Smart Wiring Devices Market
Smart Wiring Devices Market Size, Share & Trends Analysis Report by Product Type (Smart Switches, Smart Dimmers, Smart Thermostats, Smart Outlets/Plugs, and Others), and by End-User (Residential Sector, Commercial Buildings, Industrial Sector, Government and Public Infrastructure, and Others), Forecast Period (2024-2031)
Smart wiring devices market is anticipated to grow at a CAGR of 12.4% during the forecast period (2024-2031). Smart wiring devices include a collection of components, such as smart switches or plugs that integrate advanced technology to offer enhanced control, automation, and connectivity within a home or building. The devices are seen as a replacement for traditional wiring devices, offering features such as remote control, automation, customization, and energy efficiency among others. The increasing adoption of smart home devices, growing demand for energy-efficient and sustainable devices, and developments in wireless communication technology are key contributors to the global market growth. For instance, in January 2023, Leviton introduced its Decora Edge line of wiring devices, a faster, easier, and safer way to install electrical devices for the home.
Segmental Outlook
The global smart wiring devices market is segmented on the product type and end-user. Based on the product type, the market is segmented into smart switches, smart dimmers, smart thermostats, smart outlets/plugs, and others. Further based on end-users, the market is segmented into the residential sector, commercial buildings, industrial sector, government and public infrastructure, and others. The smart switches subcategory is expected to capture a significant portion of the market share within the product type segment. The high adoption of these switches owing to their ability to provide centralized network management that can improve performance and security. The growth can be attributed to the growing acceptance of IoT-based home automation solutions in addition to the penetration of the electrical infrastructure.
Smart Thermostats Segment is Anticipated to Hold a Considerable Share of the Global Smart Wiring Devices Market
Among the product types, the smart thermostats segment is expected to hold a considerable share of the global smart wiring devices market. The segmental growth is attributed to cost savings and efficiency. Solutions such as the UEI TBH300 satisfy industry expectations for low-cost devices that provide substantial energy savings and operational efficiency. For instance, in July 2022, Universal Electronics Inc. launched the new UEI TBH300 Smart Thermostat. The new UEI TBH300 thermostat sets the standard with a sustainable energy feature that allows property managers and hoteliers to save money and energy on occupied units and rooms. The thermostat is controlled by the RUCKUS IoT suite for hospitality which allows for temperature management in addition to rapid installation.
Regional Outlook
The global smart wiring devices market is further segmented based on geography including North America (the US, and Canada), Europe (the UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia-Pacific), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, North America is anticipated to hold a prominent share of the market across the globe, owing to the presence of significant companies investing in next-generation IoT solutions.
The Global Smart Wiring Devices Market Growth by Region 2023-2031
The Asia-Pacific Region is Expected to Grow at a Significant CAGR in the global Smart Wiring Devices Market
Asia-Pacific is anticipated to exhibit the highest CAGR during the forecast period. With growing digitalization, the growing demand for high-end solutions across the region is a key factor driving the regional market growth. The debut of Blenze Pro corresponds to the growing trend in expensive building projects for high-quality, design-centric wiring devices. For instance, in March 2023, Honeywell launched a premium range of wiring devices, Blenze Pro for the Indian market. Blenz Pro range is specifically designed to meet the high-end wiring requirements of architects, interior designers, builders, and developers for residential, commercial, and hospitality buildings. It features high-quality metal and glass front plates, offering a sophisticated look, silent operation, and perfect illumination, enhancing convenience and aesthetics.
Market Players Outlook
The major companies serving the smart wiring devices market include ABB Group, General Electric Co., Honeywell International Inc., Hubbell Inc., and Legrand S.A. among others. The market players are considerably contributing to the market growth by adopting various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in June 2023, ABB acquired Eve Systems GmbH, the new interoperating standard and wireless connectivity technology. The company is set to expedite the delivery of safe, smart, and energy-efficient homes and buildings through Eve's comprehensive range of retrofit-focused consumer-facing products.
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global smart wiring devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. By Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Market Trends
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.2. ABB Group
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. General Electric Co.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Honeywell International Inc.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Key Strategy Analysis
