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Smart Kitchen Appliance Market size is set to grow by USD 22.38 billion from 2024-2028, Growing demand for premium, innovative appliances boost the market, Technavio

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NEW YORK, June 10, 2024 /PRNewswire/ — The global smart kitchen appliance market size is estimated to grow by USD 22.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 18.19%  during the forecast period. Growing demand for premium, innovative appliances is driving market growth, with a trend towards increased adoption of modular kitchen. However, high cost of installation  poses a challenge. Key market players include Beko A and NZ Pty Ltd., BSH Hausgerate GmbH, Coway Co. Ltd., Electrolux AB, General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., June Life Inc., Koninklijke Philips N.V., LG Electronics Inc., Liebherr International Deutschland GmbH, MIDEA Group Co. Ltd., Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., and Whirlpool Corp..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Smart Kitchen Appliance Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 18.19%

Market growth 2024-2028

USD 22386.7 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

14.12

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 31%

Key countries

US, China, Germany, UK, and Japan

Key companies profiled

Beko A and NZ Pty Ltd., BSH Hausgerate GmbH, Coway Co. Ltd., Electrolux AB, General Electric Co., Godrej and Boyce Manufacturing Co. Ltd., Gourmia Inc., Haier Smart Home Co. Ltd., Havells India Ltd., June Life Inc., Koninklijke Philips N.V., LG Electronics Inc., Liebherr International Deutschland GmbH, MIDEA Group Co. Ltd., Miele and Cie. KG, Newell Brands Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Sharp Corp., Smarter Applications Ltd., and Whirlpool Corp.

Market Driver

The modular kitchen trend is on the rise due to increasing living standards and customer preference for modern, space-saving designs. Vendors respond by offering advanced built-in appliances like refrigerators, wall ovens, and cooktops. New residential constructions, especially in Western countries, further fuel this trend with integrated smart appliances.

Vendors adapt to customer preferences, providing smart, modern features in various sizes and colors. Third-party vendors, such as Homevista Decor and Furnishings Pvt. Ltd., offer modular kitchen renovation services, promoting the adoption of smart kitchen appliances. This market growth is anticipated during the forecast period. 

The smart kitchen appliance market is experiencing significant growth with innovative technologies such as voice recognition, connectivity, and automation. Products like refrigerators, ovens, and microwaves are now equipped with these features, making kitchen chores more convenient and efficient. For instance, voice-activated refrigerators allow users to check inventory and set expiration alerts.

Smart ovens can be controlled through a smartphone app, enabling users to preheat or adjust temperature settings remotely. Additionally, the integration of machine learning algorithms in these appliances enables them to learn user preferences and adjust settings accordingly. Overall, the smart kitchen appliance market is expected to continue its upward trend as consumers seek to simplify their lives and save time in the kitchen. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

•         The smart kitchen appliance market faces challenges due to higher installation costs compared to regular appliances. These costs include the price difference for smart appliances, infrastructure expenses for smart hubs and internet bills, high costs for smart hubs and related devices, and elevated aftermarket costs. These factors may impede market growth during the forecast period.

•         The smart kitchen appliance market is experiencing significant growth due to the increasing demand for convenience and technology integration in daily life. However, several challenges persist in this sector. One major challenge is ensuring compatibility and connectivity among various smart appliances and devices. Another challenge is data security and privacy concerns, as these appliances collect and share user data.

•         Additionally, cost remains a barrier for some consumers, as smart appliances can be more expensive than traditional ones. Furthermore, user interface and ease of use are crucial factors, as complex systems may deter adoption. Lastly, energy efficiency and sustainability are becoming important considerations for consumers and manufacturers alike.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

Product 1.1 Smart large cooking appliance1.2 Smart refrigerator1.3 Smart small cooking appliance1.4 Smart dishwasherDistribution Channel2.1 Offline2.2 OnlineGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Smart large cooking appliance-  The smart large cooking appliance segment is a significant contributor to the global smart kitchen appliance market, driven by enhanced living standards and consumer interest in connected home appliances. Technological advancements and add-on features, such as temperature probes and voice control, are fueling growth.

