Major players in the smart refrigerators market are Haier, Samsung Electronics, LG Electronics Inc., Panasonic Corporation, Whirlpool, Siemens AG, Midea Group, Hisense Co. Ltd., Electrolux, and GE Appliances.
The Global
Smart Refrigerators Market is expected decline from USD 2.71 billion in
2019 and to USD 2.65 billion in 2020 at a compound annual growth rate (CAGR) of
-2.4%. The decline is mainly due to economic slowdown across countries owing to
the COVID-19 outbreak and the measures to contain it. The market is then
expected to recover and reach USD 3.87 billion in 2023 at CAGR of 13.5%.
The smart refrigerators market consists of sales of smart refrigerators and related services that are used in residential and commercial sectors. A smart refrigerator is a programmed high-tech refrigerator that can identify the type of products stored therein and keep track of important information such as expiry and usage. Such refrigerators operate on a barcode or RFID network whereby the batch is collected and information are generated directly from the Internet.
North America was the largest
region in the smart refrigerators market in 2019. Asia Pacific is expected to
be the fastest growing region in the forecast period.
The IoT-enabled family hub
refrigerator is a key trend in smart refrigerator market. The new Family Hub
refrigerator provides features such as testing from anywhere what's inside the
refrigerator, leaving messages on the White Board, seeing who's at the front
door via a connected doorbell, adjusting the thermostat, watching CCTV video,
suggestions for recipes, shopping recommendations, etc. Samsung launched its
latest Family Hub refrigerator at CES 2018. These new smart fridges are
launched with stronger Bixby connectivity and assistance for the SmartThings
IoT ecosystem of Samsung.
The smart refrigerators market
covered in this report is segmented by product into top freezer refrigerator,
bottom freezer fridge, side-by-side refrigerator, French door refrigerator and
by technology into wi-fi, radio frequency identification (RFID), cellular
technology, Bluetooth, zigbee, touchscreen.
Smart refrigerators are generally
more expensive than ordinary refrigerators. Although, smart refrigerators have
high-tech features and can be controlled via smartphones, the high cost is
hindering its growth. Additionally, the high repair cost is a key factor
hampering the growth of the smart refrigerator market. Consumers might have to
invest more on specific parts that are difficult to locate, and there might
also be shortage of parts for some models in some cases. This results in using
second-hand parts. Popular issues include a non-running refrigerator, or having
a freezer portion that does not remain cold. The cost to fix these problems
ranges between USD 140 and USD 200 nationally. The more recent issue with smart
refrigerators is hacking. Smart refrigerators are not build with security and
can't be protected by antivirus software. Using devices that incorporates
hardware, cloud and software designed to safeguard the appliance is an
additional expense. Therefore, the high cost with smart refrigerators is
expected to limit the growth of the smart refrigerator market.
In November 2018, Daikin
Industries, Ltd., Japanese manufacturer of commercial air conditioning and
refrigeration units acquired AHT Group for 881 million euros. With this
acquisition, Daikin adds AHT's own wide range of products, services and
solutions focused on its air-conditioning and cooling equipment, this will allow
the company to become a one-stop provider providing full air conditioning and
refrigeration products coordination. AHT Group, a leading company in the
commercial refrigeration market in Europe.
The rise in adoption of smart
cities and smart infrastructures is a key factor driving the growth of the
smart refrigerator market. The Internet of Things (IoT) market has been
growing, with smart home devices and appliances, home is getting smarter with
new devices that are available with internet connectivity. Smart home devices
such as Google Nest, Ring and smart fridges have held users aware of the
Internet of Things (IoT) trend, which relates to the connectivity of everyday
items over the Internet. The global number of IoT-connected devices is
projected to nearly triple from the 2018 estimates, reaching 43 billion by
2023, according to McKinsey & Co. Therefore, companies are investing more
in IoT due growing interest in the smart home and this factor is driving the
market for smart refrigerators.
For More Information, Click on the Link Below:-
Global
Smart Refrigerators Market
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing &
Communications
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