Rise in Wine Consumption to Boost Smart Wine Cellar Market
Wine, like milk, can also get spoiled. If wine is exposed to light or temperature, then the speed of spoilage is accelerated. A wine cellar refers to a room that is used for the storage of wine. Wine is usually stored in barrels or bottles. In rare cases, wine is also stored in plastic containers, amphorae, or carboys. In a working wine cellar, various factors such as humidity and temperature are controlled by climate control system. The global smart wine cellar market is estimated to be driven by the rise in consumption of wine in the years to come.
Developing taste for wine amongst the lovers of alcohol across the globe is likely to act as a growths stimulating factor for the global smart wine cellar market over the period of assessment.
Augmented Demand from the Hospitality Sector to Bolster Demand
The nature of the global smart wine cellars market is regarded as a highly diversified one. Commercial wine cellars are likely to emerge as the dominant application segment in the global smart wine cellars market and are expected to retain its dominance over the years of projection. Rise in the demand for smart wine cellars in the pubs, bars, restaurants, and hotels are likely to propel growth of the commercial wine cellars.
Increased consumption of wine is likely to influence the growth of the global smart wine cellars market. Some of the potential benefits of wine are as mentioned below
- Rich in antioxidants
- Might help in combating inflammation
- Might benefit health of the heart
Maintenance of wine bottles could be an intimidating job for the owners of restaurants, hotels, and bars. However, with the emergence of smart wine cellar, the wine storage has become a hassle-free and simple job. With the rising scarcity of physical space, the emerging trend of use of wine cellars that can store 500 bottles are likely to gain prominence over the period of analysis.
With the growing demand for such cellars, the 500 bottles wine cellars shall dominate the capacity category of global smart wine cellar market.
Pacing growth of IT and data oriented technologies has made communication with machine easy. The wines tastes better when served chilled. This demand for ice cold wines by wine enthusiasts have stimulated the developers to produce smart wine cellars and coolers. This as a result is expected to propel the growth of global smart wine cellar market.
Smart Wine Cellar Market: Technology Changing the Wine Experience
Wine cellars in modern times are no longer dimly lit, cavernous rooms with endless bottles, designed for maximum storage. In recent decades, modern wine cellars incorporate materials that are strictly not considered traditional, based on the requirement of customers.
The pervasive influence of technology has crept into the wine cellar industry, and the rise of automation technologies is expected to provide an impetus to the developments in the smart wine cellar market. In 2018, sales of ~45 thousand units of smart wine cellars were recorded across the world, and the market reached a valuation of ~US$ 1.2 billion. With rapid advancements in IT infrastructures and wireless communication technologies, the global market for smart wine cellars is expected to reach new heights in the coming years.
As per recent trends, smart wine cellars that connect to Wi-Fi, and be monitored by technology and even voice recognition, are becoming popular among consumers, with stakeholders looking at exploring options in both, the residential and commercial sectors. Technology has enhanced the wine industry, with apps that help track and organize wine in the cellar, and even maintain precise temperature and humidity to help preserve the wine longer.
For instance, in 2018, LG, a leading global appliance manufacturer, launched its Signature Wine Cellar, with space for 65 bottles of wine, also offering voice recognition. This is promoted as a premium home appliance – a wine cellar with three different temperature zones for different wines. In addition to this, La Sommeliere, a major player in the European wine cellar market, launched a connected smart wine cellar in 2018, which offers temperature and humidity control. La Sommeliere’s connected smart wine cellars use VinoTag, an app that allows users to organize the contents in the cellar. It is marketed as a connected cellar that encourages the creation of a collection, with the convenience of easy storage and management.
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Smart Wine Cellars Gaining Traction in Commercial Sector
In the commercial sector, there is a growing trend of restaurants and bars looking to improve operations by incorporating smart wine cellars. Stakeholders in the smart wine cellar market are designing products that focus on the ease of identification of stored bottles, with class and smart lights incorporated to solve the dual purpose of saving time and acting as a display case. Manufacturers are also focusing on practical conveniences of the restaurant industry, with wine cellars either two- or three-temperature zoned, allowing them to monitor the humidity and temperature levels inside the cellar. Security of the wine in the cellar is also a key feature in commercial smart wine cellars being provided by manufacturers.
The rapid adoption of connected smart wine cellars capable of doing much more than just store wine and monitor temperature, especially in restaurants and bars, is gaining popularity. This, along with the increasing number of restaurants, is one of the major driving factors for the adoption of smart wine cellars.
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Recovering Wine Consumption Expected to Contribute to Adoption of Smart Wine Cellars
According to the International Organisation of Vine and Wine (OIV)’s press release about wine consumption, there has been a continuing recovery trend since 2014 regarding the consumption of wine in traditional markets in North America and Europe, with emerging markets in Asia. This recovery is expected to contribute to the adoption of smart wine cellars in these regions. This presents an opportunity for manufacturers to capitalize on the trend of changing lifestyles and increasing consumption of wine, and strengthen their presence in these regional markets.
However, despite being touted as the future of wine storage technology, with several smart features, the smart wine cellar market’s growth may be restrained by the high cost factor. This applies particularly to developing countries, markets where purchasing power is rather low in comparison to developed countries.
The ban on alcohol in several countries and rules & regulations prohibiting the consumption and sale of alcohol can also act as a deterrent to the growth of the smart wine cellar market in developing regions.
