Market Insights
A smart wi-fi power strip is designed to control and monitor power to each electrical outlet, to improve energy efficiency and prevent power wastage. A smart wi-fi power strip is like a regular power strip, but it can be controlled (together with each individual outlet) by a smartphone or voice assistant. Smart wi-fi power strip protects sensitive electronic devices from sudden power surges. Another perk of a smart wi-fi power strip is that users can operate devices through simple voice commands. These power strips include built-in surge protection to keep electronic devices safe, which greatly decreases the risk of damage and failure, which is a major factor driving the growth of the market.
The consumer electronics market marginally declined due to the COVID-19 pandemic. The pandemic's outbreak had a positive impact on the growth of the smart wi-fi power strip market because of lockdowns around the world and people working from home, which increased the demand to connect multiple devices at the same time.
The smart wi-fi power strip market is estimated to grow at a decent CAGR of 19% during the forecast period to reach a value of US$ 4.2 Billion in 2027. Increasing demand for electronic appliance protection is the major factor, which is expected to drive the market growth during the forecast period. Furthermore, an increase in disposable income and demand for technologically advanced electrical equipment are expected to bolster the demand for smart wi-fi power strips during the forecast period.
Market Segments' Analysis
Market Segments' Analysis
Based on the product type, the market is bifurcated into indoor power strip and outdoor power strip. Indoor power strips are expected to hold the major share of the market during the forecast period. Smart wi-fi power strips are used to upgrade indoor electronic devices, which is the key factor driving the indoor power strip segment's dominance. Furthermore, smart wi-fi power strips are in high demand due to home automation.
Based on the distribution channel type, the market is segmented as online channels and offline stores. Online channels are expected to remain the leading segment of the smart wi-fi power strip market due to the easy availability of different types of power strips. Online channels are also expected to continue to be the market's preferred distribution channel type in the foreseeable future.
Based on the application type, the market is segmented as household, commercial, industrial, and others. Among these application types, the household segment dominates the market. Smart wi-fi power strips are used to control and manage the power usage of home appliances.
In terms of regions, Asia-Pacific is expected to be the fastest-growing region in the market for smart wi-fi power strips over the forecast period. Increasing standard of living and growing demand for electronic devices with advanced technology, are expected to drive significant demand for smart wi-fi power strips in the region.
Key Players
The following are some of the key players in the smart wi-fi power strip market:
- Acme Group
- Aracky
- Belkin International, Inc.
- ConnectSense
- D-Link Corporation
- Felion Technologies Company Limited
- Lanberg
- Lasco
- Teckin
- TP-Link Corporation Limited
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s smart wi-fi power strip market realities and future market possibilities for the forecast period of 2022 to 2027. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The smart wi-fi power strip market is segmented into the following categories:
Smart Wi-Fi Power Strip Market, by Product Type
- Indoor Power Strip (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Outdoor Power Strip (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Smart Wi-Fi Power Strip Market, by Distribution Channel Type
- Online Channel (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Offline Stores (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Smart Wi-Fi Power Strip Market, by Application Type
- Household (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Commercial (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Industrial (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
Smart Wi-Fi Power Strip Market, by Region
- North America (Country Analysis: The USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, The UK, Russia, Italy, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, Argentina, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected].
