AI-powered Wine Cellars Gain Popularity Due to Online Sales amid COVID-19 Crisis
Wine enthusiasts are looking for online options to purchase bottles amid the ongoing COVID-19 crisis, owing to coupons for new consumers and discounts to existing club members on online orders. Such trends are creating business opportunities for companies in the smart wine cellar market. New tech company WineCab is gaining recognition for using the artificial intelligence (AI) software to improve wine management, storing, and offering trivia on which type of wine is highly recommended.
Business in the smart wine cellar market has taken a hit due to the coronavirus outbreak, since individuals are hesitant to invest in non-essential goods. Hence, smart wine cellar manufacturers are targeting high-income groups with high-tech wine storage solutions to help them organize and maintain their wine collection.
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global smart wine cellar market segmentation
Compressor Wine Cellars versus Thermoelectric Wine Cellars: Which is Better?
Compressor wine cellars provide high cooling capacity and long service life. However, these cellars are being associated with a certain amount of operating noise and have a high-ticket price. Semiconductor or thermoelectric wine cellars are compact, low price, and eliminate the need for refrigerants, which contribute to the environment. However, these cellars have short service life, and its cooling performance is affected by the surrounding environment. Hence, companies in the smart wine cellar market are creating awareness about different parameters for purchase such as pricing, quality of wine stored, and capacity, among others to help consumers make an informed purchase decision.
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Mobile Apps Enable Automated, Real-time Monitoring of Temperature, Humidity
Smart wine cellars are being operated using mobile apps. The Fogwing eco App is gaining popularity for its smart wine cellar monitoring processes that enable automated maintenance of refrigerators. Thus, companies in the smart wine cellar market are adopting the technology, as an increasing number of managers in the hospitality industry and winery owners are gravitating toward mobile apps for real-time updates about temperature and humidity.
The automation of climate cellar monitoring is a fast growing phenomenon in the smart wine cellar market. In order to develop mobile apps that enable automation, tech companies are increasing their R&D capabilities in industrial Internet of Things (IIoT) platforms. This has led to innovations in the sensor technology, which captures real-time temperature, humidity, and pressure levels of atmospheric air.
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Wi-Fi Enabled Smart Wine Cellars Witness Demand
Seamless designs and Wi-Fi enabled wine cellars are generating revenue opportunities for manufacturers. This explains why the smart wine cellar market is estimated to grow at a robust CAGR of ~9% during the assessment period. LG Signature has announced to expand its appliance portfolio with the U.S. launch of its new Wi-Fi enabled and precise temperature control refrigerators.
Aesthetic designs and features in smart wine cellars are grabbing the attention of buyers. UV (ultraviolet) resistant glass, auto lift drawers, and glass touch displays are growing popular with consumers. Companies in the smart wine cellar market are mainly focusing on minimizing temperature fluctuations and reducing vibration in appliances.
Ultra-quiet Cooling Systems, Virtual Sommeliers Become Prominent in Wine Cellars
The growing trend of smart homes and smart restaurants is creating revenue prospects for companies in the smart wine cellar market. The robotic WineWall is acquiring prominence, owing to its AI capabilities and virtual sommelier that helps in wine and food pairing options. Startups are tapping value grab opportunities in the smart wine cellar market where they are taking additional efforts to customize appliances as per an individual’s expectations.
Metal trims, interior walls, and rich wood finishes are adding to the sophistication of smart wine cellars. Companies in the smart wine cellar market are boosting their R&D capabilities to integrate ultra-quiet cooling systems with environment temperature controls in AI-based robotic wine cellars.
global smart wine cellar market infographic
Smart Wine Cellar Market: Overview
According to the latest market report published by Transparency Market Research on the smart wine cellar market for the period 2023–2031 (wherein 2023 to 2031 is the forecast period and 2023 is the base year), rising consumption of wine across the globe is expected to drive the smart wine cellar market
Globally, revenue generated by the smart wine cellar market accounted for over US$ 1.1 Bn in 2023, which is expected to expand at a CAGR of ~9%, in terms of value, during the forecast period
Rising Demand for Smart Wine Cellars: Key Driver of Smart Wine Cellar Market
Increasing consumption of wine by consumers over the past few years is influencing the growth of the smart wine cellar market. People frequently visit local wineries, pubs, night clubs, etc., where wine is served. Rapid growth in supply of wine through commercial kitchens, bars, clubs, and pub counters is encouraging the growth of the smart wine cellar market, as it helps to monitor and examine real-time cellar conditions.
Presence of numerous wineries and their suppliers over the years offering unique products is also propelling the smart wine cellar market. In addition, rising consumption of wine and its preference in several traditional rituals, parties, special occasions, and celebrations is driving the demand for small-sized wine cellars in residential spaces.
Currently, many advanced & effective technologies control a large number of home & commercial smart appliances from remote locations. Thus, rapid advancements in the information technology (IT) infrastructure and adoption of wireless communication are positively impacting the smart wine cellar market worldwide.
Changing Lifestyle Influencing Wine Consumption: A Significant Opportunity for Smart Wine Cellar Market
Rising wine consumption coupled with increasing purchasing power is expected to contribute to the adoption of smart wine cellars due to improving lifestyle. In developed regions, wine consumption is significantly increasing due to its several health benefits. These benefits include better immune system, increased bone density, reduced risk of stroke & heart disease, and low cholesterol level. These and other benefits have led to rise in consumption of wine.
A recent study by researchers of Israel Institute of Technology found that the consumption of red wine improves flow of blood, and thus it enhances the health of the heart and simultaneously lowers the risk of cardiovascular disease. Additionally, a study by John Hopkins University Medical Center revealed that the consumption of wine as compared to other alcohol drinks can lower the risk of blood clotting, which is more beneficial to women. Therefore, people are rapidly shifting toward consumption of wine due to its several health benefits, which is expected to positively impact the growth of the smart wine cellar market during the forecast period.
Increase in Demand for Smart Wine Cellars with Smart Technology: A Key Trend of Global Market
The latest trend is increase in the use of smart wine cellars in the commercial sector, which is positively impacting the smart wine cellar market. Rising usage of customized smart wine cellars in commercial spaces, such as bars, pubs, restaurants, hotels, and cafes for improving the interior, along with growing popularity of programmable and innovative solutions of wine-based appliances among users is driving the smart wine cellar market. Additionally, growing eCommerce platforms for the sale of smart wine cellars during the COVID-19 situation is expected to drive the market.
High Cost of Product Expected to Hamper Smart Wine Cellar Market Growth
Smart wine cellars are expensive. Cellars can be connected to the Internet through Wi-Fi or other connectivity options to provide several features that include customized temperature by compartment and notification in case of any technical issues in the wine cellar. In developing or underdeveloped economies, purchasing power of consumers is rather low as compared to developed economies. Therefore, high cost of smart wine cellars is negatively affecting the global market. In addition, high cost of maintenance, operation, and upgrade of smart technology is also likely to hinder market growth.
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AI-powered Wine Cellars Gain Popularity Due to Online Sales amid COVID-19 Crisis