Cellars with Capacity of Less than 500 Bottles to Lead Market
Cellars with the capacity of less than 500 bottles held the largest share in the market as of 2018, following the over 1,500 capacity cellar category. This trend is unlikely to change during the forecast period, with smart wine cellars with less than 500 bottles capacity continuing to dominate the market. This is likely to be driven by increasing investments by stakeholders into research & development and rising awareness among consumers related to wine consumption, in the global smart wine market.
Key players in the market such as LG and La Sommeliere are focusing on maintaining their position in the global market by showcasing new products in trade shows to help build visibility.
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Analysis of the Smart Wine Cellar Landscape
The global smart wine cellar market is comprised of established electronics and appliance companies diversifying into the wine cellar market with innovations and products, and hold a majority of the market share. The landscape also has established and emerging players catering to commercial and consumer use. The degree of competition is high, with product innovation driving the flurry of activity in the market.
Major players in the appliance industry are diversifying their portfolios and establishing themselves in the smart wine cellar market, driving product innovation. Some of these companies include LG Electronics, a multinational electronics company headquartered in South Korea, and the Electrolux Group, a home appliance company of Swedish origin.
From a geographical standpoint, as of 2018, North America held the largest share in the global market, followed by closely Europe and APAC. But the trend is likely to change, with Europe becoming a lucrative market during the forecast period.
Smart Wine Cellar Market in Brief
- The global smart wine cellar market is expected to register a CAGR of ~10% between 2019 and 2027. The global smart wine cellar market is projected to be driven by increasing enhancement of quality control and rapid advancements in IT infrastructure & wireless communication.
- The global smart wine cellar market is expected to reach ~US$ 2.8 Bn by 2027, from a value of US$ 1.3 Bn in 2019.
- Europe holds a major share of the smart wine cellar market, and is anticipated to dominate the market during the forecast period, followed by North America.
- Europe remains the leading region in the smart wine cellar market, with revenues in 2019 estimated to reach ~US$ 500 Mn.
- The smart wine cellar markets in the Middle East & Africa and South America are expected to experience moderate growth during the forecast period.
- Asia Pacific is projected to expand at the highest CAGR of ~11% in the global smart wine cellar market during the forecast period.
Smart Wine Cellar Market – Definition
- The smart wine cellar market report provides analysis of the global smart wine cellar market for the period 2017–2027, wherein, 2019 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- The study on the smart wine cellar market would help clients in understanding the analysis of smart wine cellars in terms of different technologies.
- A smart wine cellar is a storage room that is designed and developed to store wine bottles at an ideal temperature. It helps to preserve the quality and flavor of the wine, and also provides bottle environment history, inventory automation, and much more.
Europe Smart Wine Cellar Market – Snapshot
Europe is seen as the growth hub for new technology-driven smart wine adoption, for its start-up ecosystem, and quick adoption of technology solutions. For the same reason, Europe is expected to see the highest opportunity addition in the smart wine cellar market globally, with North America being the next closest region.
Key Growth Drivers of the Smart wine cellar Market
- Focus on Quality Control
Quality control is the most significant concern for wineries, pub owners, and breweries. Innovative technology is required to be able to monitor the conditions of storage cellars in order to minimize inventory loss as well as maximize inventory quality. Smart wine cellars provide wineries, pub owners, and breweries with the facility to monitor and examine real-time cellar conditions. The cellar provides automatic alerts when its condition thresholds are broken, and allows suitable time for maintenance teams to act efficiently & quickly to correct cellar conditions and certify that wines are stored and poured in an ideal temperature to maintain their quality. Thus, increasing focus on quality control is anticipated to accelerate the adoption of smart wine cellars, worldwide.
- Vendors Continuously Focusing on Research & Development
Several manufacturers such as LG Electronics Inc., La Sommelière, and Haier Electronics Group Co. Ltd are continuously investing in research & development to provide innovative products to their customers. These manufacturers are focusing on world-class resources and professionals to contribute to R&D. For instance, La Sommelière is focusing on providing real-time safety against UV light through anti-UV treated glazed doors in its wine cellars. Hence, increasing investments in research & development by manufacturers are expected to drive the adoption of smart wine cellars, worldwide.
Smart Wine Cellar Market – Competitive Landscape
- In August 2018, LG Electronics introduced a Wi-Fi-connected, voice-activated wine cellar, which can hold up to 65 bottles and supports voice recognition to turn on the interior light and open the door. The company is focusing on strengthening its market position, especially in Asia Pacific, Europe, and other regions, to enhance its product & service offerings.
Smart Wine Cellar Market – Company Profiles Snapshot
- Haier Electronics Group Co. Ltd.:- Haier Electronics Group Co. Ltd. is one of the key manufacturers of home appliances & consumer electronics in China and other countries. The company manufactures and sells kitchen & bathroom appliances, wine cellars, washing machines, refrigerators, and air-conditioners. It has more than 108 manufacturing centers, 66 marketing centers, and 143,330 sales channels around the world.
- Liebherr-International Deutschland GmbH:- Liebherr-International Deutschland GmbH is a Germany-based, key manufacturer of construction and mining equipment. The company provides multi-temperature wine cabinets, wine storage cabinets, built-in wine cabinets, and wide-ranging installation options for a variety of storage requirements.
- La Sommelière:- La Sommelière is a French company that offers an extensive range of wine cellars for commercial and consumer use. The company has its geographical presence across 60 countries, worldwide. It provides products for prestige ranges, tradition ranges, service ranges, and commercial ranges.
Other major players operating in the global smart wine cellar market and profiled in the report include
- LG Electronics Inc.
- EuroCave
- Dometic Group AB
- Electrolux AB
- Avast Solutions
- Cellar Solutions Inc.
- Caveasy
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