Smart Refrigerator Market Size

Smart Refrigerator Market Size

Smart Refrigerator Market size surpassed USD 2.5 billion in 2018 and is estimated to grow at over 12% CAGR between 2019 and 2026. The global industry shipments are projected to reach 2 million units by 2026.

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Growing smart home establishments, increasing penetration of intelligent appliances, and consumer awareness are driving the smart refrigerator market globally. Consumers in North America and Europe are shifting toward intelligent home appliances to reduce power consumption and gain benefits from internet connectivity features. Smart refrigerators are gaining high market demand owing to smartphone connectivity options that allow operations from distant locations. These fridges have sensors and energy control technology, aiding limited usage of electricity and supporting environmental conservation initiatives in several countries. Furthermore, new product launches with technical advancements and regional expansion by established fridge manufacturers have created opportunities for market development.

Smart fridges offer connectivity with search engines, smart speakers, and other smart technologies, providing enhanced comfort, convenience, and efficiency to the users and supporting market trends. The changing consumer lifestyles and shift toward purchasing advanced electric products supported by increased disposable income will boost market demand. These market trends along with the easy availability of intelligent appliances and the growing knowledge of consumers in the developing countries will support product demand. The industry growth is attributed to the launch of new products depending on the consumer interest, regional preferences, and purchasing capacity by major manufacturers. Moreover, the architectural developments in new residences and the need for intelligent products to support aesthetics are transforming the market outlook.

The smart refrigerator industry challenges include several security and malware issues, increasing the chances of personal data leaks. Smart fridges are prone to software hacking and cyber-attacks due to weak security parameters and connectivity with other home devices. Market leaders are working on the development of a strong software and IoT features to prevent such issues and offer better security to consumer data.