Smart Refrigerator Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2019 – 2025
Report ID: GMI4129
Smart Refrigerator Market size is poised to observe high gains from 2019 to 2025 driven by its increasing developments in smart devices and the need for energy-efficient appliances. These appliances are programmed to identify food products with RFID scanning technology offering a customized cooling feature. The demand for these devices is rising due to the energy-saving feature with intelligent content detection & internal temperature adjustment. These devices aid in the creation of shopping lists depending on the availability of stored food items, further promoting the smart refrigerator market growth. The appliances are gaining popularity in the industry owing to their connectivity feature with other smart devices. The connectivity feature allows users to transfer information to smartphones for setting service reminders and checking the current status. The increasing popularity of smart homes across the globe has led to the high implementation of these systems, which has fueled the market growth.
The factor hindering the smart refrigerator market is security concerns due to the Wi-Fi connection capability. These appliances can be hacked or infected by virus, resulting in network security compromises. Intelligent products need internet connectivity to support intelligent features, which is a challenge in rural and remote areas. Another factor hindering the market growth is the high cost of these appliances compared to traditional fridges. The new intelligent appliances contain components such as RFID scanner, Wi-Fi support chip, etc., which increase the overall product cost. The service & maintenance cost of these appliances is significantly high owing to complex technology and components. These appliances include expensive components, further adding to the cost of replacement. The increasing security and high-speed internet will aid in overcoming the market challenges.
A major trend impacting the smart refrigerator market is enhanced internet connectivity and IoT technology integrated into new products. Wireless communication plays a vital role in monitoring and controlling refrigeration from remote locations. An upcoming trend in the market is the integration of IoT technology, which supports connectivity in devices and provides better functionality. Additionally, the appliance has an LCD display that shows the list of food items, reducing energy wastage when the doors are opened. These panels are transparent, providing visibility of items in the fridge. These connectivity features of these appliances allow sharing content within the devices, which can be displayed on the LCD panel.
In the smart refrigerator market, Wi-Fi technology is gaining high traction owing to the support for smart features offered with Wi-Fi connectivity. The appliance provides various features such as internet connection for data surfing, managing apps, etc. The appliance can also create a grocery list and notify the user on synced smartphones, reducing extra efforts. The user can cast content from smart TV to the fridge display using Wi-Fi technology offered by the appliances. These features provide the user with an enhanced experience and ease of accessibility, supporting the industry development. The fridges are integrated with RFID scanners to scan the food items, keep track of the product expiry dates, and notify about the current information. Additionally, increasing government policies and investments for promoting the adoption of intelligent products & smart homes are developing the market.
In the smart refrigerator market, the residential applications segment is witnessing growth due to the rising popularity of smart devices and IoT in recent years. The increasing development of IoT technology in smart homes is leading to the higher adoption of these devices due to their low power consumption parameters. These products include RFID scanners to identify the food quality and freshness, which provides better cooling condition, supporting the market development. The increasing energy-efficiency norms and government regulations in several regions have led to the increased adoption of energy-efficient appliances. Moreover, the rising consumer awareness about purchasing intelligent home products to track home environments from remote locations and save electricity costs is driving the market growth.
The North America smart refrigerator market is witnessing a rapid growth owing to the high adoption of technically-advanced and smart solutions in the region. The U.S. government has made significant investments in smart cities and smart home development leading to the increased demand for these appliances. The improved standard of living of consumers due to increased disposable income in the U.S. is further supporting the consumption of these appliances. Additionally, Asian countries including China, South Korea, and India are witnessing growth in the market due to technological developments, robust manufacturing sector, and availability of cheap labor in this region.
The major players operating in the smart refrigerator market are LG Electronics, Haier Group Corporation, Samsung Electronics Co. Ltd, AB Electrolux, GE Appliance, and Whirlpool Corporation. The companies are focusing on various strategies, such as mergers & acquisitions, collaborations & partnerships, etc., to gain high profits. These players are highly investing in R&D to develop innovative products to strengthen the product portfolio and gain a competitive advantage. For instance, in August 2018, AB Electrolux announced its strategic partnership with Karma to help the company to develop smart refrigerators integrated with Karma app to reduce food wastage. In July 2018, Samsung Electronics Co. announced its new smart refrigerator, which includes a 21-inch touch screen display with voice command feature. The refrigerator is IoT-enabled and is integrated with Samsung’s Bixby voice assistants.
The smart refrigerator market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipment in units from 2015 to 2025 for the following segments:
By Technology Type
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
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