According to the recent research report titled ‘Smart Refrigerator Market Size By Type (Single Door, Double Door, French Door, Door-in-door, Side by Side), By End-Use (Residential, Commercial), By Sales Channel (Retail Channel, Online Channel) Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2019 – 2026’, available with Market Study Report, global smart refrigerator market is expected to amass USD 7.5 billion by the year 2026.
 

Global smart refrigerator market growth is primarily driven by surging demand for electronic appliances, rising disposable income, and increasing inclination towards smart home and smart kitchen.
 

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Moreover, presence of energy efficiency policies & standards to reduce electricity usage, proliferation of commercial food service vertical, and transforming residential infrastructure are significantly contributing to the market development.
 

Notably, smart fridges include power usage control technologies and smart sensors that help reduce total electricity usage. The governments across the globe are supporting the use of intelligent products with accelerated adoption of digitization and smart home technology, further adding to the industry progression.
 

Rising customer cognizance regarding use and purchase of smart appliances for convenience and high efficiency is boosting the product demand. New product launches, partnerships, and collaboration tactics undertaken by key players are also augmenting global smart refrigerator market share. For instance, Amazon filed a patent in August 2017, for a spoilage-sniffing refrigerator, that uses chemical sensors and cameras to detect spoiled food.
 

Considering restraints, threat of data security, and high product costs are anticipated to hamper the remuneration scope of the worldwide smart refrigerator industry.
 

Based on sales channel, online sales segment is expected to grow substantially through 2026, creditable to increased sales of electronic appliances via company online portals and e-commerce websites. Consumers are compelled to buy from e-commerce channels due to the convenience of payment, delivery, and installation services offered. When compared to retail stores, these portals provide significant discounts and financing options, piquing consumer interest for online purchase of major electric appliances.
 

Regionally, Asia Pacific significantly contributes to global smart refrigerator industry development, with China and India at the forefront. The countries are encouraging development of electronic manufacturing sector, thereby supporting availability of low-cost products. The Government of India has been promoting the adoption of IoT & connectivity technologies as part of its Digital India initiative, which is further helping the industry flourish.
 

Major contenders impacting worldwide smart refrigerator market trends are Panasonic Corporation, Xiaomi Corporation, Whirlpool Corporation, Samsung Electronics Co. Ltd., Midea Group, Liebherr Group, LG Electronics Inc., Kenmore, Hisense Group Co. Ltd., Haier Group Corporation, Frigidaire Appliance Company, Electrolux AB, Dongbu Daewoo Electronics, Danby Products Inc., BSH Hausgeräte GmbH, and Aucma Co. Ltd.