Smart Wiring Devices Market By Product Type (Smart Switches, Smart Dimmers, Smart Thermostat, Smart Outlets, Others), By Applications (Residential, Commercial, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032
According to a new report published by Allied Market Research, titled, "Smart Wiring Devices Market," The smart wiring devices market was valued at $7.4 billion in 2021, and is estimated to reach $21.9 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031. The Smart Wiring Devices Market is likely to experience a significant growth rate of 11.6% from 2022-2031 owing to increasing market demand from the residential sector - Allied Market Research
Among the key categories within smart wiring devices are smart switches and outlets. These devices permit users to control lighting fixtures and connected appliances remotely, either through smartphone applications or voice commands via platforms like Amazon Alexa or Google Assistant. Many of these smart switches also offer programmable scheduling, allowing users to automate the on/off cycles of lights or other devices.
Another critical element is the smart thermostat, which intelligently regulates HVAC systems. These devices learn user preferences, adapt to daily routines, and can be managed remotely to optimize energy consumption and ensure a consistently comfortable indoor climate.
Smart plugs represent a straightforward yet impactful addition, converting traditional appliances into intelligent devices. Users can plug in a smart device and gain remote control over connected appliances, managing power states and monitoring energy usage. This proves especially beneficial for appliances lacking built-in smart capabilities.
Integral to many smart wiring systems are smart sensors, including motion sensors, door/window sensors, and environmental sensors. These sensors detect activity, enhance security monitoring, and measure environmental factors like temperature and humidity. Their role in home automation involves triggering specific actions or notifications based on pre-established conditions.
These smart wiring devices often establish communication with a central hub or a smart home platform, creating a seamlessly integrated ecosystem. Notable examples of popular smart home platforms include Google Home, Apple HomeKit, and Samsung SmartThings, providing users with the capability to efficiently manage and coordinate a variety of smart devices.
The growth of global smart wiring devices is majorly driven by rising adoption of IoT technology coupled with the increasing adoption of smart homes and buildings. Moreover, the growing demand for energy efficiency is expected to drive market growth. However, the high initial costs paired with the security concerns and lack of standardization is acting as prime restraint of the global market. On the contrary, the growing demand for smart cities in emerging economies is anticipated to provide lucrative opportunities for the smart wiring devices industry during the forecast period.
The smart wiring devices market is segmented based on product type, application, and region. The product type of market is segmented into smart switches, smart dimmers, smart thermostats, smart outlets, and others. By application, the market is classified into residential, commercial, and industrial.
Region-wise, the smart wiring devices market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). The key players operating in the market 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.
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 2022 to 2032 to identify the prevailing smart wiring devices market opportunities.
The 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 make profit-oriented business decisions and strengthen their supplier-buyer network.
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 the analysis of the regional as well as global smart wiring devices market trends, key players, market segments, application areas, and market growth strategies.
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Investment Opportunities
New Product Development/ Product Matrix of Key Players
Expanded list for Company Profiles
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
List of customers/consumers/raw material suppliers- value chain analysis
Market share analysis of players at global/region/country level
Key Market Segments
By Product Type
Smart Switches
Smart Dimmers
Smart Thermostat
Smart Outlets
Others
By Applications
Residential
Commercial
Industrial
By Region
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players:
Johnson Controls International PLC
Legrand S.A.
Honeywell International Inc.
Leviton Manufacturing Co., Inc.
Schneider Electric
ABB Ltd.
Crestron Electronics, Inc.
