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6 Million Smart Plugs Will Be Sold in the U.S. in 2023, Report Says

Smart plugs, which can be controlled by an app, allows users to turn on and off appliances that plug into a standard wall socket.

DALLAS — An estimated six million smart plugs will be sold in the United States in 2023, with sales revenues approaching $200 million, according to Parks Associates.

Smart plugs, which can be controlled by an app, allows users to turn on and off appliances that plug into a standard wall socket. Users can actively control the plug or automate it so that it responds to schedules and triggers from a security system.

Device manufacturers such as Whisker Labs and Jeeo have launched multifunctional smart plugs that include energy monitoring capabilities and additional smart safety features to encourage wider adoption, according to the research firm’s “Smart Home Tracker: Market Sizing and Trends” report.

“While smart plugs are a staple of the smart home ecosystem today, next-generation products are creating more value through numerous value-added services derived from energy data,” says Tom Kerber, senior director, IoT Strategy, Parks Associates. “Access to high-frequency energy data enables a myriad of home safety, security, aging-in-place, and asset monitoring applications.”

Energy monitoring capabilities in smart home devices can provide consumers with insight on energy consumption and the most cost-effective approaches to save on utility bills. High-frequency energy data also enables appliance health monitoring and failure prediction capabilities. Some smart plugs can even provide safety features such as warning about imminent arc faults.

Parks Associates’ research reveals smoke and fire sensing use cases to be valuable among U.S. consumers. The firm’s Smart Home Tracker report also shows:

  • 23% of consumers who do not intend to purchase a smart home device cite security and privacy concerns as a reason
  • among consumers who reported problems with their connected devices in 2018, 32% reported a loss of wireless connectivity

Smart Home Tracker provides a market sizing summary of 16 devices and services, including smart home controls, security, access control, as well as energy, lighting and water devices. The research also provides industry insights and analysis on artificial intelligence (AI), Cloud services, data analytics, interoperability solutions and networking, product innovation, user interface innovation, and more.

Parks Associates examines advances in smart plugs and smart home products designed to reduce and eliminate the incidence of electrical fires in the whitepaper “IoT Home Safety: Fire Prevention Solutions.”

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