LOS ANGELES, Jan. 11, 2019 (GLOBE NEWSWIRE) — A new report published by QY Research offers comprehensive analysis of the global smart outlet market. Titled “Global Smart Outlet Market Insights, Forecast to 2025” the report includes a forecast where the market is predicted to earn around US$ 1,242.25 Mn by the end of 2028. In 2017, the market was valued at a US$ 131.19 Mn. Between 2018 and 2025, it is likely to expand at an exponential CAGR of 22.4%.
The production value of the global smart outlet market is expected to touch a US$ 1,101.35 Mn by the end of 2028, rising from a US$ 116.15 Mn achieved in 2017. By the end of 2028, the global sales volume is predicted to reach 59,855.78 K Units, progressing from 5,907.95 K Units reached in 2017.
Global Smart Outlet Market: Trends
Companies are foretold to see the gap between their prices narrowing down in future. Furthermore, there could be fluctuations in their gross margins. The overall growth rate of the global smart outlet market is forecast to decline in the coming years, taking into account the factors of update rate and market capacity. However, in the recent years, the market has shown fast growth due to the development of smart home systems.
Global Smart Outlet Market: Drivers and Restraints
The need to save power and reduce electricity bills is foreseen to stoke the demand in the global smart outlet market. Increasing focus on the development of smart cities could push the market growth in the near future.
The rising need to monitor energy is expected to augment the development of the global smart outlet market. Smart outlet can be used to know how much the consumed energy is costing the user and where the energy is consumed. In addition, it helps to keep track of electricity usage in real-time. Such advanced features of smart outlet are anticipated to attract demand in the market.
However, safety concerns and low awareness about smart outlet products could inhibit the growth of the market. Nonetheless, vendors could benefit from the introduction of AI-driven products.
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Global Smart Outlet Market: Product, Application, and Region
By product, the global smart outlet is classified into online and offline. On the basis of application, it is segmented into commercial use and household use.
The authors of the report also segment the global smart outlet market by region and country. Readers are provided with detailed analysis of key geographical markets, viz. India, Southeast Asia, Japan, China, Europe, and North America.
Asia, Europe, and North America accommodate important product markets for smart outlet. Moreover, they witness a wide distribution of giant manufacturers operating globally.
Global Smart Outlet Market: Key Players
Securing a majority of the total share of high-end smart outlet markets, leading players are foreseen to take advantage of their higher-quality after sales and technical services, better performance, and access to more number of sales channels.
The report profiles important players of the global smart outlet market such as Xiaomi, Edimax, Etekcity, Insteon, and Belkin International, Inc., BroadLink, Shenzhen Orvibo Electronics, Samsung, Konke, Nyrius, Media. There are a large number of companies operating across the world that develop smart outlet.
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