In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Smart refrigerator are also known as internet refrigerator. It is a technologically advanced refrigerator which is programmed to sense what kind of products is being stored inside it and thus it keeps the record through barcode or RIFD scanning. This kind of refrigerator is often equipped to determine whenever a food item needs to be replenished. This refrigerator allows for more efficient food management. It is remotely monitored and controlled (via: smart phones). It has an LCD panel for information display and interaction.
Smart refrigerator market is expected to expand at a CAGR of 15.5% over the forecast period i.e 2017-2024. Smart refrigerator market is expected to witness a lucrative growth in near future owing to rise in need for advanced refrigerator for the consumers. Rapid growth in urbanization change in lifestyle is estimated to attract consumers to buy smart refrigerator.The demand for smart refrigerator is rising owing to growing concern for electricity cost and availability of innovative and affordable smart refrigerators in the market. North American market is presently dominating in the smart refrigerators market, owing to favorable market conditions and adequate awareness among the customers regarding smart refrigerator. Europe is the second leading region.
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Asia-Pacific is expected to have a robust growth over the forecast period, owing to rise in the demand for smart refrigerator in the China, India and Japan. Rising personal disposable along with increasing purchasing power of people in these countries is anticipated to expand the growth of the market in Asia Pacific region over the forecast period.
Our in-depth analysis segmented the smart refrigerator market in the following segments:
Global Smart Refrigerator Market is further classified on the basis of region as follows:
Disruptive technology and increasing customer personalization and customization is expected to drive the global smart refrigerator market over the forecast period i.e. 2017-2024. Technological advancement in electronics and communication sector and the growing need for energy efficiency is projected to impel the growth of smart refrigerator market during the period 2017-2024. Additionally, purchasing power and improving lifestyles would also foster the demand for smart refrigerator, globally.
Quick developments in Information Technology infrastructure and topology of wireless communication are the major factors lifting the integration of smart refrigerators with mobile devices such as laptops, smartphones, and tablets. Wireless communication plays vital role in monitoring and controlling refrigerator from remote locations, to reduce electricity consumption. Wi-Fi technology is mostly used in homes and commercial establishments as an alternative to wired LAN. Presently, this technology has emerged as an effective technology to operate a large number of refrigerators from remote locations which is further likely to boom the growth of smart refrigerator market in the next few years.
However, the higher cost of smart refrigerator is likely to dampen the global growth over the forecast period. Lack of awareness related to benefits and as well as proper utilization of technologies is the major factor which is expected to hamper the growth of the market in the next few years.
The key players of smart refrigerator market are as follows: