The global Smart Plug Market was valued at US$ 1.83 Billion in 2022 and is projected to reach USD 9.24 Billion by 2030, growing at a CAGR of 26.1% from 2023 to 2030. Smart plugs are Internet of Things plugs that work with Wi-Fi and Bluetooth. A smart connected plug is the easiest way to make wired devices in a smart home work better and more efficiently and to automate how they work. In the smart home system, these plugs create a network of smart electrical devices.

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The global Smart Plug Market was valued at US$ 1.83 Billion in 2022 and is projected to reach
USD 9.24 Billion by 2030, growing at a CAGR of 26.1% from 2023 to 2030.
Market Overview
Internet of Things sockets that support Wi-Fi and Bluetooth are known as smart plugs. A smart
connected plug is the most convenient method to improve and automate the performance of
wired devices in a smart home. In the smart home system, these connections establish a network
of intelligent electrical appliances. This serves to regulate the functionality of the outlets and
establish a communication protocol between the lights and switches in a specific area. In a smart
home, these plugs are either wired directly into the walls or inserted into a standard electrical
outlet. IoT-compatible software and applications are used to govern the functionality of these
plugs. These devices can be controlled via voice commands and hand gestures with the aid of
Amazon Alexa, Google Home, Siri, and other virtual assistants. When a smartphone, tablet, or
laptop is connected to a smart plug, it can control any tethered or wireless electrical appliance,
such as a fan, light, lamp, or other device.

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The Asia-Pacific market had a value of USD 798.9 million in 2021 and is anticipated to become the
largest market in the globe. Utilization of the Internet of Things and connected devices in smart homes
and smart cities is anticipated to drive regional market expansion. Additionally, the major actors employ
a variety of business strategies to expand their market share in the region.China has the most revenue
because its manufacturing facilities are the most sophisticated. In addition, the rapid adoption of the
Internet of Things and automation in industrial and residential settings may help the market advance.
According to an analysis by Fortune Business Insights, it is also expected to be the country with the
highest rate of growth in the coming years. As a result of the presence of significant players in India and
China, Asia-Pacific is anticipated to experience the greatest growth over the coming years. In addition,
the increasing number of small and medium-sized system manufacturers in developing nations could
contribute to the market's growth. In addition, the government takes action regarding developing
economies.
Regional Analysis

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The Global Smart Plug Market has been segmented into:
By Type
• Wi-Fi
• Bluetooth
By By End Use
• Residential
• Commercial
• Industrial

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The Global Smart Plug Market has been segmented into:
By Region
North America
• US
• Canada
• Mexico
• Rest of North America
The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
•Latin America
• Brazil
• Argentina
• Rest of Latin America
By Region
Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
By Region
Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe

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• In January 2022 - TP-Link is a global provider of smart home products and connected devices.
Launched Tapo Smart Home Line, a new smart home connected device in the US. The product family
includes a variety of smart home products such as lighting control systems, smart plug systems, and IoT
framework-based monitoring devices. This product helps customers simplify their daily smart home
operations.
• In June 2022 - TP-Link, a provider of smart home and connected devices, has launched the Kasa
Smart WiFi Plug Mini, a smart home kit and energy monitoring device. These new devices help monitor
energy consumption and manage the operation of smart home products.
• In January 2020 - Consumer electronics company Belkin introduces the WeMo Wi-Fi smart plug. This
Wemo plug helps Belkin's home kit consumers easily connect all their smart devices.
• In November 2017 - iHome, a smart home solution provider, has launched a smart plug product, the
iSP100. With a power of up to 1,800 watts, it is compatible with outdoor lighting, decoration, and
operational management of smart devices.
Strategic Developments

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• Lenovo Group Limited (Hong Kong)
• Panasonic Corporation (Japan)
• TP-Link Technologies Co., Ltd. (China)
• Xiaomi Inc. (China)
• D-Link Corporation (Taiwan)
• Ankuoo Electronics Inc. (U.S.)
• EDIMAX Technology Co. Ltd. (Taiwan)
• Leviton Manufacturing Co., Inc. (U.S.)
• SDI Technologies, Inc. (U.S.)
• Broad-link Technology Inc. (China)
MARKET PLAYERS

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