Smart Power Strips Market Size, Share & Industry Analysis, By Device Type (Indoor, Outdoor), By Distribution (Online, Offline), By Application (Residential , Commercial , Industrial) And Regional Forecast, 2024-2032

The smart power strip is designed to monitor and control the power of each socket on the power board to improve energy efficiency and prevent household electronic equipment from wasting energy. Smart power strips allow users to remotely control, monitor, and manage devices. These power strips include built-in surge protection to ensure the safety of electronic devices. This reduces the chance of damage and failure, which is an essential factor driving market revenue growth to a great extent.

According to the application, the global smart power strip market is segmented into residential, commercial, and industrial. During the forecast period, the income of the household sector is expected to grow steadily. Using smart power strips in the home reduces power consumption by turning off the power of products entering standby mode. Some smart power cards have 6 USB ports for convenience. This helps reduce the number of bulky cargo blocks and makes the home more aesthetic. Smart power boards can help monitor lights in the house and smart kitchen appliances and other electronic devices.

The global smart power supply strips market is divided into indoor and outdoor, based on device type. The indoor segment owes most of the market share and is expected to grow during the forecast period. The smart power strip is an inexpensive and easy-to-use way to upgrade the electronics of indoor home devices, which can be controlled with a smartphone. Smart power boards are a simple introduction to home automation because they can function independently. Also, some power boards have a built-in power tracking function, which is a novel feature. Most of these power boards include built-in surge protection to ensure the safety of indoor electronic equipment, reducing the possibility of damage and malfunction, thus increasing a higher level of security.

The global smart power supply board market is divided into online and offline based on the distribution channels. Due to the easy availability of different types of smart power strips, the online sector will account for most of the revenue in 2020. There is no space restriction on the online platform, and different products can be displayed on the network or platform. Online distribution channels save time and effort and provide good savings and discounts. Online segment revenue is expected to grow steadily during the forecast period.

Smart power strips are ideal for controlling electronic devices in homes or businesses. It also protects sensitive electronic devices and appliances from sudden power surges that can cause irreparable or costly damage. Another advantage is that users can control the device through simple voice commands through Google Assistant and Alexa. Users can instruct their device's voice assistant to turn it off when the room light or other device gets too hot to avoid potential damage due to heating. All these factors will lead to the growth of the market.

Wall-connected smart multi-taps also have power detection challenges. If the strip sensor doesn't have enough precision to detect when the device goes into standby mode, the electronics can consume and sustain power when not needed. Motion detector Action Smart Strips may cause problems when used on some types of devices. One can connect their computer to one of these districts and find that one is leaving the room without saving any data and shutting it all down with the work unsaved. These issues can negatively impact the market during the forecast period.

Key Market Driver -

Increasing demand for device protection to enhance market growth

Key Market Restraint -

Power and motion detection issues to stagnate market

Key Players Covered:

Major companies in the smart power strips market are  D-Link, Aracky, TP-Link, Belkin International, Acme Tools, Xergy Inc, myLumii, Lanberg, Teckin, Fujitsu, Revogi, Homeflow, and Gosund.

Regional Analysis:

The smart power strips market is studied across North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the dominant market at present. North America represents a robust approach, as it focuses on technological advances and allows the adoption of other technologies that would enable sustainable energy practices. Consumers can spend more on advanced technologies with high disposable income and support other essential factors that support different vital aspects. 

The Asia-Pacific region has increased its standard of living and increased the adoption of electronic devices in countries in the area, accounting for the highest profit during the forecast period. Currently, China's power strip market revenues are registering more significant income growth, focusing on rapidly increasing economic growth and sustainable development. Investment in innovation and production of valuable products in Japan is an essential factor that promotes the growth of the Chinese market. Europe, Middle East & Africa, and Latin America are expected to have favorable markets as well. The growing consumer electronics sector in these regions will account for their growth.

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Segmentation

Key Industry Developments

• On October 12, 2020, Jasco, the industry leader in home lighting and electronics products, announced a new line of Enbrighten WiFi smart home products designed to simplify life and connect the home from the inside out.


• In 2019, SmartThings, a leader in automation and simple manufacturing methods for smart homes, announced its integration with Kasa Smart from TPLink, the world's leading smart home product supplier. Through this integration, many of Kasa's most popular smart home devices became fully compatible with the SmartThings platform and are certified under the Works With SmartThings program.