Key players like LG Electronics and Samsung Electronics offer energy-efficient, user-friendly appliances, with LG’s All in One Microwave Oven featuring Intellowave Technology and auto cook options. Wi-fi connectivity and smart mobile applications, like Samsung’s SmartThings, enable remote control and monitoring, boosting sales in developing economies. Despite market maturity in North America and Europe, rising awareness of benefits is driving growth in India, China, and APAC countries.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

In the current landscape, single-person households represent a significant market segment for smart kitchen appliances. With disposable income on the rise, tech-savvy homeowners are increasingly investing in cutting-edge household appliances, such as AI-enabled microwaves and Wi-Fi-connected wall ovens. Consumer behavior indicates a preference for efficiency, precision, safety, and productivity in their daily routines.

The worldwide lockdown has further accelerated this trend, as more people work from home and rely on their smartphones and tablets to control their central home automation systems and home appliances via Bluetooth or Wi-Fi. Smart kitchen appliances offer mishap prevention, convenience, and the latest purchasing trends, making them an essential addition to modern households. Millennials, in particular, are driving the demand for smart kitchen appliances, as they prioritize technology and convenience in their living spaces.

Market Research Overview

The Smart Kitchen Appliance Market is experiencing significant growth due to the increasing demand for convenience and technology integration in household chores. These appliances, including refrigerators, ovens, and dishwashers, are equipped with features such as voice control, connectivity to mobile devices, and energy efficiency.

The use of artificial intelligence and machine learning algorithms enables these appliances to learn user preferences and adapt to their cooking habits. The market is driven by factors such as the rising disposable income, urbanization, and changing consumer preferences. The future of the market looks promising with ongoing advancements in technology and the increasing adoption of smart home solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductSmart Large Cooking ApplianceSmart RefrigeratorSmart Small Cooking ApplianceSmart DishwasherDistribution ChannelOfflineOnlineGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

Keuka College Notifies Individuals of Data Security Incident

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KEUKA PARK, N.Y., Sept. 20, 2024 /PRNewswire/ — Keuka College has learned of a data security incident that may have involved personal information.

On April 25, 2024, the College identified suspicious activity within its network environment and immediately took steps to secure the environment, restore its systems, and began an investigation to determine the nature and scope of the issue. Keuka College also engaged independent cybersecurity specialists to assist with the process. The comprehensive investigation, which concluded on August 21, 2024, could not determine definitively whether personal information related to current and former students and employees was affected.

Keuka College maintains a variety of records which can include: name, Social Security number, Driver’s license number, student id number, financial account information, and date of birth. Current students and employees were contacted by the College in May and provided with one year of free credit and identity monitoring services.

Keuka College has established a toll-free call center to answer questions about the incident and address related concerns. Call center representatives are available Monday through Friday from 9:00 am to 9:00 pm Eastern Time and can be reached at 1-833-913-7557. Please be prepared to provide the engagement number, B131983, for reference.

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SOURCE Keuka College

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TeraBox Celebrates 2nd Anniversary of Its Massively Popular Referral Program

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Continuously expanding webmaster signups, especially in multiple regions, along with new highs in webmaster payouts, has ensured the smooth operation and continuous development of the project.

TOKYO, Sept. 21, 2024 /PRNewswire/ — TeraBox (“TeraBox” or “the Company”), a globally trusted cloud storage service headquartered in Tokyo, recently celebrated the second anniversary of its hugely popular Referral Program, a testament to the smooth operation and continuous development of the project. The number of webmaster signups, including in multiple new regions, continued to increase steadily with webmaster payouts reaching new highs.

TeraBox reveals some of its impressive Referral Program data.

TeraBox’s total number of webmasters worldwide reached over one million.The highest daily income of webmasters reached over $10,000, with the top earner making nearly $180,000.The total number of shares by all webmasters exceeds 500 million.

The network of webmasters spans across the globe, including countries such as India, Indonesia, the United States, Latin America, Middle East, and South Korea. Moreover, as TeraBox’s influence continues to grow, the platform is excited to welcome many new webmasters from an expanding range of countries and regions.

TeraBox has achieved significant milestones, demonstrating its sustainable growth and increasing user impact. The journey started with the Webmaster Center launch in August 2022. Following this, several optimizations were implemented, including a self-withdrawal feature that simplified earnings management for webmasters and increased their engagement. Additionally, the Growth Analysis tool provided webmasters with valuable insights into their operational performance, enabling more effective decision-making.

