Dublin, May 03, 2023 (GLOBE NEWSWIRE) -- The "Smart Wiring Devices Market by Product Type, Applications: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
According to this report the global 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.
Key Market Players
- Schneider Electric
- Siemens AG
- ABB Ltd.
- Honeywell International Inc.
- Control4 Corp
- Crestron Electronics, Inc.
- Legrand S.A.
- Johnson Controls International plc.
- Lutron Electronics Co., Inc
- Leviton Manufacturing Co., Inc.
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.
Smart wiring devices are electrical equipment with intelligent technology and connection characteristics that allow them to interface with other devices and systems in a home or building automation network. These gadgets are intended to provide sophisticated functions such as remote control, automation, energy management, and increased safety and security.
These can be used with other smart devices such as sensors, thermostats, and lighting controls to create a fully linked and automated environment managed by a single app or voice commands. Smart wiring gadgets make it easier to administer and monitor electrical systems while also boosting energy efficiency and lowering overall costs.
Key factors driving the growth of the smart wiring devices market include the increasing adoption of smart homes and buildings paired with the growing demand for energy efficiency. The adoption of IoT technology is having a substantial impact on the market for smart wiring devices.
The incorporation of IoT technology into smart wiring devices has enabled remote control and monitoring of energy usage and security, resulting in increased energy efficiency, security, and convenience. The growing need for smart homes and buildings is a primary driver of the market for IoT-enabled smart wiring equipment. To address this need, manufacturers are producing creative solutions that integrate with other smart devices and platforms.
Smart wiring devices that are IoT-enabled can optimize energy resource utilization through smart thermostats and lighting systems, resulting in energy savings. As more individuals seek to automate and control their environments, the market for IoT-enabled smart wiring devices is likely to expand, making IoT-enabled smart wire devices an important component of the smart home and building ecosystem.
Furthermore, the trend towards smart homes and buildings is propelling the smart wiring devices market forward. These gadgets are used to control lighting, heating, and other systems, allowing for personalized living or working environments. Furthermore, smart wiring devices help to conserve energy by monitoring and restricting energy consumption, which results in significant savings on energy costs.
The market also offers growth opportunities to the key players in the market. Smart wiring devices are critical in the building and operation of these cities because they enable improved data collecting and analysis to optimize infrastructure and resource management.
To accommodate the rising demand, manufacturers are investing in the creation of innovative smart wiring gadgets. The growing popularity of home automation and the internet of things (IoT) in smart cities is increasing the demand for these gadgets even higher. As a result of these trends, the smart wiring devices market is expected to experience significant growth in the coming years.
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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 301 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $7.4 billion |
| Forecasted Market Value (USD) by 2031 | $21.9 billion |
| Compound Annual Growth Rate | 11.5% |
| Regions Covered | Global |
Market Dynamics
Drivers
- The growing demand for energy efficiency
- The rising adoption of IoT technology is expected to drive the market opportunity
- Increasing adoption of smart homes and buildings
Restraints
- Security concerns and lack of standardization
- High initial costs
Opportunities
- The growing demand for smart cities
Key Market Segments
By Product Type
- Smart Switches
- Smart Dimmers
- Smart Thermostat
- Smart Outlets
- Others
By Applications
- Residential
- Commercial
- Industrial
For more information about this report visit https://www.researchandmarkets.com/r/v1c3uu
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