Smart-Connected Power Plug Socket Market: Industry Outlook, Growth Prospects and Key Opportunities

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.

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.

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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 smart-connected power plug socket 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 smart-connected power plug socket 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 smart-connected power plug socket market.

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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.