Technavio, a tech-focused market research firm, has published a new report on the global smart plugs market, which is expected to grow at a CAGR of close to 38% during the forecast period, 2017-2021.
Based on geographical segmentation, Technavio market researchers categorize the global smart plug market into the following key regions: the Americas, APAC, and EMEA.
Source: Technavio
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Top three contributors for the global smart plug market are elaborated below:
Smart plug market in the Americas: The market for smart plugs in the Americas is projected to experience substantial growth during the forecast period owing to the increase in the popularity and adoption of smart homes in North America. The US is likely to emerge as the key revenue contributing country in the smart plug market in the Americas during the forecast period.
According to Ujjwal Doshi, a lead analyst at Technavio, specializing in research on consumer electronics, “The high Internet and smartphone penetration is driving the growth of the smart plug market in South America, especially in underdeveloped countries in the region.”
Smart plug market in EMEA: The increasing use of smart grid and smart home technologies in Europe is anticipated to drive the growth of the smart plug market in EMEA over the next four years. Within EMEA, the penetration of smart plugs is the highest in Western European countries. Growing implementation of government initiatives that promote the use of smart grids, especially in countries such as the UK, is also an incentive for market growth.
Smart plug market in APAC: Rising smart home penetration in developed markets such as Japan, Singapore, and South Korea will be the fundamental driving force behind the demand for smart plugs in the APAC region. Countries such as China, India, and Indonesia are also anticipated to experience a rise in the demand for smart plugs owing to factors such as rising disposable incomes, urbanization, smartphone and Internet penetration, and growth of the overall retail sector.
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The leading vendors operating in the global smart plug market are:
- Belkin International
- Etekcity
- EDIMAX Technology
- Insteon
Other prominent vendors in the market include D-Link, SDI Technologies, Panasonic, TP-Link, Leviton, and iSmartAlarm.
A more detailed analysis is available in the Technavio report titled, ‘Global Smart Plug Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Distributed Energy Generation Market 2016-2020
- Connected Home Appliance Market in the US 2016-2020
- Global Massage Equipment Market 2017-2021
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