Smart Kitchen Market to Grow at 63.53% CAGR Driven by Multiple Benefits of Internet of Things (IoT) to 2020

Energy saving will be a major factor that will drive growth in smart kitchen market; it will also lead to governments encouraging adoption of smart kitchen appliances among individual consumers. Compared to traditional appliances, smart kitchen appliances consume less energy, as these are capable of providing continuous feedback to the user on energy consumption.

The analysts forecast global smart kitchen market to grow at a CAGR of 63.53% during the period 2016-2020.In a smart home, appliances such as kitchen equipment, heating modules, lighting systems, AC units, computers, TV sets, entertainment systems, security devices, and camera systems are connected using electronic communication units such as smartphones and tablets.

Home appliances are also making use of artificial intelligence to accurately predict consumer preferences based on past data. A smart home uses advanced sensors, offering the user complete operational control over the appliances.

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The increase in diversity of IoT standards is another trend that will impel smart kitchen market growth by 2020. AllJoyn is an open-source platform that enables companies and enterprises to create interoperable products. It also provides a common platform for devices and apps to communicate with one another irrespective of brands, categories, and transports. For instance, during 2014, Intel, Samsung, Broadcom, Atmel, and Dell launched the Open Interconnect Consortium, which aimed at developing a standard for interoperability across multiple vertical markets, including smart home and office, followed by automotive, industrial, and health applications. Such growing IoT standards will drive the IoT market as it will provide consumers interoperable smart products that work regardless of the brand.

Product segmentation and analysis of the smart kitchen market – Smart refrigerators, Smart cookware and cooktops, Smart dishwasher and others

The smart refrigerator segment accounted for more than 46% of the market share during 2015 and is expected to retain its market leadership until the end of 2020. A smart refrigerator keeps track of products stored inside through barcodes or RFID scanning. They can be set to switch off automatically when required by the user, thus helping in power consumption. It was one of the first smart kitchen appliances to be commercialized and, thus, has a high market share. Samsung and LG are the leading smart refrigerator vendors in this segment.

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Geographical segmentation and analysis of the smart kitchen market

During 2015, the Americas dominated the market, accounting for more than 62% of the market share. Rapid technological innovations and changing consumer preferences over the use of electronic devices are some of the major factors contributing to a high demand for smart kitchens in the region. The US accounts for the majority of the global connected devices market due to its implementation of the Green Buildings Act. The Green Buildings Act covers public, private, and non-profit sectors, and aims to enhance the energy efficiency and sustainability of buildings.

The smart kitchen market is in its nascent stage with no vendors present to provide the whole smart kitchen setup. Due to the high growth potential of this market, many emerging vendors such as Firebox, HAPILABS, Smarter, XYZPrinting, and PicoBrew are expected to enter the market during the forecast period.

Key players in the global smart kitchen market: Dacor, Electrolux, GE Consumer & Industrial, Haier, LG Electronics, SectorQube, Onida, Samsung Electronics and Whirlpool.

Further, the smart kitchen market report states that the initial cost of smart kitchen appliances exceeds the price of conventional appliances. Consumers are skeptical about investing in smart kitchen appliances owing to lack of awareness regarding their benefits.

Another related report is Global Wall Oven Market 2016-2020, the analysts forecast global wall oven market to grow at a CAGR of 4.83% during the period 2016-2020. The modular kitchen market has evolved over the years. Modular kitchens are gaining traction not only in developed countries but also in emerging nations like India. With the increase in per capita income and standards of living, consumers are opting for more well-equipped and modernized kitchens.

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Key players in the global wall oven market: Bosch, Electrolux, GE, LG and Whirlpool

Other prominent vendors in the market are: BlueStar, Dacor, Fisher and Paykel Appliances, Kenmore, and Thermador.

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