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Global Smart Wiring Devices Market to reach USD 19.91 billion by the end of 2030

Global Smart Wiring Devices Market Size study & Forecast, by Product (Smart Switches, Smart Dimmers, Smart Thermostat, Smart Outlets, Others), by Application (Residential, Commercial, Industrial) and Regional Analysis, 2023-2030

Product Code: EESC-49270892
Publish Date: 20-01-2024
Page: 200

Global Smart Wiring Devices Market is valued at approximately USD 8.1 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 11.9% during the forecast period 2023-2030. Smart wiring devices are electrical components that have integrated advanced technologies, enabling them to communicate, interact, and be remotely controlled or automated. These devices have features such as wireless connectivity, sensors, and smart functionality. Smart wiring devices are often part of a larger smart home or building automation system, allowing users to monitor and control their electrical infrastructure through smartphones, tablets, or voice commands. The Smart Wiring Devices Market is expanding because of factors such as rising adoption of smart homes, growing demand for smart cities and growth of the Internet of Things (IoT).

Smart wiring devices offer homeowners the convenience of controlling and monitoring their home environments remotely. The ability to adjust settings, schedule tasks, and receive real-time updates enhances comfort and convenience, contributing to the growing popularity of smart homes, resulting in market growth. According to Statista, the global number of smart homes in the year 2019 reached 191.4 million which increased to 307.82 million in the year 2022 and it is projected to reach 672.57 million by the year 2027. Thus, rising development and adoption of smart homes are driving the market growth. In addition, rising industrialization automation and rising integration of AI capabilities into smart wiring devices are creating new opportunities for market growth. However, the high installation cost of Smart Wiring Devices stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Smart Wiring Devices Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing rising development of smart homes, rising technological advancement, rising government support for the industrial automation, and rising smart city initiatives in the region. Whereas, Asia Pacific is projected to grow at the fastest rate owing to factors such as rising construction of industrial buildings, rising urbanization, and development of smart homes in the region.

Major market player included in this report are:
Schneider Electric
Siemens AG
Honeywell International Inc.
Lutron Electronics Co., Inc,
ABB Ltd.
Johnson Controls International PLC
Control4 Corporation
Eaton Corporation
Leviton Manufacturing Co., Inc.
Hubbell Incorporated

Recent Developments in the Market:
Ø In September 2022, Lutron Electronics expanded its product range with the introduction of the Diva smart dimmer and the Claro smart switch. The Diva smart dimmer seamlessly integrates the signature design and user-friendly experience of the DIVA series with the Caséta portfolio, known as the industry’s, most interconnected smart lighting control system.
Ø In September 2021, Schneider Electric, a frontrunner in energy management and automation digital transformation, officially introduced the Square Dtm X and XD Series connected wiring devices at the 2021 CEDIA Expo. Representing exceptional value in wiring devices, the X Series boasts a range of features, including user-friendly installation, a modernized design, and compatibility with smart home systems.

Global Smart Wiring Devices Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Product, Application, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Product:
Smart Switches
Smart Dimmers
Smart Thermostat
Smart Outlets
Others

By Application:
Residential
Commercial
Industrial

By Region:

North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Smart Wiring Devices Market, by Region, 2020-2030 (USD Billion)
1.2.2. Smart Wiring Devices Market, by Product, 2020-2030 (USD Billion)
1.2.3. Smart Wiring Devices Market, by Application, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Smart Wiring Devices Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Smart Wiring Devices Market Dynamics
3.1. Smart Wiring Devices Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Rising adoption of smart homes
3.1.1.2. Growing demand for smart cities
3.1.1.3. Growth of the Internet of Things (IoT)
3.1.2. Market Challenges
3.1.2.1. High Cost of Smart Wiring Devices
3.1.3. Market Opportunities
3.1.3.1. Rising industrialization automation
3.1.3.2. Rising integration of AI capabilities
Chapter 4. Global Smart Wiring Devices Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Smart Wiring Devices Market, by Product
5.1. Market Snapshot
5.2. Global Smart Wiring Devices Market by Product, Performance – Potential Analysis
5.3. Global Smart Wiring Devices Market Estimates & Forecasts by Product 2020-2030 (USD Billion)
5.4. Smart Wiring Devices Market, Sub Segment Analysis
5.4.1. Smart Switches
5.4.2. Smart Dimmers
5.4.3. Smart Thermostat
5.4.4. Smart Outlets
5.4.5. Others
Chapter 6. Global Smart Wiring Devices Market, by Application
6.1. Market Snapshot
6.2. Global Smart Wiring Devices Market by Application, Performance – Potential Analysis
6.3. Global Smart Wiring Devices Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
6.4. Smart Wiring Devices Market, Sub Segment Analysis
6.4.1. Residential
6.4.2. Commercial
6.4.3. Industrial
Chapter 7. Global Smart Wiring Devices Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Smart Wiring Devices Market, Regional Market Snapshot
7.4. North America Smart Wiring Devices Market
7.4.1. U.S. Smart Wiring Devices Market
7.4.1.1. Product breakdown estimates & forecasts, 2020-2030
7.4.1.2. Application breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Smart Wiring Devices Market
7.5. Europe Smart Wiring Devices Market Snapshot
7.5.1. U.K. Smart Wiring Devices Market
7.5.2. Germany Smart Wiring Devices Market
7.5.3. France Smart Wiring Devices Market
7.5.4. Spain Smart Wiring Devices Market
7.5.5. Italy Smart Wiring Devices Market
7.5.6. Rest of Europe Smart Wiring Devices Market
7.6. Asia-Pacific Smart Wiring Devices Market Snapshot
7.6.1. China Smart Wiring Devices Market
7.6.2. India Smart Wiring Devices Market
7.6.3. Japan Smart Wiring Devices Market
7.6.4. Australia Smart Wiring Devices Market
7.6.5. South Korea Smart Wiring Devices Market
7.6.6. Rest of Asia Pacific Smart Wiring Devices Market
7.7. Latin America Smart Wiring Devices Market Snapshot
7.7.1. Brazil Smart Wiring Devices Market
7.7.2. Mexico Smart Wiring Devices Market
7.8. Middle East & Africa Smart Wiring Devices Market
7.8.1. Saudi Arabia Smart Wiring Devices Market
7.8.2. South Africa Smart Wiring Devices Market
7.8.3. Rest of Middle East & Africa Smart Wiring Devices Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Schneider Electric
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. Siemens AG
8.3.3. Honeywell International Inc.
8.3.4. Lutron Electronics Co., Inc,
8.3.5. ABB Ltd.
8.3.6. Johnson Controls International PLC
8.3.7. Control4 Corporation
8.3.8. Eaton Corporation
8.3.9. Leviton Manufacturing Co., Inc.
8.3.10. Hubbell Incorporated
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
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Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
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Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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