Increasing adoption of smart homes and home automation devices is expected to boost market growth to a significant extent

VANCOUVER, BC, CANADA, April 26, 2022 /EINPresswire.com/ -- The global smart wi-fi power strip market size is expected to reach USD 4.95 billion by 2028 at a CAGR of 19.8%, according to a new report by Emergen Research. Substantial increase in market revenue can be attributed to growing adoption of smart homes and home automation devices, increasing compatibility of power strips with virtual assistants such as Alexa, Cortana, Siri, or Google Assistant, improved Wi-Fi connectivity for home and office settings, and rising focus on safety of smart home appliances.

Smart wi-fi power strips are increasingly being used to control and monitor smart home devices and appliances remotely. These devices help ensure the safety and maintenance of smart home devices and decrease the chances of malfunction or damage. These electric strips are Wi-Fi enabled and feature built-in surge protection that keeps sensitive electronic appliances safe during sudden power surges caused by extreme weather conditions. Smart wi-fi power strips are equipped with advanced voice control features, energy monitoring features, and smart outlets with in-built USB ports. These devices are ideal for controlling smart and connected devices at home or in game rooms or home office set-ups.

Some major companies in the market report include TP-Link (Kasa Smart), Felion Technologies Company Limited (Vocolinc), D-Link Corporation, ConnectSense, Aracky, Belkin, Lasco, Lanberg, Teckin, Acme, Gosund, myLumii, Lexsong, and LeFun

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The report projects the market is anticipated to grow at a significant rate owing to raid advancements and technological developments in the sector. The report offers strategic recommendations to the businesses and investors to capitalize on the lucrative growth opportunities. The report further provides a comprehensive analysis of the competitive landscape and provides complete coverage with regard to company profiles, product portfolio, revenue generation, financial standing, and market position. It also covers mergers and acquisitions, joint ventures, product launches, brand promotions, collaborations, agreements, and partnerships, among others.

For the purpose of this report, the global smart wi-fi power strip market is segmented on the basis of product type, application, distribution channel, and region:

Product Type Outlook (Revenue, USD Billion; 2018-2028)

Indoor power strip

Outdoor power strip

Application Outlook (Revenue, USD Billion; 2018-2028)

Household

Commercial

Industrial

Others

Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)

Online channels

Offline Stores

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Key Highlights from the Report

In terms of application, the global smart wi-fi power strip market is segmented into household, commercial, industrial, and others. The commercial segment is projected to register the highest revenue growth rate in the coming years.

Factors contributing to the growth of this segment are increasing commercial applications of smart wi-fi power strips including use in workplaces and offices, and rising demand for these devices due to various advantages such as greater convenience, reduced power consumption, and remote access.

The global smart wi-fi power strip market comprises distributions channels including online channels and offline stores. The online channels segment emerged as the leading segment in terms of revenue in 2020. Growth of this segment can be attributed to the easy availability of smart wi-fi power strips on various online platforms such as Amazon, Flipkart, and eBay and increasing preference for online shopping due to greater convenience and availability of options, as well as good offers and discounts.

Regional Analysis:

The report further examines the market in the key regions of the world with regard to production and consumption patterns, import/export, supply and demand ratio, revenue generation, market share and size, and presence of prominent players in the regions. The report also covers the expansion plans undertaken by companies in the regions under the regional analysis section.

Key regions in the market include:

North America

U.S.

Canada

Europe

U.K.

Italy

Germany

France

Rest of EU

Asia Pacific

India

Japan

China

South Korea

Australia

Rest of APAC

Latin America

Chile

Brazil

Argentina

Rest of Latin America

Middle East & Africa

Saudi Arabia

U.A.E.

South Africa

Rest of MEA

Objectives of the Report:

Study of the global Smart Wi-Fi Power Strip market size by key regions, types, and applications with reference to historical data (2018-2019) and forecast (2021-2028)

Industrial structure analysis of the Smart Wi-Fi Power Strip market by identification of various sub-segments

Extensive analysis of key market players along with their SWOT analysis

Competitive landscape bench marking

Analysis of Smart Wi-Fi Power Strip market based on growth trends, futuristic outlook, and contribution to the total growth of the market

Analysis of drivers, constraints, opportunities, challenges, and risks in the global Smart Wi-Fi Power Strip market

Comprehensive analysis of competitive developments such as expansions, agreements, new product launches, and other strategic alliances

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Emergen Research
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