- As their name suggests, smart kitchen appliances aim to make kitchen tasks simpler and more efficient. According to a new study by Grand View Research, Inc., the worldwide smart kitchen appliances market will grow at a CAGR of 24% from 2015 to 2022.
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This exponential growth will be brought about by rising inclination towards environmentally sustainable appliances. Regulatory agencies across the world are taking initiatives to conserve energy. Consumers are increasingly distancing themselves from traditional appliances (that consume a lot of power). This, coupled with rising energy prices, has contributed to the entry of energy-efficient devices.
Smart kitchen appliances can measure and control power consumption. Furthermore, they can directly transmit information to electricity service providers. This results in the efficient use of energy. Advancements in kitchen products are also boosting the smart kitchen appliances market. Rising purchasing power is causing higher demand for luxurious products. This has been observed in developed regions.
Growing digitization is facilitating the connection of kitchen appliances to smartphones, tablets, and other residential devices. Users are able to operate and control these devices from a remote distance also. However, low awareness regarding such appliances and their benefits will deter market growth.
Consumers may be discouraged by high initial and maintenance costs associated with their use. The smart kitchen appliances market is segmented into products, applications, and regions. The products include refrigerators, ovens, kettles, coffee makers, dishwashers, cookware & cook tops, and scales & thermometers.
Applications are split into commercial, and residential. Residential is expected to lead the applications market in the years to come. Higher spendings on household gadgets will be a contributing driver of the residential segment. North America will dominate the global smart kitchen appliances market. The U.S. government is heavily promoting these energy-efficient devices.
The introduction of smart grid projects and rising awareness with respect to intelligent kitchen gadgets also propel market growth. Asia Pacific is anticipated to be a lucrative region in the years ahead. Mergers & acquisitions is a key growth strategy adopted by market players.
Some of the prominent participants in the smart kitchen appliances market are LG Electronics, Inc., AB Electrolux, Dongbu Daewoo Electronics Corporation, Panasonic Corporation, and Samsung Electronics Co. Ltd.
Information Source: Grand View Research
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