Smart Wiring Devices Market Expected to Reach $21.9 Billion By 2031: Says Allied Market Research
The global smart wiring devices market is experiencing growth due to the rising demand for energy efficiency and the widespread adoption of smart homes and buildings. Among the different types of smart wiring devices, smart switches hold the largest market share as of 2021. Looking ahead, North America is expected to be a profitable region for the market by 2031.
Portland, OR, March 17, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global smart wiring devices market is estimated to grow from $7.4 billion in 2021, and is projected to reach $21.9 billion by 2031, registering a CAGR of 11.6% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report Coverage and Details:
|Market Size in 2021||$7.4 billion|
|Market Size in 2031||$21.9 billion|
|No. of Pages in Report||301|
|Segments Covered||Product Type, Applications, and Region|
|Drivers||Rising adoption of IoT technology|
|Surge in demand for HD and Ultra HD sound quality audio tracks|
|Surge in the number of smart homes and buildings|
|Opportunities||Increasing demand for smart cities|
|Restraints||Security concerns and lack of standardization|
|High initial costs|
- Despite the pandemic’s negative impact on the global smart wiring devices market, the appeal of these devices happened to increase due to their remote control capabilities, which help to reduce the need for physical contact with light switches and other devices.
- Additionally, market players are introducing smarter wiring devices at affordable prices while also enhancing the quality and durability of their products.
The smart wiring devices market is segmented on the basis of product type, applications, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By product type, the smart switches segment held the highest share in 2021, garnering more than two-fifths of the global smart wiring devices market revenue. The smart outlets segment, would showcase the fastest CAGR of 13.3% throughout the forecast period.
By application, the residential segment contributed to more than half of the global smart wiring devices market share in 2021 and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 12.5% throughout the forecast period. The commercial and industrial segments are also discussed in the report.
By region, North America held the major share in 2021, garnering more than one-third of the global smart wiring devices market revenue. The Asia-Pacific region, on the other hand, would showcase the fastest CAGR of 13.0% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
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The key market players analyzed in the global smart wiring devices market report include Schneider Electric, Siemens AG, ABB Ltd., Leviton Manufacturing Co Inc., Lutron Electronics Co., Inc., Crestron Electronics, Control4 Corp., Johnson Controls International PLC, Legrand S.A., and Honeywell International Inc. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
Key Benefits For Stakeholders:
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the smart wiring devices market analysis from 2021 to 2031 to identify the prevailing smart wiring devices market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the smart wiring devices market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global smart wiring devices market trends, key players, market segments, application areas, and market growth strategies.
Smart Wiring Devices Market Key Segments:
By Product Type:
- Smart Switches
- Smart Dimmers
- Smart Thermostat
- Smart Outlets
- North America (U.S., Canada, and Mexico)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Netherlands, Belgium, Poland, and Rest of Europe)
- Asia-Pacific (China, Japan, India, South Korea, Australia, Malaysia, Thailand, Philippines, Indonesia, and Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East and Africa)
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports“ and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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