The Europe Smart Plug Market would witness market growth of 32.1% CAGR during the forecast period (2022-2028).
The sector is expanding its market share due to rising customer attention on smart device adoption, rising Internet of Things (IoT) device penetration, and rising smartphone penetration. According to estimates, smart plugs can help reduce energy use by turning off linked devices when they are not in use. The adoption of smart household systems and technologies that lean toward home automation applications and changing customer preferences are the main reasons why the market for smart plugs is expected to rise. The market will develop as a result of consumers' growing need for advancements in better energy efficiency, IoT frameworks, and convenient lifestyles.
As consumer needs change, the market is characterized by continual technical innovation. Some of the most recent developments in the sector include intelligent gadgets, the Internet of Things (IoT), Wi-Fi, 5G, and Bluetooth. The increased demand for smart plugs in the U.S. is the primary driver of advancements and developments.
The energy industry contributed 2% of France's GDP in 2019. Energy contributed €44 billion to France's trade deficit in 2019. In 2018, 9% of the average household's monthly budget went toward electricity. Primary domestic production accounts for little more than half of the nation's energy needs. The majority of the fossil fuels that France consumes are imported, and its geographic origin is highly diversified. In addition to using nuclear energy extensively to meet its own needs, France has been exporting electricity for the past 30 years. Electricity and gas have gradually replaced the usage of coal and oil in the major industrial sectors, however, oil-based products are still the standard in the transportation sector. This has less of an impact on global warming.
The Germany market dominated the Europe Industrial Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6.5 million by 2028. The UK market is anticipated to grow at a CAGR of 33.7% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 36.4% during (2022 - 2028).
Based on Product, the market is segmented into Wi-Fi and Bluetooth. Based on Application, the market is segmented into Household, Commercial, and Industrial. The report also covers geographical segmentation of Smart Plug market. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Smart Plug Market will Hit $1.4 Billion by 2028, at a CAGR of 32.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Xiaomi Corporation, Panasonic Corporation, Belkin International, Inc., D-Link Corporation, Lenovo Group Limited, Etekcity Corporation, Ashtead Group PLC, Leviton Manufacturing Co., Inc., TP-Link Technologies Co. Ltd., and SDI Technologies, Inc.
By Product
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