4. Market Segmentation
4.1. Global Smart Wiring Devices Market by Product Type
4.1.1. Smart Switches
4.1.2. Smart Dimmers
4.1.3. Smart Thermostats
4.1.4. Smart Outlets/Plugs
4.1.5. Others (Smart Panels/Distribution Boards, and Smart Circuit Breakers)
4.2. Global Smart Wiring Devices Market by End-User
4.2.1. Residential Sector
4.2.2. Commercial Buildings
4.2.3. Industrial Sector
4.2.4. Government and Public Infrastructure
4.2.5. Others (Healthcare Facilities, and Educational Institutions)
5. Regional Analysis
5.1. North America
5.1.1. United States
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
5.4.1. Latin America
5.4.2. Middle East and Africa
6. Company Profiles
6.1. Crestron Electronics, Inc.
6.2. Eaton Corp. Plc
6.3. Johnson Controls International plc
6.4. Honeywell International Inc.
6.5. Hubbell Inc.
6.6. Legrand S.A.
6.7. Leviton’s
6.8. Lutron Electronics Co., Inc
6.9. OSRAM GmbH
6.10. Panasonic Corp.
6.11. Samsung Electronics Co., Ltd.
6.12. Schneider Electric
6.13. Siemens AG.
6.14. Snap One, LLC
6.15. Wink Labs Inc.
1. Global Smart Wiring Devices Market Research and Analysis by Product Type, 2023-2031 ($ Million)
2. Global Smart Switches Market Research and Analysis by Region, 2023-2031 ($ Million)
3. Global Smart Dimmers Market Research and Analysis by Region, 2023-2031 ($ Million)
4. Global Smart Thermostats Market Research and Analysis by Region, 2023-2031 ($ Million)
5. Global Smart Outlets/Plugs Market Research and Analysis by Region, 2023-2031 ($ Million)
6. Global Smart Wiring Devices for Other Products Market Research and Analysis by Region, 2023-2031 ($ Million)
7. Global Smart Wiring Devices Market Research and Analysis by End-User, 2023-2031 ($ Million)
8. Global Smart Wiring Devices for Residential Sector Market Research and Analysis by Region, 2023-2031 ($ Million)
9. Global Smart Wiring Devices for Commercial Buildings Market Research and Analysis by Region, 2023-2031 ($ Million)
10. Global Smart Wiring Devices for Industrial Sector Market Research and Analysis by Region, 2023-2031 ($ Million)
11. Global Smart Wiring Devices for Government And Public Infrastructure Market Research and Analysis by Region, 2023-2031 ($ Million)
12. Global Smart Wiring Devices for Other End-Users Market Research and Analysis by Region, 2023-2031 ($ Million)
13. Global Smart Wiring Devices Market Research and Analysis by Region, 2023-2031 ($ Million)
14. North American Smart Wiring Devices Market Research and Analysis by Country, 2023-2031 ($ Million)
15. North American Smart Wiring Devices Market Research and Analysis by Product Type, 2023-2031 ($ Million)
16. North American Smart Wiring Devices Market Research and Analysis by End-User, 2023-2031 ($ Million)
17. European Smart Wiring Devices Market Research and Analysis by Country, 2023-2031 ($ Million)
18. European Smart Wiring Devices Market Research and Analysis by Product Type, 2023-2031 ($ Million)
19. European Smart Wiring Devices Market Research and Analysis by End-User, 2023-2031 ($ Million)
20. Asia-Pacific Smart Wiring Devices Market Research and Analysis by Country, 2023-2031 ($ Million)
21. Asia-Pacific Smart Wiring Devices Market Research and Analysis by Product Type, 2023-2031 ($ Million)
22. Asia-Pacific Smart Wiring Devices Market Research and Analysis by End-User, 2023-2031 ($ Million)
23. Rest Of The World Smart Wiring Devices Market Research and Analysis by Region, 2023-2031 ($ Million)
24. Rest Of The World Smart Wiring Devices Market Research and Analysis by Product Type, 2023-2031 ($ Million)
25. Rest Of The World Smart Wiring Devices Market Research and Analysis by End-User, 2023-2031 ($ Million)
1. Global Smart Wiring Devices Market Share by Product Type, 2023 Vs 2031 (%)
2. Global Smart Switches Market Share by Region, 2023 Vs 2031 (%)
3. Global Smart Dimmers Market Share by Region, 2023 Vs 2031 (%)
4. Global Smart Thermostats Market Share by Region, 2023 Vs 2031 (%)
5. Global Smart Outlets/Plugs Market Share by Region, 2023 Vs 2031 (%)
6. Global Smart Wiring Devices for Other Products Market Share by Region, 2023 Vs 2031 (%)
7. Global Smart Wiring Devices Market Share by End-User, 2023 Vs 2031 (%)
8. Global Smart Wiring Devices for Residential Sector Market Share by Region, 2023 Vs 2031 (%)
9. Global Smart Wiring Devices for Commercial Buildings Market Share by Region, 2023 Vs 2031 (%)
10. Global Smart Wiring Devices for Industrial Sector Market Share by Region, 2023 Vs 2031 (%)
11. Global Smart Wiring Devices for Government and Public Infrastructure Market Share by Region, 2023 Vs 2031 (%)
12. Global Smart Wiring Devices for Other End-Users Market Share by Region, 2023 Vs 2031 (%)
13. Global Smart Wiring Devices Market Share by Region, 2023 Vs 2031 (%)
14. US Smart Wiring Devices Market Size, 2023-2031 ($ Million)
15. Canada Smart Wiring Devices Market Size, 2023-2031 ($ Million)
16. UK Smart Wiring Devices Market Size, 2023-2031 ($ Million)
17. France Smart Wiring Devices Market Size, 2023-2031 ($ Million)
18. Germany Smart Wiring Devices Market Size, 2023-2031 ($ Million)
19. Italy Smart Wiring Devices Market Size, 2023-2031 ($ Million)
20. Spain Smart Wiring Devices Market Size, 2023-2031 ($ Million)
21. Rest Of Europe Smart Wiring Devices Market Size, 2023-2031 ($ Million)
22. India Smart Wiring Devices Market Size, 2023-2031 ($ Million)
23. China Smart Wiring Devices Market Size, 2023-2031 ($ Million)
24. Japan Smart Wiring Devices Market Size, 2023-2031 ($ Million)
25. South Korea Smart Wiring Devices Market Size, 2023-2031 ($ Million)
26. Rest Of Asia-Pacific Smart Wiring Devices Market Size, 2023-2031 ($ Million)
27. Rest Of The World Smart Wiring Devices Market Size, 2023-2031 ($ Million)
