Smart Outlet Market Size, Share, Growth and Industry Analysis, By Type (Off-line and Online), By Application (Household Use and Commercial Use), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Smart Outlet Market REPORT OVERVIEW

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The global smart outlet market size was USD 478 million in 2021 and market is projected to touch USD 3663.9 million by 2031, exhibiting a compound annual growth rate (CAGR) of 22.4% during the forecast period.

A smart outlet serves as a power-point connection adapter or middleman between the connector and any appliances in accordance with the preferences of the customers to the socket. At its most simple, it simply turns the equipment on and off, however when it is linked to a connected home platform, it transforms into a very useful tool. By remotely operating appliances like the fridge, TV, washing machine, air conditioner, and surveillance system through mobile applications, outlets assist to decrease human labor and achieve home automation.

COVID-19 Impact: Increase in Use of Smart Outlets due to their Advantage of Energy-Efficiency which Saves Time

As a result of the COVID-19 epidemic, the globe has increasingly operated or functioned digitally. These smart products are thought to be energy-efficient since they save users' time by automating chores digitally and providing increased security. Customers were excited about the innovation as well as the elimination of tedious manual duties like using a speech-enabled remote to handle all of the equipment rather than depending on manually controlled remote controls for every smart outlet that responds to voice requests.

LATEST TRENDS

"Introduction of New Threat Technology Which Users can Utilize to Manage their Lights from Anywhere in the World"

The new Wemo Smart Dimmer with Thread was introduced in august 2022 by award-winning home automation and Internet of Things company Belkin International. Customers can now use the Home app, Wemo Stage, or Siri to manage their lights from anywhere. The most contemporary and most technologically sophisticated intelligent accessory connection is thread technology, which offers a unique communication system for connected gadgets.

Smart Outlet Market SEGMENTATION

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• By Type

Based on type, the market is distributed into Off-line and Online

• By Application

Based on application, the market is divided into Household Use and Commercial Use.

DRIVING FACTORS

"Helps in Security of the House due to Randomly Switching to Throw Burglars Off and Disconnect to Prevent Damages to Equipment"

There is a feature that lets users build presence simulations in all smart outlets. Devices can be switched on and off at different times during the day in this mode to give the impression that the house is occupied. It is helpful when a person has to leave their residence for work, vacation, or any other reason. Regardless of whether the user is located thousands of miles away, this can stop any burglar from remotely breaking into residences. Additionally, these outlets have shut-off features. If there are voltage spikes or other electrical issues, they are disconnected to prevent damage to the linked equipment.

"Help in Energy Saving by Aiding the User in Optimizing the Energy Use of their Devices and Turn Off Equipment that Consume Excess "

Smart outlets can help users save between 1% and 5% of their energy consumption when used properly. They achieve this by assisting the user in optimizing the energy use of their gadgets and turning off electricity to equipment that consumes energy, such as game consoles, even when they are not in use. While in standby mode, these outlets do drain a tiny amount of current, but not sufficient to cancel out the potential energy savings.

RESTRAINING FACTORS

"Delay in Deliveries and Requirement of Additional Installation Steps can Impact the Expansion of the Outlets Market"

The smart outlet sector expansion has been significantly accelerated by rising online sales; however delays in product deliveries may have an effect on sales. Even if outlets are not costly, consumers nevertheless view them as an additional expense. Some of these products require additional configuration and installation steps in addition to wires and plugs. During the projection period, this may have an impact on the smart outlet market growth.

Smart Outlet Market REGIONAL INSIGHTS

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"North America to Lead the Market due to Rising Usage of Smart Technology and Presence of Major Market Competitors"

In 2021, North America held the smart outlet market share. The market growth has been positively driven by the rising usage of smart home technology. The primary driving forces behind market expansion are the rising popularity of home automation, rising consumer demand for energy-efficient intelligent devices, and the adoption of smart cities as a result of government programmes to raise the standard of living. According to estimates, the U.S. is North America's largest market for outlets, where there is a significant demand due to the existence of major established market competitors and the quickening adoption of cutting-edge home automation technology. Additionally, the market expansion and the proportion of the outlets in the region will probably be boosted by shifting customer tastes and rising disposable income.

KEY INDUSTRY PLAYERS

"Investments in R&D and Development of New Products are Methods Adopted by the Players to Successfully Compete in the Market"

Due to the numerous vendors' investments in R&D operations to develop cutting-edge home automation solutions and their provision of a wide range of goods that support market growth, the smart outlet sector is varied and fiercely competitive. The major players are also concentrating on the development of new products and raising consumer knowledge of the advantages, which are expected to determine the growth of the smart outlet market over the coming year.

List of Market Players Profiled

• Belkin International, Inc (U.S.)
• Insteon (U.S.)
• Etekcity (U.S.)
• Edimax (Taiwan)
• Xiaomi (China)
• BroadLink (China)
• Shenzhen Orvibo Electronics (China)
• Samsung (South Korea)
• Konke (China)
• Nyrius (Canada)
• Media (Canada)

REPORT COVERAGE

This report covers the smart outlet market. The CAGR expected to be in during the forecast period, and also the USD value in 2021 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.