31st December 2018 – Smart outlet market growth is anticipated at a higher CAGR and is fueled by factors such as energy saving and emission reducing devices. In fact, modern homes offer electricity to electrical devices via conventional power junction. Power sockets are not much evolved as fast as everyday devices; despite they tend to be one of the better solutions for smart homes, since the concept of smart homes is gaining traction.
In the recent years, several functionalities have been added to power sockets, such as wireless control or monitoring the current consumption. There can be other better alternatives in terms of smart devices such as smart power sockets and smart power outlet or in case just a smart outlet.
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Technically, a smart power socket uses a Wi-Fi based power outlet that can switch on and off the power from outlet. Common examples include MyPlug, MeterPlug, SafePlug, SmartPlug and PlugWise. SafePlug is one of the most advanced off-the-shelf developments as it can switch on/off the power and constantly monitors current consumption in real-time and identifiesappliances to avert electrical shocks and fires. The above-mentioned power sockets have common functionalities but there is a small difference of proprietary wireless technology. Also, a smart outlet needs a regular home circuit breaker in case of instant reaction by a smart power outlet.
Power outlets usually need different safety measures to prevent electrical shocks. Most common ones include addition of a third prong which minimizes the risk of electric shock and guards the equipment from electrical damage. Power sockets are also encapsulated into a tamper resistant receptacle which prevents insertion of objects. There are power outlets which assist in reducing the electrical shocks when an arc fault occurs in the circuit. Other type includes prevention of shocks by shutting off the power when electricity flowing through the circuit is much superior to the one is returning. Overall, with such advantages possessed by power outlets, the demand for smart homes coupled with smart outlets augments the market growth for the forecast period.
Smart outlet market driving factors is inclusive of rising demand for safety in electrical home devices and the need for more sophisticated electrical infrastructure in smart cities. Additionally, the concept of smart outlet is derived from smart homes which helps in flourishing of the market during the assessment period. On the basis of type, the smart outlet market is segmented into reading socket, regular socket and remote control socket. On the basis of application, the smart outlet market is segmented into household and commercial.
On the basis of geographic segmentation, the smart outlet market spans North America, Latin America, Europe, China, South-East Asia, Japan, Middle-East & Africa. APAC regions dominate the market owing to innovation in electrical devices. China and Japan are anticipated to grow at a higher CAGR during the assessment period. Market in North America, Latin America and Middle-East regions is also expected to rise at a rapid rate owing to rising demand for self-sustaining and low carbon emission devices.
The key players in the smart outlet market include Wemo Insight, GE, ABB, Samsung, Quirky Outlink, Nyrius, Heath-Zenith, Belkin, Securifi Peanut, Apple Homekit, Shenzhen Orvibo Electronics Co. Ltd, Amcrest and IRIS.
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