The rising demand for the convenient and comfortable living, and increasing use of smart phones, laptops and tablets will lead towards the smart home future, the smart connected power plug socket market is expected to grow as per the forecast growth rate.

Covered In This Global Smart Connected Power Plug Socket Market Report

The report covers the present ground scenario and the future growth prospects of the smart connected power plug socket market for 2016-2024 along with the import and export data of the smart connected power plug socket systems. We calculated the market size and revenue share on the basis of revenue generated from major players and sales of smart connected power plug socket system. The connectivity features, demand for accessing remote appliances and energy efficient appliances is also considered while preparing the report.

Global Smart Connected Power Plug Socket Market Segmentation

By Types of Connectivity

• Wi-Fi connectivity
• Bluetooth connectivity
• Zigbee connectivity
• Z Wave Connectivity

By Distribution Channel

• Online channel
• Offline channel

By Application

• Household
• Commercial

Based on Geography

• North America (U.S. & Canada)  smart connected power plug socket market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
• Latin America (Brazil, Mexico, Argentina & Rest of Latin America)  smart connected power plug socket market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
• Europe (The U.K., Germany, France, Italy, Hungary, Spain, Poland, Sweden & RoE)  smart connected power plug socket market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
• Asia-Pacific (China, India, Japan, Singapore, South Korea, Australia, New Zealand, Rest of Asia)  smart connected power plug socket market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)
• Middle East & Africa (GCC, South Africa, North Africa, RoMEA)  smart connected power plug socket market (Market Size ($ Billion) & Y-o-Y Growth Analysis, 2016-2024)

On the basis of type of connectivity, Wi-Fi enabled power plug socket segment has the largest market share, having 78.9% of that total smart connected power plug socket, due to the existence of Wi-Fi feature on the smart phones, laptops and tablets which is convenient and faster to use than other connectivity available options. Offline channel contributes maximum in the revenue generation from the smart connected power plug socket because of ease in installation process.    

Smart connected power plug socket market outlook 2016-2024, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the smart connected power plug socket market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Global smart connected power plug socket market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Market Trends, Drivers and Challenges

The rising trend of using smart connected power plug socket is the growth of DIY market where various appliances can be controlled with their real time energy consumption information. The DIY smart connected power plug socket has become fun activity with various innovations at the cheaper prices than the commercial available alternatives.  

According to the report, the technology advancement such as IoT and autonomous machines is driving the smart connected power plug socket market and driving it towards making smart home of the future into a reality. The smart homes have penetrated into control and connectivity market by 2.1% share and are expected to grow at a CAGR of 33.4% in 2016-2024. 

Further, the major challenge for the smart connected power plug socket market is the high price of the devices because of which every segment of the population is unable to setup them even if they are well equipped with the technology and connecting devices.

Global Smart Connected Power Plug Socket Market Analysis

Based on geography, North America had the largest market share of smart connected power plug socket systems of 36.4% in 2016 because of the fastest technological advancement in this region and high adaption rate of such innovations. Asia Pacific is the fastest growing region at a CAGR of 12.4% in 2016 because of the increasing IoT environment such as in China and India and the countries in this region have been open towards application of technological innovations. The other developed regions such as countries of Europe – Germany, the U.K., France and more are already well equipped with the innovative technology and its application in smart homes. Europe is expected to grow at a slow pace and had market share of 28.3% in 2016.

Key Players

Global smart connected power plug socket market report comprises of the following companies as the key players in the smart connected power plug socket market: Siemens AG , ABB Ltd. , Schneider Electric SE , Emerson Electric Co., General Electric Co., Honeywell International Inc. 

Other high-flying vendors in the smart connected power plug socket market are: Belkin International, Azpen Innovation, Aeon Labs, D-Link Systems, Arduino  

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

For a full detailed overview, send us the sample request.

Key questions answered in this Global Smart Connected Power Plug Socket Market Report

• What is the total market size by 2024 and what would be the expected growth rate?
• What is the revenue of smart connected power plug socket market in 2015-16 and what would be the expected demand over the forecasted period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who all are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

We can provide two hour complimentary interaction with our analyst after the purchase of this market report. Details are imparted within the report.