Dublin, May 03, 2023 (GLOBE NEWSWIRE) — The report, Smart Wiring Devices Market by Product Type, Applications: Global Opportunity Analysis and Industry Forecast, 2021-2031, has been added to ResearchAndMarkets.com.
According to this report, the global smart wiring devices market was valued at US$7.4 billion in 2021 and is estimated to reach US$21.9 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031 .
Important market participants
Schneider ElectricSiemens AGABB Ltd.Honeywell International Inc.Control4 CorpCrestron Electronics, Inc.Legrand SAJohnson Controls International plc.Lutron Electronics Co., IncLeviton Manufacturing Co., Inc.
The market for Wiring smart devices is expected to register a significant growth rate of 11.6% between 2022 and 2031 due to the increasing market demand from the residential sector.
Smart wiring devices are electrical devices with intelligent technology and connection properties that allow them to connect to other devices and systems in a home or building automation network. These gadgets are said to offer sophisticated features such as remote control, automation, energy management and increased security.
These can be used with other smart devices such as sensors, thermostats and light controls to create a fully connected and automated environment managed by a single app or voice commands. Intelligent wiring gadgets make it easier to manage and monitor electrical systems, increase energy efficiency and reduce overall costs.
Among the key factors driving the growth of the smart wiring devices market is the increasing adoption of smart homes and buildings coupled with the growing demand for energy efficiency. The advent of IoT technology has had a significant impact on the smart wiring device market.
The integration of IoT technology into smart wiring devices has enabled remote control and monitoring of energy consumption and security, resulting in increased energy efficiency, security and convenience. The growing demand for smart homes and buildings is a key driver of the IoT-enabled smart wiring devices market. To meet this need, manufacturers are producing creative solutions that integrate with other smart devices and platforms.
IoT-enabled smart wiring devices can optimize the use of energy resources by smart thermostats and lighting systems, resulting in energy savings. As more and more people seek to automate and control their environments, the market for IoT-enabled smart wiring devices is likely to grow, making IoT-enabled smart wiring devices an important component of the smart home and building ecosystem power.
In addition, the trend towards smart homes and buildings is driving the market for smart wiring devices. These gadgets are used to control lighting, heating and other systems, enabling personalized living or working environments. In addition, smart wiring devices help save energy by monitoring and limiting energy consumption, resulting in significant energy cost savings.
The market also offers growth opportunities to the major market players. Smart cabling devices are critical to the construction and operation of these cities as they enable improved data collection and analysis to optimize infrastructure and resource management.
To meet the increasing demand, manufacturers are investing in the development of innovative smart wiring gadgets. The growing popularity of home automation and the Internet of Things (IoT) in smart cities further increases the demand for these gadgets. As a result of these trends, the smart wiring device market is expected to grow significantly in the coming years.
Main benefits for stakeholders
This report provides a quantitative analysis of the market segments, recent trends, estimates 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 on key drivers, restraints and opportunities. Porter’s Five Forces Analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network. An in-depth analysis The Smart Wiring Devices market segmentation helps in determining the prevailing market opportunities. Major countries in each region are mapped according to their revenue contribution to the global market. The positioning of market participants facilitates benchmarking and provides a clear understanding of the current position of market participants. The report provides analysis of regional as well as global Smart Wiring Devices market trends, key players, market segments, application areas, and market growth strategies.
Report AttributeDetailsNo. Pages301Forecast Period2021-2031Estimated Market Value (USD) in 20217.4 billion USDForecast Market Value (USD) by 2031121.9 billion USDCompound Annual Growth Rate11.5%Regions CoveredGlobal
The growing demand for energy efficiencyThe increasing adoption of IoT technology is expected to increase the market opportunitiesThe increasing adoption of smart homes and buildings
Security concerns and lack of standardization High acquisition costs
The growing demand for smart cities
Important market segments
By product type
Smart switchesSmart dimmersSmart thermostatsSmart socketsOther
For more information about this report, visit https://www.researchandmarkets.com/r/v1c3uu
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Global Smart Wiring Devices Market