Smart Refrigerator Market by Type (French Doors, Triple Doors, Double Doors, Single Doors, and Side by Side Doors), Technology (WIFI, Touchscreen, RFID, and Bluetooth Connectivity), Application (Residential and Commercial), and Price (High, Mid, and Low): Global Opportunity Analysis and Industry Forecast, 2019–2026
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Jul 2020 |
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Smart refrigerator is also known as advanced refrigerator because it is built with a high-tech programed sensor, which helps detect the type of items stored inside and keep the track of all-important details such as expiry and usage. These refrigerators scan the items through barcode and RFID and determine itself whenever a food item needs to be replenished. Smart refrigerator allows remote monitoring and can be controlled from anywhere and from any device having access.
Electrolux Group the world’s largest manufacturer of appliances has recently launched a product named “Electrolux Screen Fridge”, which helps in grocery shopping, dinner plans, and tracking of items. In addition, LG introduced Smart ThinQ LFX31995ST the first internet connected fridge.
The smart refrigerator market is expected to witness growth in the forthcoming year (from 2019 to 2026) due to increase in demand for technological advancements in consumer electronics industry vertical. Increase in urban population followed by the rise in disposable incomes of the consumers contributes to the smart refrigerator market growth. Purchasing power increases with the rise in disposable income of the consumers. This fosters the growth of the smart refrigerator market. Various technological advancements such as artificial intelligence, IoT, and wireless communication create lucrative opportunities for the market. The integration of such technologies in smart refrigerators enhance its processing and allows remote monitoring and control.
Factors such as growth in adoption of smart devices in developing regions and increase in use of IoT technology in smart devices are the major key drivers for the growth of the smart refrigerator market. However, high installation and maintenance cost act as a major restraint and hamper the market growth globally. Furthermore, rise in adoption of smart cities and smart infrastructures and increase in investments in R&D related to IoT provide huge opportunities for the growth of the smart refrigerator market.
The smart refrigerator market is segmented into type, technology, application, price, and region. Based on type, the market is classified into French doors, triple doors, double doors, single doors, and side by side doors. Based on technology, it is categorized into WIFI, touchscreen, RFID, Bluetooth Connectivity, and cellular technology. Based on application, the market is analyzed across residential and commercial. Based on price, the market is segregated into high, mid, and low. Based on region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Key players operating in the smart refrigerator industry are Panasonic, Siemens, Bosch, Whirlpool, Samsung, Electrolux, LG, Haier, Media, and Hisense. These key players focus on R&D of technology advancement, which is easily incorporated with an appliance and makes product effective. The key development strategies include collaboration and partnership.
KEY BENEFITS FOR STAKEHOLDERS
- This study includes the analytical depiction of the global smart refrigerator market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information regarding the key drivers, restraints, and opportunities.
- The current market is quantitatively analyzed from 2019 to 2026 to highlight the financial competency of the industry.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
KEY MARKET SEGMENTS
By Type
- French Door
- Triple Doors
- Double Doors
- Single Doors
- Side by Side Doors
By Technology
- WIFI
- Touchscreen
- RFID
- Bluetooth Connectivity
- Cellular Technology
By Application
- Residential
- Commercial
By Prices
- High
- Mid
- Low
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
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- Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)
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