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.
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.
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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.