Smart wiring devices encompass cutting-edge electrical components and systems designed to introduce advanced functionality, automation, and connectivity into residential or commercial spaces. By harnessing the capabilities of the Internet of Things (IoT), these devices empower users to remotely oversee and control their electrical systems, promoting convenience, energy efficiency, and an overall intelligent living or working environment.
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.
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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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
- 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
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SMART WIRING DEVICES MARKET, BY PRODUCT TYPE
CHAPTER 5: SMART WIRING DEVICES MARKET, BY APPLICATIONS
CHAPTER 6: SMART WIRING DEVICES MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report 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.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.
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 profiled in the study include Schneider Electric, Siemens AG, Honeywell International Inc., Lutron Electronics Co., Inc, and ABB Ltd. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product development, partnership, product launch, and expansion to remain competitive and gain an advantage over the competitors in the market. For instance, in February 2022, ABB offered a wide range of basic to advanced-level smart metering solutions for efficient energy management. The range covers all requirements of low to medium-voltage applications across industrial, commercial, and residential segments. The meters are designed to cover all needs, from the measurement of basic electrical parameters to advanced power quality parameters. In addition, In September 2021, Schneider Electric, the leader in the digital transformation of energy management and automation, today unveiled the Square Dtm X and XD Series connected wiring devices to the public for the first time at the 2021 CEDIA Expo. As the best value in wiring devices, the X Series is feature-rich, including easy installation, refreshed modern design, and smart home compatibility.
Key Market Insights
- By product type, the smart switches segment was the highest revenue contributor to the market and is estimated to reach $8.95 billion by 2031, with a CAGR of 11.5%. However, the smart outlets segment is estimated to be the fastest-growing segment with a CAGR of 13.3% during the forecast period.
- Based on application, the residential segment was the highest revenue contributor to the market, with $3.95 billion in 2021, and is estimated to reach $12.7 billion by 2031, with a CAGR of 12.5%.
- Based on region, Asia-Pacific was the highest revenue contributor, accounting for $2.61 billion in 2021, and is estimated to reach $7.14 million by 2031, with a CAGR of 10.7%.
Companies Mentioned
- 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
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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