Smart Wine Cellar Market
Smart Wine Cellar Market (Capacity: Up to 500 Bottles, Up to 1,000 Bottles, Up to 1500 Bottles, and More than 1,500 Bottles; Application: Residential and Commercial; and Distribution Channel: Online and Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
AI-powered Wine Cellars Gain Popularity Due to Online Sales amid COVID-19 Crisis
Wine enthusiasts are looking for online options to purchase bottles amid the ongoing COVID-19 crisis, owing to coupons for new consumers and discounts to existing club members on online orders. Such trends are creating business opportunities for companies in the smart wine cellar market. New tech company WineCab is gaining recognition for using the artificial intelligence (AI) software to improve wine management, storing, and offering trivia on which type of wine is highly recommended.
Business in the smart wine cellar market has taken a hit due to the coronavirus outbreak, since individuals are hesitant to invest in non-essential goods. Hence, smart wine cellar manufacturers are targeting high-income groups with high-tech wine storage solutions to help them organize and maintain their wine collection.
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Compressor Wine Cellars versus Thermoelectric Wine Cellars: Which is Better?
Compressor wine cellars provide high cooling capacity and long service life. However, these cellars are being associated with a certain amount of operating noise and have a high-ticket price. Semiconductor or thermoelectric wine cellars are compact, low price, and eliminate the need for refrigerants, which contribute to the environment. However, these cellars have short service life, and its cooling performance is affected by the surrounding environment. Hence, companies in the smart wine cellar market are creating awareness about different parameters for purchase such as pricing, quality of wine stored, and capacity, among others to help consumers make an informed purchase decision.
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Mobile Apps Enable Automated, Real-time Monitoring of Temperature, Humidity
Smart wine cellars are being operated using mobile apps. The Fogwing eco App is gaining popularity for its smart wine cellar monitoring processes that enable automated maintenance of refrigerators. Thus, companies in the smart wine cellar market are adopting the technology, as an increasing number of managers in the hospitality industry and winery owners are gravitating toward mobile apps for real-time updates about temperature and humidity.
The automation of climate cellar monitoring is a fast growing phenomenon in the smart wine cellar market. In order to develop mobile apps that enable automation, tech companies are increasing their R&D capabilities in industrial Internet of Things (IIoT) platforms. This has led to innovations in the sensor technology, which captures real-time temperature, humidity, and pressure levels of atmospheric air.
Wi-Fi Enabled Smart Wine Cellars Witness Demand
Seamless designs and Wi-Fi enabled wine cellars are generating revenue opportunities for manufacturers. This explains why the smart wine cellar market is estimated to grow at a robust CAGR of ~9% during the assessment period. LG Signature has announced to expand its appliance portfolio with the U.S. launch of its new Wi-Fi enabled and precise temperature control refrigerators.
Aesthetic designs and features in smart wine cellars are grabbing the attention of buyers. UV (ultraviolet) resistant glass, auto lift drawers, and glass touch displays are growing popular with consumers. Companies in the smart wine cellar market are mainly focusing on minimizing temperature fluctuations and reducing vibration in appliances.
Ultra-quiet Cooling Systems, Virtual Sommeliers Become Prominent in Wine Cellars
The growing trend of smart homes and smart restaurants is creating revenue prospects for companies in the smart wine cellar market. The robotic WineWall is acquiring prominence, owing to its AI capabilities and virtual sommelier that helps in wine and food pairing options. Startups are tapping value grab opportunities in the smart wine cellar market where they are taking additional efforts to customize appliances as per an individual’s expectations.
Metal trims, interior walls, and rich wood finishes are adding to the sophistication of smart wine cellars. Companies in the smart wine cellar market are boosting their R&D capabilities to integrate ultra-quiet cooling systems with environment temperature controls in AI-based robotic wine cellars.
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Online marketing strategies and breakthrough innovations such as virtual sommeliers in smart wine cellars are pumping revenue into the market landscape amid the ongoing coronavirus crisis. Companies are rethinking their advertising strategies to create awareness about high-speed robotic arms and security settings in Wi-Fi and AI-enabled wine cellars. The smart wine cellar market is projected to reach the revenue mark of US$ 3 Bn by 2031. However, thermoelectric wine cellars are associated with short service life and disruption in cooling performance, due to the surrounding environment. Hence, companies should incorporate automated temperature control in appliances and increase awareness about purchase parameters, including storage capacity and quality of wine stored to enable desired usage of wine cellars.
Smart Wine Cellar Market: Overview
- According to the latest market report published by Transparency Market Research on the smart wine cellar market for the period 2021–2031 (wherein 2021 to 2031 is the forecast period and 2020 is the base year), rising consumption of wine across the globe is expected to drive the smart wine cellar market
- Globally, revenue generated by the smart wine cellar market accounted for over US$ 1.1 Bn in 2020, which is expected to expand at a CAGR of ~9%, in terms of value, during the forecast period
Rising Demand for Smart Wine Cellars: Key Driver of Smart Wine Cellar Market
- Increasing consumption of wine by consumers over the past few years is influencing the growth of the smart wine cellar market. People frequently visit local wineries, pubs, night clubs, etc., where wine is served. Rapid growth in supply of wine through commercial kitchens, bars, clubs, and pub counters is encouraging the growth of the smart wine cellar market, as it helps to monitor and examine real-time cellar conditions.
- Presence of numerous wineries and their suppliers over the years offering unique products is also propelling the smart wine cellar market. In addition, rising consumption of wine and its preference in several traditional rituals, parties, special occasions, and celebrations is driving the demand for small-sized wine cellars in residential spaces.
