Wilmington, Delaware, United States, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global smart wine cellar market stood at US$ 1.34 billion in 2023 and is projected to reach US$ 3 billion in 2031. The global smart wine cellar market is anticipated to expand at a CAGR of 9.8% between 2023 and 2031.
Smart wine cellar companies are launching new products to meet the changing consumer needs and preferences. They are also collaborating with other companies to increase their smart wine cellar market share. Smart wine cellar manufacturers are investing in marketing and promotional activities to reach new customers. They are also focusing on delivering high-quality products and services to retain existing customers.
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The surge in the number of wineries, pubs, bars, and nightclubs is projected to spur the smart wine cellar market growth in the near future. Smart wine can provide temperature control, humidity control, and other features to ensure that wines are stored in the best possible condition. Smart wine cellar vendors are investing in business operations and infrastructure to expand their production capacity. Rapid growth in the supply of wine through commercial kitchens, bars, clubs, and pub counters is boosting the demand for smart wine cellars.
Advanced and effective technologies enable remote control of numerous home and commercial smart appliances. Elertus Wine Protection System provides safety to wine collection from cellar malfunctions, power outages, theft, temperature swings, light, underage drinking, open doors, cork crumbling due to low humidity, and label damage from high humidity.
The wine protection system sends a notification for all these threats, helping to keep track of the overall condition of wines, where it is stored, and at what temperature. Thus, rapid advancements in IT infrastructure and a surge in the adoption of wireless communication are propelling the smart wine cellar market progress.
Competitive Landscape of Smart Wine Cellar Market:
- KitchenAid - Whirlpool Corporation
- Electrolux AB
- Haier Inc.
- Liebherr-International AG
- Dometic Group
- BSH Home Appliances Corporation
- Middleby Corporation
- EuroCave SAS
- La Sommelière
- Cellar Solutions Inc.
- Other Key Players
Key Takeaways of Market Report
- Global smart wine cellar market to generate absolute dollar opportunity worth US$ 3 billion until 2031.
- Global smart wine cellar market from 2023 to 2031 is 9.8%
- The global smart wine cellar market is valued at US$ 1.5 billion in 2023.
- The global smart wine cellar market stood at US$ 1.34 billion in 2022.
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Smart Wine Cellar Market: Growth Drivers
- The rise in consumption of alcohol is leading to high investment in storage solutions. Wine is consumed during parties, special occasions, rituals, and celebrations. Smart wine cellars provide a cost-effective way to store, track, and monitor wine collections. They also provide temperature control, which is essential for preserving wine.
- Rapid advancement in information technology infrastructure and a surge in the adoption of wireless communication are booting the global smart wine cellar industry growth. Wireless communication, such as Wi-Fi, plays a significant role in monitoring and analyzing wine cellars from remote locations.
- Wi-Fi technology is broadly utilized in residential and commercial establishments as a substitute for wired LAN. Wi-Fi is an effective technology to control many home & commercial smart appliances from remote locations.
Smart Wine Cellar Market: Regional Landscape
- Europe is expected to hold the largest share from 2023 to 2031. The increase in demand for high-end wine storage products and high consumption of wine are fueling the market dynamics of the region.
- Asia Pacific has seen an increase in wine consumption in recent years. Countries like China, Japan, and South Korea are emerging as important wine markets. As wine gains popularity, the demand for smart wine cellars that can preserve and showcase wine collections is on the rise.
Smart Wine Cellar Market: Key Developments
- The Middleby Corporation acquired Zhuhai Guangdong China-based United Foodservice Equipment Group, which specializes in the design and distribution of countertop commercial foodservice equipment.
Smart Wine Cellar Market: Segmentation
- Capacity
- Up to 500 Bottles
- Up to 1000 Bottles
- Up to 1500 Bottles
- More than 1500 Bottles
- Application
- Residential
- Commercial
- Restaurants & Bars
- Hotels & Others
- Distribution Channel
- Online
- Offline
- Mega Retail Stores
- Specialty Stores
- Others
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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