Control4 Corp
Siemens AG
Lutron Electronics Co., Inc
TABLE OF CONTENTS
CHAPTER 1: INTRODUCTION
1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top impacting factors
3.2.2. Top investment pockets
3.3. Porter's five forces analysis
3.3.1. Moderate to high bargaining power of suppliers
3.3.2. Moderate to high threat of new entrants
3.3.3. Moderate to high threat of substitutes
3.3.4. Low to high intensity of rivalry
3.3.5. Moderate to high bargaining power of buyers
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. The growing demand for energy efficiency
3.4.1.2. The rising adoption of IoT technology is expected to drive the market opportunity
3.4.1.3. Increasing adoption of smart homes and buildings
3.4.2. Restraints
3.4.2.1. Security concerns and lack of standardization
3.4.2.2. High initial costs
3.4.3. Opportunities
3.4.3.1. The growing demand for smart cities
CHAPTER 4: SMART WIRING DEVICES MARKET, BY PRODUCT TYPE
4.1. Overview
4.1.1. Market size and forecast
4.2. Smart Switches
4.2.1. Key market trends, growth factors and opportunities
4.2.2. Market size and forecast, by region
4.2.3. Market share analysis by country
4.3. Smart Dimmers
4.3.1. Key market trends, growth factors and opportunities
4.3.2. Market size and forecast, by region
4.3.3. Market share analysis by country
4.4. Smart Thermostat
4.4.1. Key market trends, growth factors and opportunities
4.4.2. Market size and forecast, by region
4.4.3. Market share analysis by country
4.5. Smart Outlets
4.5.1. Key market trends, growth factors and opportunities
4.5.2. Market size and forecast, by region
4.5.3. Market share analysis by country
4.6. Others
4.6.1. Key market trends, growth factors and opportunities
4.6.2. Market size and forecast, by region
4.6.3. Market share analysis by country
CHAPTER 5: SMART WIRING DEVICES MARKET, BY APPLICATIONS
5.1. Overview
5.1.1. Market size and forecast
5.2. Residential
5.2.1. Key market trends, growth factors and opportunities
5.2.2. Market size and forecast, by region
5.2.3. Market share analysis by country
5.3. Commercial
5.3.1. Key market trends, growth factors and opportunities
5.3.2. Market size and forecast, by region
5.3.3. Market share analysis by country
5.4. Industrial
5.4.1. Key market trends, growth factors and opportunities
5.4.2. Market size and forecast, by region
5.4.3. Market share analysis by country
CHAPTER 6: SMART WIRING DEVICES MARKET, BY REGION
6.1. Overview
6.1.1. Market size and forecast By Region
6.2. North America
6.2.1. Key market trends, growth factors and opportunities
6.2.2. Market size and forecast, by Product Type
6.2.3. Market size and forecast, by Applications
6.2.4. Market size and forecast, by country
6.2.4.1. U.S.
6.2.4.1.1. Market size and forecast, by Product Type
6.2.4.1.2. Market size and forecast, by Applications
6.2.4.2. Canada
6.2.4.2.1. Market size and forecast, by Product Type
6.2.4.2.2. Market size and forecast, by Applications
6.2.4.3. Mexico
6.2.4.3.1. Market size and forecast, by Product Type
6.2.4.3.2. Market size and forecast, by Applications
6.3. Europe
6.3.1. Key market trends, growth factors and opportunities
6.3.2. Market size and forecast, by Product Type
6.3.3. Market size and forecast, by Applications
6.3.4. Market size and forecast, by country
6.3.4.1. Germany
6.3.4.1.1. Market size and forecast, by Product Type
6.3.4.1.2. Market size and forecast, by Applications
6.3.4.2. France
6.3.4.2.1. Market size and forecast, by Product Type
6.3.4.2.2. Market size and forecast, by Applications
6.3.4.3. UK
6.3.4.3.1. Market size and forecast, by Product Type
6.3.4.3.2. Market size and forecast, by Applications
6.3.4.4. Italy
6.3.4.4.1. Market size and forecast, by Product Type
6.3.4.4.2. Market size and forecast, by Applications
6.3.4.5. Rest of Europe
6.3.4.5.1. Market size and forecast, by Product Type
6.3.4.5.2. Market size and forecast, by Applications
6.4. Asia-Pacific
6.4.1. Key market trends, growth factors and opportunities
6.4.2. Market size and forecast, by Product Type
6.4.3. Market size and forecast, by Applications
6.4.4. Market size and forecast, by country
6.4.4.1. China
6.4.4.1.1. Market size and forecast, by Product Type
6.4.4.1.2. Market size and forecast, by Applications
6.4.4.2. Japan
6.4.4.2.1. Market size and forecast, by Product Type
6.4.4.2.2. Market size and forecast, by Applications
6.4.4.3. India
6.4.4.3.1. Market size and forecast, by Product Type
6.4.4.3.2. Market size and forecast, by Applications
6.4.4.4. South Korea
6.4.4.4.1. Market size and forecast, by Product Type
6.4.4.4.2. Market size and forecast, by Applications
6.4.4.5. Rest of Asia-Pacific
6.4.4.5.1. Market size and forecast, by Product Type
6.4.4.5.2. Market size and forecast, by Applications
6.5. LAMEA
6.5.1. Key market trends, growth factors and opportunities
6.5.2. Market size and forecast, by Product Type
6.5.3. Market size and forecast, by Applications
6.5.4. Market size and forecast, by country
6.5.4.1. Latin America
6.5.4.1.1. Market size and forecast, by Product Type
6.5.4.1.2. Market size and forecast, by Applications
6.5.4.2. Middle East
6.5.4.2.1. Market size and forecast, by Product Type
6.5.4.2.2. Market size and forecast, by Applications
6.5.4.3. Africa
6.5.4.3.1. Market size and forecast, by Product Type
6.5.4.3.2. Market size and forecast, by Applications