The “Smart Refrigerators Global Market Report 2021: COVID-19 Growth and Change to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global smart refrigerators market is expected to grow from $2.5 billion in 2020 to $2.9 billion in 2021 at a compound annual growth rate (CAGR) of 16%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.56 billion in 2025 at a CAGR of 12%.
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.
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.
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 $140 and $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.
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.
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. In July 2020 Samsung launched its connected SpaceMax Family Hub Refrigerator which has additional storage space. PR Newswire