Smart Refrigerators Market size worth over $7.5bn by 2026
Published Date: December 20, 2019 Authors: Ankita Bhutani, Prasenjit Saha
Smart Refrigerators Market size is set to surpass USD 7.5 billion by 2026; according to a new research report by Global Market Insights, Inc.
The smart refrigerators market growth is driven by increasing adoption of intelligent appliances in residential & commercial kitchens. The rise in the global demand for smart refrigerators is attributed to the technical advancements and integration of intelligent features, offering high convenience and efficiency. Market leaders are innovating smart refrigerator offerings by integrating cameras, sensors, temperature control technology, and displays that aid in gaining consumer attraction. Smart fridges aid in keeping the contents fresh for a longer time, provide timely stocking alerts and allowing the users to view its content through smartphone applications, supporting high market demand. Manufacturers have also developed smart refrigerators that are connected with voice assistants, allowing users to set timers, create grocery lists, and watch recipes on the screen, further driving the market revenue.
Changing consumer preferences and shift of younger population toward intelligent electric appliances owing to the time & energy-efficiency benefits are creating several market opportunities. The smart refrigerators market is limited by the high initial prices required in the purchasing of the product. The integration of connectivity features, various sensors, and cameras in the smart refrigerators add up to the total development & final costs, limiting purchases by customers with low-investment capabilities. However, the market statistics are expected to grow over the forecast timeline due to the reducing price trends of electronic components & appliances across the globe.
Browse key industry insights spread across 200 pages with 311 market data tables and 23 figures & charts from the report, “Smart Refrigerators Market Size, By Type (Single Door, Double Door, French Door, Door-in-door, Side by Side), By End-Use (Residential, Commercial), By Sales Channel (Retail Channel, Online Channel), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026” in detail along with the table of contents:
Growing demand for side by side fridges in modern residential setups
The market size of side by side refrigerators is expected to witness a high growth owing to their sleek design, space-saving features, and low-cost compared to other options. Side by side smart refrigerators offer more space and allow convenient placing of items at different levels. The doors require less space to swing open and provide storage space for small-size products, supporting the demand and industry growth prospects. The smart refrigerators market is witnessing the development of several side by side products with smart technologies that offer high usage comfort and compatibility with modern kitchen interiors. The innovations in smart kitchens are creating the demand for energy & space-saving appliances owing to the market trends. New product launches at appropriate cost add up to the market demand in developing countries with low investment ability. For instance, in January 2019, Haier launched a new side by side smart refrigerator. This product is the slimmest fridge, offering better looks and aesthetics in modern kitchens available at around USD 1,477 in India.
Increasing adoption of intelligent products in restaurants, cafes, and hotels
The smart refrigerators market in commercial applications will grow due to the steady penetration of intelligent kitchen appliances in hotels and restaurants. Commercial smart refrigerators are gaining steady popularity owing to the increased awareness and setting up of intelligent commercial kitchens. These products have high prices over residential fridges, limiting its adoption in smaller cafes and restaurants. Companies are working to develop commercial fridges with intelligent features and high storage capacities to cater to commercial requirements. Based on the market research, commercial refrigerators aid restaurant owners in saving electricity costs, keeping food fresh, and limiting wastage.
High demand for smart appliances in North America
The North America smart refrigerators market will grow at a CAGR of over 16% from 2019 to 2026 owing to the high adoption of major & small smart products in the U.S. The growing market share is attributed to high consumer awareness, disposable incomes, and purchasing power over other regions. Market players have established both manufacturing & logistics facilities in the North American region to cater to the increasing demand for smart refrigerators Furthermore, a high focus on the usage of energy-efficient and eco-friendly appliances in the U.S. due to government policies is adding up to the market opportunities. The increasing penetration of smart homes in the U.S. owing to favorable usage conditions and technically aware customers is upgrading industry trends.
Companies operating in the smart refrigerators market include Haier, LG Corporation, Samsung Electronics, Panasonic Corporation, AB Electrolux, Liebherr Group, Siemens AG, Frigidaire, and Midea Group. Market leaders are involved in continuous product innovations and launches to attain the maximum market share owing to technically advanced product offerings. They are working on offering new technologies to counter high competition and cater to the demand from smart kitchens across the globe. R&D investments, partnerships, collaborations, and acquisitions are the various strategies adopted by manufacturers to transform the market outlook. For instance, in June 2016, Haier acquired General Electric Appliances for around USD 5.6 billion to double its revenue and profit share.