As a result of these enhancements, both the number of participating webmasters and their earnings have seen remarkable increases. Looking ahead, the upcoming launch of the Webmaster App in September 2024 is set to further elevate user engagement and convenience, solidifying TeraBox’s position as an industry leader.

About TeraBox

TeraBox, developed by Flextech Inc. in Japan, is a leading global cloud storage solution. Headquartered in Tokyo, TeraBox proudly serves over 320 million users globally, providing an easy yet powerful way to store and manage data. With its generous 1TB of free storage, TeraBox ensures that your files are safe, secure, and accessible from anywhere. As a secure, reliable, and convenient service, TeraBox is certified with ISO 27001, ISO 27701, and ISO 27018, offering individual users around the world the opportunity to register for 1TB (1024GB) of free storage.

Photo – https://mma.prnewswire.com/media/2510913/image_5016964_39376930.jpg

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Industrial Rack and Pinion Market to Grow by USD 998.6 Million (2024-2028), AI Redefining Market Landscape Amid Rising Demand for Machine Tools – Technavio

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NEW YORK, Sept. 20, 2024 /PRNewswire/ — Report with market evolution powered by AI- The global industrial rack and pinion market size is estimated to grow by USD 998.6 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.45%  during the forecast period. Growth of industrial manufacturing leading to increase in demand for machine tools is driving market growth, with a trend towards increasing demand for stairlifts in offices. However, availability of substitutes for rack and pinion systems  poses a challenge. Key market players include Apex Dynamics Inc., ATLANTA Antriebssysteme GmbH, B and B Manufacturing Inc., Commercial Gear and Sprocket Co. Inc., GAM Enterprises Inc., Gudel Group AG, HMK Automation Group Ltd., Kohara Gear Industry Co. Ltd., Lomar Machine and Tool Co., MIJNO PRECISION GEARING SAS, Nexen Group Inc., Nidec Corp., P R Components Pvt. Ltd., Pearl Engineers, REDEX Group, Reliance Precision Ltd., Sati SpA, Shri Butbhavani Engineering, Statewide Bearings, and Yuan Yi Chang Machinery Co. Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Industrial Rack And Pinion Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 9.45%

Market growth 2024-2028

USD 998.6 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

8.41

Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 41%

Key countries

China, US, Germany, India, and Canada

Key companies profiled

Apex Dynamics Inc., ATLANTA Antriebssysteme GmbH, B and B Manufacturing Inc., Commercial Gear and Sprocket Co. Inc., GAM Enterprises Inc., Gudel Group AG, HMK Automation Group Ltd., Kohara Gear Industry Co. Ltd., Lomar Machine and Tool Co., MIJNO PRECISION GEARING SAS, Nexen Group Inc., Nidec Corp., P R Components Pvt. Ltd., Pearl Engineers, REDEX Group, Reliance Precision Ltd., Sati SpA, Shri Butbhavani Engineering, Statewide Bearings, and Yuan Yi Chang Machinery Co. Ltd.

Market Driver

The industrial rack and pinion market is experiencing growth due to the increasing demand for stairlifts in commercial and industrial applications. Stairlifts are essential for employees who face difficulties climbing stairs in multi-level industrial facilities. Arthritis, joint stiffness, and injuries are common reasons for this challenge. While elevators are an option, not all industrial buildings have them, especially those with only a few floors above the ground level. Stairlifts offer a cost-effective solution for such facilities, enabling employees to access upper floors with ease. These devices utilize long pieces of straight and curved racks and large pinions, leading to an increased demand for rack and pinion systems in the industrial sector. As a result, the global industrial rack and pinion market is poised for growth during the forecast period. 

The Industrial Rack and Pinion Market is witnessing significant growth due to its extensive applications in various industries. Key sectors driving this market include machine tools, actuators, process industries, material handling, offices, and stairlifts. Rack and pinion systems offer precise rotary and linear motion, making them ideal for machine tools and actuators. In process industries, they are used in drive trains and condition monitoring systems for IoT applications. ZHY Gear, a leading industrial gear manufacturer, specializes in rack and pinion gears for diverse industries. Their zero backlash gearboxes are popular in wind turbine gearboxes, motor technology, and construction equipment. Furthermore, rack and pinion systems are used in power plants, oilfields, and offices for material handling and stairlifts. The integration of IoT technology in these systems enhances efficiency and productivity. 

