Industry Analysis : Smart-Connected Power Plug Socket Global Market - Size, Share, Growth, Trends, and Forecast 2017 - 2025

Press Release - 09 May2018

Global Research and Development News --

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"Smart-Connected Power Plug Socket Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025" with coming years Industries Trends, projections of Global Growth, Major key player and Case study, Review, Share, Size, Effect.

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Smart-connected power plug sockets add different functionalities to the conventional power plug sockets which includes wireless control and current consumption monitoring. These sockets are able to detect overconsumption that might lead to overheating in low-current systems and, therefore, to an electrical fire. The National Fire Protection Association (NFPA) in one of its report states that in 2011, there were 47,700 home electrical fires in the U.S. alone that resulted in large number of deaths. With the help of smart-connected power plug socket, power supply can be monitored remotely using wireless sensor network technology.

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High technology adoption rate along with growing number of connected and IoT based devices are creating vulnerabilities in the conventional power plug sockets. This needs to be addressed properly and a smart-connected power plug socket could be an option to remove these security exposures. Growth in the smart-connected power plug socket market is anticipated to increase in the near future because of the increase in adoption of smart home solutions.

The growing need for a convenient lifestyle has led to the exponential development of residential automation systems. Along with home automation systems, smart homes can keep a check on the lighting, entertainment systems, and security systems. Many vendors are also providing remote access to home automation systems by offering automation systems through smartphones and other mobile computing devices. Owing to such factors, smart home adoption is increasing across the globe, which eventually increases the adoption of smart home solutions. Smart connected power supply is one such solution. One of the major factors hindering the growth of this market is high pricing of the product. The price of smart-connected power plug sockets is relatively higher than that of conventional power plug sockets.

The global smart-connected power plug socket market can be segmented based on type, application, and region. In terms of type, the market has been bifurcated into Bluetooth and Wi-Fi. The application segment has been divided into household and commercial.

The global smart-connected power plug socket market is segmented on the basis of regions into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America has the largest number of smart-connected power plug socket vendors catering to the high demand from the region.

Adoption rate of smart-connected power plug sockets in North America is comparative high when compared with other regions.  North America is closely followed by Europe in terms of prominent smart-connected power plug socket vendors. This trend can be attributed to the increasing focus on innovations obtained from research and development and security technologies in the developed countries. This is because of the concentration of the premium consumer segment which is higher in these countries when compared to developing countries such as Japan, China and India. Demand for smart homes is growing exponentially in developed countries. In developing countries, smart homes are not as popular. Moreover, the purchasing power of residential consumers is also comparatively low. Therefore, these factors deter the volume sales of the product, which eventually affects the global market of smart-connected power plug sockets.

Some of the major players active in the development of smart-connected power plug sockets include Honeywell International, Belkin International, Azpen Innovation, D-Link Systems, Aeon Labs, SAFEMORE, Adesso, Leviton Manufacturing, ITEAD Intelligent Systems, BroadLink, SMARTPLUG SYSTEMS, Orange, and ZigBee. For instance, the smart power plug developed by Belkin International called WeMo switch, is a Wi-Fi based power outlet that can switch on and off the power. The MeterPlug is another similar power plug that uses Bluetooth technology that can also monitor current consumption.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

~ The study is a source of reliable data on:

• Market segments and sub-segments
• Market trends and dynamics
• Supply and demand
• Market size
• Current trends/opportunities/challenges
• Competitive landscape
• Technological breakthroughs
• Value chain and stakeholder analysis

~ The regional analysis covers:

• North America (U.S. and Canada)
• Latin America (Mexico, Brazil, Peru, Chile, and others)
• Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
• Eastern Europe (Poland and Russia)
• Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
• Middle East and Africa (GCC, Southern Africa, and North Africa)

The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.

A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.

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~ Highlights of the report:

• A complete backdrop analysis, which includes an assessment of the parent market
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• Market segmentation up to the second or third level
• Historical, current, and projected size of the market from the standpoint of both value and volume
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