Smart Wine Cellar Market to Reach a Value of ~US$ 2.8 Bn by 2027: Transparency Market Research
According to a new market report pertaining to the global smart wine cellar market published by Transparency Market Research the global smart wine cellar market is projected to reach a value of US$ 2.8 Bn by 2027 from ~US$ 1.3 Bn in 2019, expanding at a CAGR of ~10% from 2019 to 2027. Growth of the smart wine cellar market can be attributed to the high demand from commercial applications. Europe is anticipated to lead the global smart wine cellar market, followed by North America, during the forecast period.
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Rapid Advancements in IT Infrastructure & Adoption of Wireless Communication Accelerating Market Growth
Rapid advancements in information technology infrastructure and the adoption of wireless communications are major factors augmenting the growth of the smart wine cellar market. Wireless communication such as Wi-Fi plays a significant role in monitoring and analyzing wine cellars from remote locations through smartphones, tablets, and laptops. Wi-Fi technology is broadly utilized in residential and commercial establishments as a substitute to wired LAN. Wi-Fi is an effective technology to control many home & commercial smart appliances from remote locations. Thus, rapid advancements in Information Technology (IT) infrastructure and adoption of wireless communication are positively impacting the growth of the smart wine cellar market, worldwide.
Changing Lifestyles Influencing Wine Consumption Worldwide
Rising wine consumption coupled with increasing purchasing power is expected to contribute to the adoption of smart wine cellars due to improving lifestyles. In developed regions, wine consumption is significantly increasing annually due to its several benefits on human health. These benefits include better immune system, increased bone density, reduced risk of stroke & heart disease, and low cholesterol level. This factor is expected to positively impact the growth of the smart wine cellar market over the forecast period.
Smart Wine Cellar Market: Segmentation
The global smart wine cellar market has been segmented based on capacity, application, and region.
- In terms of capacity, the smart wine cellar market has been segmented into up to 500 bottles, up to 1,000 bottles, up to 1,500 bottles, and more than 1,500 bottles. The up to 500 bottles segment is expected to account for the largest share (~one-third) of the global smart wine cellar market in 2019. Additionally, the up to 500 bottles segment is projected to expand at the highest CAGR of ~12% during the forecast period.
- Based on application, the smart wine cellar market has been divided into residential and commercial, in which, the commercial segment includes restaurants/bars and hotels. The commercial segment is likely to hold ~three-third of the global smart wine cellar market in 2019. The residential segment is expected to account for a higher CAGR of ~11% of the global smart wine cellar market in 2019.
Smart Wine Cellar Market: Regional Outlook
In terms of region, the global smart wine cellar market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Europe led the global smart wine cellar market, accounting for a substantial share in 2018, with Germany, the U.K., France, and Italy being the major markets in the region. The Europe smart wine cellar market is expected to hold the largest share of ~41% by 2019. In addition, the Asia Pacific smart wine cellar market is expected to rise at a high CAGR of ~11% during the forecast period.
The smart wine cellar markets in the Middle East & Africa and South America are expected to expand moderately during the forecast period. The report provides in-depth segment analysis of the global smart wine cellar market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries that hold growth opportunities or account for significant shares has also been included as part of the geographic analysis of the smart wine cellar market.
Smart Wine Cellar Market: Competition Dynamics
The research study includes profiles of leading companies operating in the global smart wine cellar market. Key players profiled in the report include Haier Inc., LG Electronics Inc., Liebherr-International Deutschland GmbH, EuroCave, Dometic Group AB, Electrolux AB, La Sommeliere, Avast Solutions, Cellar Solutions Inc., and Caveasy.
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