Emergence of Energy Saving Technologies to Augur Well for Smart Refrigerator Market

The growth of the global smart refrigerator market is likely to be driven by the incorporation of advanced communication systems and technology to develop convenient yet energy efficient appliances for better lifestyle. Rapid progress made in the wireless communication systems and information technology (IT) facilitates hassle-free assimilation of various mobile devices, such as tablets, laptops, and smartphones with refrigerators. It enables consumers to regulate and optimize operations of fridge even from faraway places. These benefits are likely to fuel development of the global smart refrigerator market in the years to come.

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Growing Need to Check Wastage of Food to Shoot Up Demand for Smart Refrigerators

Lack of timely utilization and monitoring of refrigerated food items often result in the wastage of food, which is a very common problem for the end users. According to the United Nations Development Program (UNDP), nearly 40% of the food produced in India is wasted and around 20% of the purchased food items are thrown away in India. Such humungous amount of food wastage calls for efficacious management of food in commercial and residential sectors, which is anticipated to trigger growth of the global smart refrigerator market in the near future. The ability of these refrigerators to regulate and keep a watch on the shelf life and quality of the food products is likely to drive its demand. These refrigerators also provide timely alerts to users so as to avert food wastage.

Increasing demand for customization and personalization by customers and disruptive technologies are anticipated to augur well for the global smart refrigerator market over the period of analysis. Technological progress made in the communications and electronics sector coupled with the rising requirement for energy efficiency is expected to drive development of the global smart refrigerator market in the years to come.

In addition, a rise in the disposable income of people together with the propensity to buy luxury products to live a better life is driving the demand for premium products, such as smart refrigerators.

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