Smart Refrigerator Market Size Future Scope, Demands, and Projected Industry Growths to 2026
At CES 2020, LG and Samsung unveiled smart fridges equipped with artificial intelligence capacities, reflecting a significant trend in the global smart refrigerator market. Both released at the event, LG’s second generation of its InstaView ThinQ fridge and Samsung’s most recent edition of Family Hub refrigerator have been equipped with AI cameras that could be utilized for food identification.
The Family Hub smart fridge was initially released by Samsung at CES 2016, following which the electronics major has been launching upgraded iterations having AKG speakers, Bixby support, and SmartThings integration. Further, the company’s lately launched edition adds software upgrades that enable AI image recognition in the fridge’s View Inside cameras.
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These software upgrades also comprise enhanced meal planning via the aid of Whisk, a food technology startup, that Samsung took over the previous year. Reliable refrigerator industry analysis states that such cameras are also designed for scanning the contents of the refrigerator, in turn giving users an idea of what items they are short on, making meal suggestions on the basis of the ingredients that they have.
The global smart refrigerator market is anticipated to surpass USD 7.5 billion by 2026, states recent research by Global Market Insights, Inc. Some major trends propelling global refrigerator industry growth comprise:
Increasing government and consumer initiatives to drive market outlook
Surging consumer and government initiatives emphasizing the use of energy-efficient appliances for the reduction of electricity usage are stimulating smart refrigerator market demand across various parts of the world. Smart fridges comprising power usage control and smart sensor technologies limiting total consumption of electricity are also witnessing increasing popularity.
Numerous governments are also facilitating the utilization of intelligent products, such as smart refrigerators using IoT, for securing smart home adoption and digitization at a faster speed. Considering an instance, governments in Asia, particularly China and India, are supporting the availability of products at low costs, in turn focusing on the development of the electronic manufacturing sector. Under the Digital India initiative, the Government of India has been advocating the deployment of IoT & connectivity technologies, in turn backing market expansion.
Technical developments by prominent market players to push smart refrigerator industry outlook
Key industry participants are focusing on new product developments having multiple smart refrigerator features by entering into collaborations with various software, technology, and component providers for coming up with technical developments in smart fridges. Citing an example, in August 2017, Amazon registered a patent for a spoilage-sniffing refrigerator fitted with cameras and chemical sensors for sniffing out spoiled food items.
Prominent players in the smart refrigerator market comprise Haier Group, Midea Group, LG Corporation, Bosch Group, Panasonic Corporation, Siemens AG, Liebherr Group, Whirlpool Corporation, Samsung Electronics, and others.
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Rising online sales channels to augment smart refrigerator market size
Increasing sales of electronic appliances via company online portals and e-commerce websites are likely to boost market share through the estimated period. The convenience of delivery, payment, and installation services provided by these channels are major factors influencing increased purchases from e-commerce platforms.
Further, numerous payment offers and discounts on smart refrigerator prices as compared to retail stores are other drivers attracting a large number of consumers. Major e-commerce companies and manufacturers are also partnering for the provision of faster delivery and advanced offerings, in turn stimulating industry growth.
On the whole, the incorporation of touch screen displays offering greater connectivity with search engines, smartphone applications, and voice assistants in smart fridges are poised to attract a large number of consumers, given that they could accomplish multiple tasks while working around the fridges. These and similar smart refrigerator features are touted to drive revenue growth, fostering smart refrigerator market demand through the estimated period.
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