The Latin America, Middle East and Africa Smart Wiring Devices Market would witness market growth of 14.0% CAGR during the forecast period (2022-2028).
Numerous nations are rapidly urbanizing and electrifying themselves and undergoing rapid development. Countries such as India, where urbanization is accelerating, are erecting residential complexes and hotels and focusing on tourism. These operations increase electrification, driving the market growth for smart wiring devices. As a result, electricity usage has reached a record level, increasing consumer and private expenditures. With the increase in building activities, the demand for wiring devices has also increased, boosting the market for smart wiring devices.
Safe and dependable operations are one of the advantages associated with smart wiring device technology. Customers view receptacle wiring devices as a more cost-effective application solution because they enable safe and dependable operations. Before plugs are removed, safety shutters on electrical outlets close automatically.
The region's emphasis on the tourism & real estate markets is the primary factor contributing to the rise of the smart home sector. One of the global industries with the quickest growth rates is the Middle Eastern real estate market. Foreign real estate developers have invested large sums of money in countries like Saudi Arabia, Oman, Qatar, Dubai, and others, which has fueled the expansion of the smart house concept in this region, a popular tourist destination. Dubai is becoming the destination that tourists prefer more than any other. Visitors to the region are attracted by several well-known structures, including Burj Al Arab and Burj Khalifa. This is expected to benefit the LAMEA region's market for smart wiring devices.
The Brazil market dominated the LAMEA Smart Wiring Devices Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $273.9 Million by 2028. The Argentina market is experiencing a CAGR of 14.6% during (2022 - 2028). Additionally, The UAE market would showcase a CAGR of 13.7% during (2022 - 2028).
Based on Product Type, the market is segmented into Smart Switches, Smart Outlets, Smart Dimmers, Smart Thermostat and Others. Based on Application, the market is segmented into Residential, Commercial and Industrial. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Smart Wiring Devices Market is Projected to reach USD 14.4 Billion by 2028, at a CAGR of 10.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Schneider Electric SE, Siemens AG, ABB Ltd., Honeywell International, Inc., Control4 Corporation (Snap One Holdings Corp.), Crestron Electronics, Inc., Legrand Group, Johnson Controls International plc, Lutron Electronics Co., Inc, and Leviton Manufacturing Co., Inc.
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