- Currently, many advanced & effective technologies control a large number of home & commercial smart appliances from remote locations. Thus, rapid advancements in the information technology (IT) infrastructure and adoption of wireless communication are positively impacting the smart wine cellar market worldwide.
Changing Lifestyle Influencing Wine Consumption: A Significant Opportunity for Smart Wine Cellar Market
- Rising wine consumption coupled with increasing purchasing power is expected to contribute to the adoption of smart wine cellars due to improving lifestyle. In developed regions, wine consumption is significantly increasing due to its several health benefits. These benefits include better immune system, increased bone density, reduced risk of stroke & heart disease, and low cholesterol level. These and other benefits have led to rise in consumption of wine.
- A recent study by researchers of Israel Institute of Technology found that the consumption of red wine improves flow of blood, and thus it enhances the health of the heart and simultaneously lowers the risk of cardiovascular disease. Additionally, a study by John Hopkins University Medical Center revealed that the consumption of wine as compared to other alcohol drinks can lower the risk of blood clotting, which is more beneficial to women. Therefore, people are rapidly shifting toward consumption of wine due to its several health benefits, which is expected to positively impact the growth of the smart wine cellar market during the forecast period.
Increase in Demand for Smart Wine Cellars with Smart Technology: A Key Trend of Global Market
- The latest trend is increase in the use of smart wine cellars in the commercial sector, which is positively impacting the smart wine cellar market. Rising usage of customized smart wine cellars in commercial spaces, such as bars, pubs, restaurants, hotels, and cafes for improving the interior, along with growing popularity of programmable and innovative solutions of wine-based appliances among users is driving the smart wine cellar market. Additionally, growing eCommerce platforms for the sale of smart wine cellars during the COVID-19 situation is expected to drive the market.
High Cost of Product Expected to Hamper Smart Wine Cellar Market Growth
- Smart wine cellars are expensive. Cellars can be connected to the Internet through Wi-Fi or other connectivity options to provide several features that include customized temperature by compartment and notification in case of any technical issues in the wine cellar. In developing or underdeveloped economies, purchasing power of consumers is rather low as compared to developed economies. Therefore, high cost of smart wine cellars is negatively affecting the global market. In addition, high cost of maintenance, operation, and upgrade of smart technology is also likely to hinder market growth.
Smart Wine Cellar Market: Competition Landscape
- Detailed profiles of manufacturers of smart wine cellars have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the smart wine cellar market include
- Whirlpool Corporation
- Electrolux AB, Haier Inc.
- Liebherr-International AG
- Dometic Group
- BSH Home Appliances Corporation
- Middleby Corporation
Smart Wine Cellar Market: Key Developments
- Prominent players in the smart wine cellar market are increasing investments in innovative products to fulfill the needs of end users. Manufacturers are also planning to expand their product range and presence in various geographies through mergers & acquisitions and offering end users with customized solutions.
- Some other key developments in the smart wine cellar market are highlighted below:
- In March 2020, Whirlpool Corporation officially inaugurated its factory distribution center in Tulsa, Oklahoma. The existing plant produces freestanding and slide-in ranges under the Whirlpool, KitchenAid, Maytag, Amana, and JennAir brands. This would help the company to meet the increasing demand of users and expand its footprint.
- The Middleby Corporation, in December 2020, acquired Zhuhai Guangdong China-based United Foodservice Equipment Group, which specializes in the business of designing and distributing counter top commercial foodservice equipment
Smart Wine Cellar Market – Scope of the Report
A new study on the global smart wine cellar market has been published by Transparency Market Research (TMR). It presents a wealth of information on key market dynamics, including drivers, market trends, and challenges as well as the structure of the global smart wine cellar market. TMR’s study offers valuable information about the global smart wine cellar market to illustrate how the market would grow during the forecast period of 2021 - 2031.
Key indicators of market growth, which include value chain as well as supply chain analyses, and Compound Annual Growth Rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the global smart wine cellar market during the forecast period.
An extensive analysis on business strategies of leading market players is also featured in TMR’s study on the global smart wine cellar market. This can help readers understand principal factors to foresee growth in the global smart wine cellar market. In this study, readers can also find specific data on the qualitative and quantitative growth avenues for the global smart wine cellar market, which is expected to guide market players in making apt decisions in the future.
Key Questions Answered in TMR’s Study on Smart Wine Cellar Market
- What are the key factors influencing the smart wine cellar market in each region?
- What will be the CAGR of the global smart wine cellar market between 2021 and 2031?
- What is the future scope and changing trends in technologies in the global smart wine cellar market?
- Which factors will impede the growth of the global smart wine cellar market during the forecast period?
- Which are the leading companies in the global smart wine cellar market?
Research Methodology – Smart Wine Cellar Market
A unique research methodology is utilized by TMR to conduct a comprehensive research on the growth of the global smart wine cellar market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the production of the global smart wine cellar market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers who contributed to the production of TMR’s study on the smart wine cellar market as a primary source.
These primary and secondary sources provided exclusive information during interviews, which serves as a validation from smart wine cellar industry leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global smart wine cellar market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in making TMR’s estimates on the future prospects of the global smart wine cellar market more reliable and accurate.
Smart Wine Cellar Market – Segmentation
TMR’s study on the global smart wine cellar market includes information categorized into four sections ? capacity, application, distribution channel, and region. Changing industry trends and other crucial market dynamics associated with these sections of the smart wine cellar market are discussed in detail.