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Market Challenges

The industrial rack and pinion market involves the production and sale of linear actuation mechanisms that convert rotary motion into linear motion. Rack and pinion systems are a common choice due to their ability to provide fast movement over long lengths without excessive vibration. However, alternatives such as ball screws and lead screws also exist, each with their unique advantages and disadvantages. Ball screw systems offer smooth and almost friction-free movement but can vibrate at high speeds and longer lengths. In contrast, rack and pinion systems have high friction and a risk of backlash if the pinion does not properly engage with the rack. Ultimately, the choice between these mechanisms depends on the specific requirements of end-users, with some preferring smooth and friction-free systems, while others prioritize high-speed operation. The presence of multiple substitutes and the varying needs of end-users may hinder the growth of the global industrial rack and pinion market during the forecast period.The Industrial Rack and Pinion Market caters to various industries such as power plants, oilfields, machine tools, process industries, material handling, offices, and more. Two primary types of motion – rotary and linear – are served by this market. Key applications include actuators, stairlifts, and industrial gear in wind turbine gearboxes. Challenges in this sector include ensuring zero backlash for precise motion control, integrating IoT and condition monitoring technologies, and catering to diverse industries like motor technology, drive trains, and construction equipment. Notable players in the market include ZHY Gear, addressing the needs of power plants, oilfields, and other sectors with their high-quality rack and pinion solutions.

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Segment Overview

This industrial rack and pinion market report extensively covers market segmentation by

Product 1.1 Machine tools1.2 Linear actuation and guideways1.3 Material handlingType 2.1 Alloy steel2.2 Carbon steel2.3 Stainless steel2.4 Aluminum alloy2.5 PlasticGeography 3.1 APAC3.2 Europe3.3 North America3.4 Middle East and Africa3.5 South America

1.1 Machine tools-  The Industrial Rack and Pinion Market refers to the business sector that produces and sells rack and pinion systems for industrial applications. These systems consist of a rack, which is a flat bar with teeth, and a pinion, which is a gear that meshes with the rack. Rack and pinion systems are used in various industries, including material handling, automotive, and construction, to convert rotary motion into linear motion. The market for these systems is driven by factors such as increasing automation in industries and growing demand for efficient material handling solutions. Companies in this market offer customized solutions to meet specific industry requirements.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Industrial Rack and Pinion Market encompasses various industries including machine tools, actuators, process industries, material handling, stairlifts, offices, and more. Rack and pinion systems are essential components in these industries, providing rotary and linear motion solutions. They are used in machine tools for precise positioning and in actuators for industrial automation. In process industries, they are employed for valve actuation and pump drives. For material handling, they offer zero backlash and high torque for efficient conveyor systems. In the construction industry, rack and pinion systems are used in cranes and hoists. In the realm of renewable energy, they are integral to wind turbine gearboxes. Motor technology and drive trains also utilize rack and pinion systems for efficient power transmission. IoT and condition monitoring systems enhance the performance and reliability of rack and pinion applications. Industrial gear manufacturers like ZHY Gear produce high-quality rack and pinion systems for diverse industries.

Market Research Overview

The Industrial Rack and Pinion Market encompasses various industries and applications, including machine tools, actuators, process industries, material handling, stairlifts, offices, and more. Rack and pinion systems provide rotary and linear motion solutions, essential in industries that require precise and efficient power transmission. These systems are integral to machine tools for accurate positioning and movement. In material handling, they power conveyor belts and other automated systems. Actuators, such as those used in process industries, rely on rack and pinion for precise control and zero backlash. The market also caters to IoT and condition monitoring systems, enhancing industrial gear efficiency and performance. ZHY Gear, a leading manufacturer, offers rack and pinion solutions for diverse applications, from wind turbine gearboxes to motor technology and drive trains. Construction equipment, power plants, oilfields, and various other industries benefit from the reliability of rack and pinion systems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ProductMachine ToolsLinear Actuation And GuidewaysMaterial HandlingTypeAlloy SteelCarbon SteelStainless SteelAluminum AlloyPlasticGeographyAPACEuropeNorth AmericaMiddle East And AfricaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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