Smart Home Popularity To Drive Smart Plug Market

The global smart plug market size is expected to reach US$20.84 billion by 2028, says a report by Million Insights. It is expected to expand at a compound annual growth rate of 36.2 per cent from 2021 to 2028. The rising popularity of smart homes, technological innovation in home automation, and consumers' inclination toward a digitally comfortable lifestyle are expected to drive the market. Smart plugs offer several benefits such as monitoring and operating home appliances remotely and energy monitoring of individual devices, thus resulting in energy and cost savings. These products help to reduce manual efforts and archive home automation by controlling devices like washing machines, TVs, fridges, air conditioners, and security systems through mobile applications remotely. North America is expected to witness the fastest growth from 2021 to 2028 owing to the increasing adoption of home automation technologies and energy-efficient and innovative household appliances in the U.S. and Canada.